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23+ Mobile Banking Statistics and Trends

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With over 6 billion mobile users worldwide, it is no surprise that mobile banking is taking off. People are handling their banking transactions and purchasing goods and services using their smartphones as they are more convenient.

Here are some statistics and trends worth your while to show how big mobile banking has become.

Top 6 Statistics on Mobile Banking (Editor’s Pick)

  • Africa leads in mobile banking with a 70% share of the 1 trillion mobile money market.
  • Turkey had the highest number of mobile bankers worldwide in 2021.
  • Mobile banking is expected to hit $8.94 trillion globally by 2027.
  • 63.3% of Australians use mobile banking.
  • The mobile money market in Ghana hit $121.8 billion in 2022.
  • Digital banking users in the US are expected to hit 200 million by 2025.

Infographic

Top 6 Mobile Banking Statistics by Editor
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Top Mobile Banking Statistics and Trends

1. Africa leads in mobile banking with a 70% share of the 1 trillion mobile money market.

Mobile banking transactions in Africa rose from $495 billion in 2020 to $701.4 billion in 2021. The current number of mobile banking users in Africa is 600 million.

2. There are 316 mobile money services in the world.

Of the active 316+ mobile money services worldwide as of 2021, 173 operate in Africa. West Africa leads the way with 69 mobile money services, followed by East Africa with 59 services.

3. East Africa boasts 296 million mobile banking users as of 2021.

West Africa quickly caught up with about 237 million subscribers in the same timeframe.

4. M-Pesa is among the most advanced mobile banking services in the globe.

M-Pesa is a Kenyan mobile money service with 19.9 billion transactions in the 2022 financial year. It is one of the few mobile banking systems that operate entirely on the mobile platform without any necessary links to a bank.

5. JPMorgan Chase led the way in the US with over 45 million mobile banking subscribers.

Out of the four largest banks in the United States at the close of 2021, JPMorgan Chase has the highest number of mobile banking subscribers at 45 million. Bank of America, Wells Fargo, and Citigroup are the other three banks.

6. Turkey had the highest number of mobile bankers worldwide in 2021.

In 2021, approximately 85% of Turkish people used smartphones for all their banking and purchasing needs. Other countries that came close were Nigeria (82%) and South Korea (76%). Brazil (76%) tied with South Korea in third place, while the UK (65%) and the US (58%) rounded up the top five.

Turkey has the highest mobile banking population
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7. Mobile banking is expected to hit $8.94 trillion globally by 2027.

Mobile banking has grown five times faster than online banking between 2020 and 2021. Experts also say that this is not the end of online banking, as projections show there will be over 3.6 billion online banking users by 2024.

8. Triada is one of the most dangerous mobile banking trojans ever created.

Created in 2015, the Triada trojan is a family of malware designed to target mobile banking on Android devices. It is disguised chiefly as harmless apps on third-party sites and works by secretly collecting information on the user’s device, sending everything to a command and control server for execution.

9. Millennials and Gen Z used mobile banking more than any other age group.

A 2021 research shows that 99% of Gen Z and 98% of Millennials sampled use mobile phones to send and receive funds, check their credit score and budget, and even create savings goals. Only 71% of Gen X and 39% of Baby Boomers used mobile banking apps to manage their financial accounts.

10. Chatbots are expected to save banks over $7.3 billion worldwide by the close of 2023.

This will represent a sharp rise in savings, up from $209 million in 2019.

11. Digital banking users in the US are expected to hit 200 million by 2025.

Based on the current growth rate, projections show that the number of digital banking users in the United States will rise to 200 million by 2025. In comparison, the number of users in 2021 was 197 million.

12. Checking balances, transferring funds, and bill payments are the most valuable features of mobile banking.

Mobile banking features considered most valuable by users in America since 2021 include transferring funds, checking account balances, and bill payments.

13. Argentina & Paraguay have the highest mobile banking usage in Latin America and the Caribbean.

In 2021, over 35% of people aged 15 and above owned and operated mobile money accounts in these regions. On the other end of the spectrum, Nicaragua (6.56%) and the Dominican Republic (7.57%) had the lowest prevalence of mobile banking usage in the region.

14. NuBank is the most popular neo-bank in the world, with over 56 million account holders.

As of 2023, NuBank boasts over 56 million account holders, up from 4 million users in 2017. A majority of its subscribers reside in Brazil, Colombia, and Mexico.

15. 63.3% of Australians use mobile banking.

For the first time (in 2021), mobile banking users in Australia overtook online banking users. Over 63% of Australians used mobile banking to buy and manage their accounts.

16. Multi-Factor Authentication is the best mobile banking fraud counter.

Besides monitoring suspicious activities and activating banking alerts, Multi-Factor Authentication is considered the best counter against mobile banking fraud. Without one-time authentication codes, anyone with other access credentials will have a more challenging time accessing compromised mobile banking accounts.

Multi-Factor Authentication
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17. Trojans and fake banking apps are the biggest threats to mobile banking.

Cybercriminals target users through malware and trojans, with over 100,000 new trojans released in 2021 alone. Taking advantage of security vulnerabilities is another standard route for cyber hackers.

18. The mobile money market in Ghana hit $121.8 billion in 2022.

It is forecasted that the mobile money market in Ghana will hit $590.7 billion by 2028. The biggest mobile money players driving this growth include MTN, Vodafone Airtel, and Tigo.

19. Central Asia and North Africa lag in mobile banking adoption.

The combined number of active mobile money accounts in the two regions currently stands at 7 million, a drop in the ocean compared to the over 450 million accounts in Sub-Saharan Africa.

20. MTN Mobile Money is the largest provider in Africa.

As of 2022, MTN led the way in mobile money in Africa, with over 50 million accounts in over 22 countries, including the Middle East. It is closely followed by Orange Money (18 countries) and M-Pesa (7 countries).

21. Biometrics in mobile banking will increase by 520% in 2025.

This security feature will be used for more than $3 trillion mobile transactions by 2025. This represents a 520% jump from the $404 billion in mobile banking transactions that used biometrics in 2020.

22. Mobile banking surged during the pandemic in Kenya.

There was a 34% increase in mobile banking usage in 2021 due to continued pandemic lockdowns. In the same period, the use of traditional banks to access money declined to 23.8% in 2021 from 29.6% in 2019. These numbers exempt users above the age of 55.

23. Traditional banks are closing down faster than before.

9% of physical bank branches across the US closed down between 2017 and 2021. This represents over 7,400 locations, which has been attributed to the rise in mobile banking and factors like the COVID-19 pandemic.

Wrapping Up

Mobile banking is set to grow, and so will fraud. Criminals keep getting better, and it is up to mobile banking users to take precautions.

For starters, you can read more on how to secure your banking using VPNs.

Interesting Reads:
References:
  1. https://qz.com/africa/2161960/gsma-70-percent-of-the-worlds-1-trillion-mobile-money-market-is-in-africa
  2. https://www.connectingafrica.com/author.asp?section_id=761&doc_id=776459
  3. https://www.connectingafrica.com/author.asp?section_id=761&doc_id=776459
  4. https://www.statista.com/statistics/1139181/m-pesa-transaction-volume/
  5. https://www.statista.com/statistics/660416/mobile-banking-customer-numbers-of-banks-usa/
  6. https://www.statista.com/chart/27528/share-of-mobile-bankers-by-country/
  7. https://www.elinext.com/industries/financial/trends/mobile-banking-trends-in-2022/
  8. https://www.kaspersky.com/blog/triada-trojan/11481/
  9. https://www.cnbc.com/select/why-millennials-gen-z-use-mobile-banking-apps/
  10. https://www.juniperresearch.com/press/bank-cost-savings-via-chatbots-reach-7-3bn-2023
  11. https://www.statista.com/statistics/1285962/digital-banking-users-usa/
  12. https://www.statista.com/statistics/1233328/most-valuable-mobile-banking-feature-us/
  13. https://www.statista.com/statistics/1048799/population-mobile-money-services-latin-america-country/
  14. https://www.businessofapps.com/data/nubank-statistics/
  15. https://bpaygroup.com.au/news/articles/australians-want-speed,-convenience-and-financial/
  16. https://finezza.in/blog/mobile-banking-frauds-prevent/
  17. https://build38.com/mobile-banking-security/
  18. https://www.imarcgroup.com/ghana-mobile-money-market
  19. https://www.weforum.org/agenda/2021/09/mobile-money-africa-prevalence-economics-technology/
  20. https://blog.remitly.com/finance/popular-mobile-wallets-around-world/
  21. https://surf.dev/key-mobile-banking-industry-trends/
  22. https://kenyanwallstreet.com/mobile-banking-usage-increases-during-the-pandemic-period-fsd-survey/
  23. https://ncrc.org/the-great-consolidation-of-banks-and-acceleration-of-branch-closures-across-america/