Mobile banking in India is set to explode – approximately 43 million urban Indians used their mobile phones to access banking services during quarter ending August, 2009, a reach of 15% among urban Indian mobile phone user.
Most Popular Banking Service on Mobile
Checking account balances is the most popular banking service used by urban Indians with almost 40 million users followed by checking last three transactions, 28 million and status of cheques with 21 million users.
|Usage||Unique Users (In millions)|
|Used mobile banking||43.70|
|Checking account balance||39.97|
|View last three transactions||28.15|
|Status of cheques||21.06|
|Request a cheque book||19.11|
Mobile banking is popular among the Rs.1 to 5 lakhs per year income group with almost 60% of mobile banking users falling in the income bracket, an indicator of adoption of this service by younger generation.
Most Popular Bank
ICICI bank maintains its position as country biggest private lender on mobile screen as well with 17.75 million users. HDFC accounts for second most subscribers with 9.1 million subscribers followed by State Bank of India with 6.13 million subscribers.
[The report has been prepared by Vital Analytics (sample size: 6,653), Bangalore based research firm that tracks current and future mobile trends in India. For more information, please visit www.vitalanalytics.in]