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Mobile banking numbers to pass 800m by 2011 4/16 Finextra The number of people accessing banking services via their mobile phones is set to soar to 816m by 2011 - a 10 fold increase on 2007, according to Juniper Research. Juniper predicts the number of mobile banking transactions will jump, from 2.7b in 2007 to 37b in 2011. The average value of payments made via handsets will nearly double by 2011 & quadruple in emerging markets. The report found banks are offering an increasing number of services via handsets, including financial information services, funds transfer, bill payment & presentation, account management & customer service. This growing range of options, combined with increased consumer confidence, due to enhanced security measures, is crucial to rapid uptake, says Juniper. The report predicts the greatest number of mobile banking users will be in China & the Far East, followed by Western Europe & the Indian sub-continent. But despite the growth forecasts, Juniper warns that major hurdles to service deployment & user adoption still have to be overcome, including financial regulation, transaction costs, revenue share issues & customer support difficulties. A separate US study released by Harris Interactive last month found that security concerns are the biggest barrier to take-up of mobile banking services in the country, with 66% of customers ‘apprehensive’ about using their handsets to transmit financial information. The Harris study found that 53% of Americans have no interest in using their handsets for banking or commerce.