Mobile banking adoption is booming globally. Some countries, Turkey for example, adopted it quickly compared to others. According to an analysis by TradingPlatforms.com, Turkey’s mobile banking adoption rate of 85% is the highest in the world. The site drew the conclusions by analyzing data from a global consumer survey.
According to Edith Reads, finance expert at TradingPlatforms, two major factors are propelling the country’s adoption of mobile banking. She had this to say when commenting on the results:
“Turkey owes this meteoric rise of mobile banking services to its young population and elaborate communication infrastructure. About 40% of its citizens are under 25 years old and are ready to adopt fintech products for such services.”
Turkey has seen a 10-fold increase in the value of mobile banking transactions between 2016 and 2020. From 330 billion Turkish liras (TL) in 2016, this figure jumped to around 3.1 T TL. This figure will further increase with the growing adoption of e-commerce and cashless payments.
What are the prospects for mobile banking adoption around the world?
Nigeria, South Korea and Brazil are tracking mobile banking adoption rates in Turkey. The African economic powerhouse has 82% of its population using the service. Meanwhile, South Korea and Brazil are tied with 76% adoption.
Africa reported significant use of mobile phone over PC or laptops for service. For example, about 50% of Nigerian respondents indicated that they use their phone for banking. The affordability of phones over PCs and laptops explains why many prefer the former in Africa.
Both the US (58% adoption) and the UK (65%) showed relatively low levels of mobile banking adoption. The same situation is happening on the online banking front. While only 46% of the former favor banking transactions via the internet, 47% of the latter do so as well.
The full story and stats can be found here: Turkey leads the world with 85% mobile banking adoption rate
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