Mobile Commerce and Consumers

CellPhone are practically universal, with more than 3.3 billion subscribers worldwide, yet 71% of all consumers surveyed in 14 countries will not consider using a mobile device to bank or shop online.

Of the 14 countries pooled, willingness to do mobile banking or shopping has highest in Malaysia at 26%, followed by Singaporeans at 19%. On the flipside, mobile subscribers in France were the least willing, at 3 % to use their mobile devices for financial transactions, followed by the Netherlands at 7 %

The survey concluded that banks must find ways to work alongside telecom providers and retailers to leverage their innovation while educating consumers on the realties of mobile banking and payment security.