Mobile Banking Growing Steadily

More people are using mobile phones for financial transactions and mobile banking is growing at a steady rate. Last year alone saw a more than 200 percent increase in mobile banking.

According to data from the Financial Supervisory Service, 2008 saw some US$44 billion worth of banking transactions made via mobile phone, while the first nine months of last year saw $79 billion. The figure for the full year is expected to be well over the $100 billion mark.

But even with the surge, mobile banking is still only a small portion of the electronic financial transactions here. Almost all electronic banking was done by PC, with less than 1 percent conducted by mobile phone in 2010.