In Italy, where even grandmothers have two cell phones, mobile devices are now being used for more than checking up on sons and boyfriends. According to recent research, within three years mobile banking will be as popular, if not more popular than Internet banking.
Internet banking recently saw a surge in Italy, with an average user growth rate of 11 percent in the past few years. The positive mobile-phone banking predictions are based on ‘the investments that banks are making [on mobile banking],' commented Alessandro Zollo, deputy manager of the Italian Banking Association (Abi).
Currently, mobile banking is used mainly for ‘information, such as current bank balances or data on withdrawals and deposits, and not for actual deposits and transactions,' Zollo said. As of yet, the fact that mobile banking is not as popular as net banking ‘is a problem of trust [regarding the security of transactions]... the payment security problems are much more perceived than real,' he concluded.