By Luanne Teoh on 10-31-2011

An October 2011 report by Comscore confirmed that mobile banking and mobile credit card usage is experiencing a huge growth — In fact, mobile banking and credit card usage are seeing highest increases in visitation.

The study revealed that 12.7 million mobile users reported using banking apps, showing a notable increase of 45 percent from Q4 2010.

Nearly 14 percent of the total U.S. mobile audience (32.5 million users) accessed mobile banking services in June 2011, up 21 percent from Q4 2010. Mobile credit card services saw an even greater increase, with 18.4 million mobile users accessing credit card information, up 23 percent from December 2010.

According to Sarah Lenart, ComScore’s VP for Marketing Solutions. “The investments in mobile made by financial services institutions, along with the continued growth in smartphone adoption, have had a truly positive effect on the use of mobile financial services. New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices. With tablets and other web-enabled connected devices gaining popularity in addition to smartphones, financial service institutions are poised for additional growth in mobile access.”

Here are some key growth areas within the mobile industry:

1) Mobile apps and games — for app and game development businesses, the growth is a sign of better things to come. Recently, the Android app store reached 500,000 apps. The Apple store has over 600,000 apps. Our prediction on the next phase of growth is within the b2b app space.

2) Mobile and credit card transactions — The rise in mobile credit card  usage and transactions show the increase in the comfort level of consumers with mobile devices. The key is to ensure your website is optimized across mobile devices. If you run a physical store, providing mobile payment options will make it seamless for the customer shopping experience while providing another option for incoming revenue.

Here is a cool video showing the evolution and growth of the mobile phone.

About Luanne Teoh

Luanne is a senior correspondent for BizTechDay focused on Small Business Tech, Mobile and China based in San Francisco. In the last 17 years, she has helped launch start-ups and turned around failing operations. Her international work experience include both public and private corporations in Southeast Asia, Australia and North America. She has previously worked for Oracle Corporation, SonyBMG Music, Universal Music, Catcha Media and SOH Inc. Apart from a keen interest in technology, Luanne is also and avid explorer of the globe, cultures and people.

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