There is burgeoning demand for mobile banking among users, though this is tempered by concerns about security and lack of awareness. This from industry analyst Sybase 365, who surveyed potential mobile banking customers in the Americas, Europe and Asia-Pacific regions.

Underlying the worldwide enthusiasm for mobile banking is a trend that has been coined by the survey as ‘nano-economics,’ or a near obsession by consumers with managing their finances to the cent and by the minute. 

But what about customers who are completely unbanked, who want first-time access to financial services? For many of the world’s 2 billion living on USD 2 or less, that means a secure way to save and affordable means to pay and make transfers. Those are typically services associated with transaction fees and unlike with credit, providers will need high volumes to make money off of low margin clients.

Interestingly, though, poor people have the same questions as the comparatively rich people Sybase surveyed: is it safe, and can I find out more? CGAP’s research with WIZZIT, which targets low-income South Africans with a mobile- and debit card-based service, found poor people had lots of questions about WIZZIT’s safety, convenience and affordability. Less than half were familiar with WIZZIT or mobile banking.

But it looks like the trick is getting people to try it. Low-income people who used WIZZIT were enthusiastic about the value. Three out of four said it was closer to their ideal way of doing banking than branches and ATMs, because of affordability, safety and ease of use.