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payby-mobile phones were first introduced. Usage of mobile banking has also seen a rapid rate of
growth and the popularity is expected to grow further with time.

4. Conclusions
1. Mobile banking has undergone serious changes and we can expect further growth in the future.

2. Increased competition in financial services and growth of FinTech companies have led to the
emergence of new products and services for consumers.
3. More than 50% of consumers around the world are using mobile banking services, so it has become a
very popular payment method for customers (Dixit & Patel 2015).

Consumers have a greater ability to use mobile banking services. They will be able to pay using
different modes, including paying through online, banks, at merchants and over-the-counter.
Consumers will also have the choice of sending money through the
phone, making payments or message others. Most importantly, consumers will not be restricted by
all kinds of payment methods (Dixit & Patel 2015).

4. There is a significant increase in mobile payment transactions due to the increased usage of mobile
phones in most countries around the world (Dixit & Patel 2015).
5. Mobile payments has improved the payment process for consumers.

The ability for people to pay using various modes (online, banks, at merchants and over the counter)
has increased since the time when pay-by-mobile phones were first introduced. Online payments
have seen a rapid rate of growth and the popularity is expected to grow further with time. It is
expected that mobile banking will expand even more in future with more money being spent online
and on mobile devices (Dixit & Patel 2015).
5. References

1. "Kerala's emergence as a payment leader" Business Standard 18th December 2014

2. “Whatsapp digital payments: How it has transformed payments in India". Business Standard 12th
October 2015
3. Slozko, A., & Pello, A. (2015). Digital transactions adoption in India: A preliminary assessment of
online payment and mobile payments adoption trends in India. Business Horizons, 58(4), 313-325.

4. Aggarwal and R. Mehta, “Mobile Financial Services Task Force 2013-2014 Annual Report” (New
York: The Partnership for Payment Innovation, 2014). http://www.ppi-insights.org/wp-
content/uploads/2014/05/MPTF_2013- 2014_Annual_Report_Final2.pdf
5. Aggarwal, S. (2016). Mobile payments: Opportunities and challenges. CIMA Research Report,
11(1), 1–8
6. Apte and S. Deshmukh, “Mobile Payments: Global Trends, Strategic Issues and Market Forecasts,
2015 to 2020” (Santa Clara CA: IHS Inc., 2015). http://www.gartner.com/doc/2733494

7. Congeni, S. V., Mistry, A. (2016) "Online Payment in India: A Survey", Economic and Political
Weekly, 49(18), pp. 2202-2215

8. Dixit and Udayan, “Mobile Financial Services Task Force 2013-2014 Annual Report” (New York:
The Partnership for Payment Innovation, 2014). http://www.ppi-insights.org/wp-
content/uploads/2014/05/MPTF_2013- 2014_Annual_Report_Final2.pdf
9. IFSR Research Institute (2013), Digital payments: What are they and why are they important?
International Finance and Securities Review Research Institute,

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