The number of US community banks offering mobile payments has risen to 37% according to a survey by the Independent Community Bankers of America.

The rise represents an increase of 23% since 2011. Another 43% intend to roll out mobile payments by 2015 and community banks offering P2P payments were also on the rise, up to 40% from 27% in 2011.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Viveca Ware, ICBA executive vice president of regulatory policy, said: "The 2013 ICBA Community Bank Payments Survey confirms what we are seeing anecdotally in the marketplace — that community banks are increasingly offering mobile banking services to meet the evolving needs of their customers and enhance overall customer service.

"The survey also reveals that community banks are increasingly seeing payments as a relationship-builder — something that is right in line with the community bank relationship lending model."

The rise in mobile payments has not overshadowed card payments, with 99% of surveyed banks saying cards were important and 87% saying they were very important. This was despite 94% of banks suffering losses due to debit card fraud.

The larger banks surveyed were more likely to offer mobile payments, with 54% of banks with assets of $501m or more offering mobile payments. 46% banks with between $251m and $500m offered mobile payments.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Smaller banks’ fortunes were on the decline with those holding under $100m in assets least likely to see increases in revenue and most likely to suffer declines in revenues.

 

Related articles:

ICICI Bank, Vodafone launch M-Pesa money transfer service in Northeast India

Emirates NBD, Mobinil partner to launch new mobile payment service

PC Financial and TD bank unveil mobile wallet in Canada