Mobile banking is a budding service in Latin America and is expected to catch on in countries such as Chile, Brazil, and Argentina.
New analysis from Frost & Sullivan,Latin American Mobile Banking Market, finds that currently the main channel of connection is SMS and is likely to remain so since mobile banking through messaging will be less expensive for the user and will not require a sophisticated handset.
Banks and mobile operators are hoping to rope in more subscribers by partnering and improving mobile banking services. Some banks are considering the provision of payment services since most banks currently offer the option of recharging the mobile phone but not the possibility of paying by cheque or credit card.
Source: Fox Business