Bank of Mexico's Manuel Sanchez notes mobile banking is an emerging trend in his country with an...

|By:, SA News Editor

Bank of Mexico's Manuel Sanchez notes mobile banking is an emerging trend in his country with an exponential rate of growth by both the rich and poor. He reports the number of mobile phones in Mexico is now 5X the number of landlines, following a trend seen in other countries where smartphones are bringing banking services to rural areas. In the U.S., mobile banking adoption has been slower. Though the use of mobile banking apps picked up in Q2, only 14% of mobile users say they access banking info with their phone.