Mobile Banking

Mobile banking (m-banking) is a service that allows users to perform financial transactions and manage their accounts using a mobile device, such as a smartphone. This technology has gained significant popularity due to its convenience and the increasing use of smartphones. M-banking revolutionizes traditional banking by enabling users to conduct various banking tasks, including paying bills, viewing account balances, and transferring funds, directly from their mobile devices. The accessibility of smartphones, which are daily companions for most people, resolves challenges associated with in-person bank visits, such as queues, commute time and costs, and limited business hours. In Canada, mobile banking has become the most popular banking method. By the last quarter of 2023, 60% of Canadians primarily used m-banking, a notable shift from 2019 when only 53% used mobile devices for banking. This transition highlights m-banking’s growing importance as the primary way Canadians manage their finances.