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The growing popularity of such smartphones as Apple Inc.'s iPhone and Research in Motion Ltd.'s BlackBerry, combined with the increased use of SMS text messages, have contributed to the rise of mobile banking and mobile payments, industry experts say. The number of U.S. cellular-service subscribers will increase to 322 million by 2013 from 291 million in 2009, according to data supplied by the Cellular Telecommunications Industry Association and TowerGrop that will appear in the 2010 edition of the ATM&Debit News EFT Data Book, which will publish Sept. 24. Mobile operators and financial institutions are recognizing these trends. The recent growth in partnerships involving mobile-banking technology companies, payment card networks and financial institutions signals that each wants to advance mobile banking and mobile payments into mainstream use. Bank of America Corp. this year has touted the fact that more than 2 million of its customers use its mobile-banking application. The Charlotte, N.C.-based bank has 35% of the market share of mobile-banking customers, according to figures supplied by marketing research company ComScore Inc. JPMorgan Chase & Co. follows with a 12% share, Wells Fargo & Co. with 9%, Citigroup Inc. with 5%, and BB&T Corp. and PNC Financial Services each with 2%, the data show. USAA, which was not included in ComScore's data, quickly is making a name for itself in the mobile-banking space with its innovative use of technology. Last month, the San Antonio-based financial institution launched a platform that enables customers to deposit funds into their bank accounts using check images captured with the cameras on their iPhones (CardLine, 8/10). Users deposited $1.5 million during the first three days the service became available.
