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Mobile Banking Market to Hit USD 58.02 Trillion by 2031 with Asia-Pacific Holding 46.6% Market Share in 2025, Says Mordor Intelligence

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HYDERABAD, India, Aug. 6, 2026 /PRNewswire/ — According to Mordor Intelligence, the mobile banking market size is projected to grow from USD 28.73 trillion in 2025 to USD 58.02 trillion by 2031, rising from USD 32.11 trillion in 2026 at a 12.56% CAGR (2026–2031). The market is benefiting from the rapid shift toward digital-first banking, as consumers increasingly use mobile apps for payments, fund transfers, bill payments, account management, and other financial services. Banks are continuously enhancing mobile platforms with stronger security, faster transaction capabilities, and personalized digital experiences to improve customer engagement. At the same time, expanding smartphone penetration and greater access to digital financial services are supporting broader adoption, positioning mobile banking as a core channel for both retail and business customers.

Mobile Banking Market Growth Drivers 

Growing Adoption of Instant Digital Payments 

The increasing preference for instant digital payments is driving growth in the mobile banking market. Consumers now expect fast and seamless transactions for person-to-person transfers, bill payments, and everyday banking activities through mobile apps. As digital payment usage becomes more frequent, users engage with banking apps more regularly, encouraging financial institutions to expand their offerings beyond payments to include savings, lending, investments, and other value-added financial services. This shift is strengthening customer engagement and reinforcing mobile banking as a primary channel for everyday financial management. In addition, continuous improvements in payment infrastructure and user experience are making mobile banking more convenient and reliable. These developments are helping banks increase customer retention while supporting the broader adoption of digital financial services. 

Mobile Apps Become the Preferred Banking Channel 

Mobile banking apps are increasingly becoming the primary way customers access financial services. Users rely on these platforms for everyday activities such as checking balances, making payments, transferring funds, and managing accounts, reducing the need for branch visits. In response, banks are investing in more intuitive app designs, faster navigation, and personalized digital experiences to improve customer satisfaction. The growing focus on convenience, reliability, and seamless access is strengthening customer engagement while making mobile banking the central touchpoint for both routine transactions and the adoption of additional financial products. 

Jayveer V, Senior Research Manager, Mordor Intelligence, says, “Reliable decisions in the mobile banking market require research built on verified industry data and a transparent analytical approach. Mordor Intelligence delivers balanced market assessments grounded in standard research practices, helping business leaders evaluate opportunities with greater confidence than reports based on limited or less transparent methodologies.” 

Global Mobile Banking Market Share by Region 

North America and Europe remain key markets for mobile banking, with customers widely using mobile apps as their primary banking channel. Strong digital adoption across traditional banks and digital-first financial institutions continues to drive innovation in mobile banking services and customer experiences. Financial institutions in these regions are expanding app capabilities, improving user engagement, and introducing new digital features to strengthen customer relationships. Their mature digital ecosystems and ongoing investments in mobile-first banking continue to shape global trends in the mobile banking market. 

The Middle East and Africa is expected to be the fastest-growing region in the mobile banking market, supported by rising smartphone adoption and increasing demand for digital financial services. Mobile banking is expanding rapidly as it provides convenient access to banking in areas with limited physical branch networks. The growing use of mobile-based payments and everyday financial transactions is encouraging financial institutions to strengthen their digital offerings. As digital financial inclusion continues to improve, the region is expected to remain a major growth driver for the global mobile banking market. 

Major Segments Highlighted in the Mobile Banking Market Report 

By Service Type  

Fund Transfers  Bill Payments  Lending  Deposits and Withdrawals  Investments and Wealth Management  Insurance  Others  

By Transaction Type  

Consumer-to-Consumer  Consumer-to-Business  Business-to-Business  

By End User  

Retail Individuals / Consumers  Small and Medium Enterprises (SMEs)  Large Corporates and Businesses

By Geography  

North America  United States  Canada  Mexico  South America  Brazil  Argentina  Rest of South America  Europe  United Kingdom  Germany  France  Italy  Spain  Rest of Europe  Asia-Pacific  India  China  Japan  Australia  South Korea  South East Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, and Philippines)  Rest of Asia-Pacific  Middle East and Africa  United Arab Emirates  Saudi Arabia  South Africa  Nigeria  Rest of Middle East and Africa 

Overview – Mobile Banking Industry

Study Period

2020-2031 

Market Size in 2026 

USD 32.11 Trillion 

Market Size Forecast 2031 

USD 58.02 Trillion 

Industry Expansion 

Growing at a CAGR of 12.56% during 2026-2031 

Fastest Growing Market for 2026-2031 

Middle East and Africa projected to record the fastest growth rate 

Segments Covered 

By Service Type, By Transaction Type, By End User and By Geography 

Regions Covered 

North America, Europe, Asia-Pacific, South America, and Middle East and Africa 

Customization Scope 

Choose tailored purchase options designed to align precisely with your research requirements. 

Mobile Banking Companies: Covers global market insights, key segment analysis, available financial information, strategic initiatives, market positioning, product and service offerings, and recent industry developments. 

JPMorgan Chase and Co.  Bank of America Corporation  Wells Fargo and Company  Citigroup Inc.  Banco Santander S.A.  HSBC Holdings plc  State Bank of India  BBVA Group  Barclays plc  PayPal Holdings Inc.  ING Group  HDFC Bank Limited  ICICI Bank Limited  Standard Chartered plc  DBS Bank Ltd  Nu Holdings Ltd  Revolut Ltd  Chime Financial Inc.  Monzo Bank Ltd  KakaoBank Corp. 

Get in-depth industry insights on the mobile banking market research report: https://www.mordorintelligence.com/industry-reports/mobile-banking-market?utm_source=prnewswire 

Explore related reports from Mordor Intelligence 

Open Banking Market: The Open Banking Market is segmented by Service Offering (Payment Initiation, Account Information Services, Data Aggregation & Enrichment, and Others), End User (Retail Banking Customers, SMEs, Corporate & Commercial Enterprises, and Others), Distribution Channel (Bank Channels, App-Based Platforms, and API Marketplaces), Deployment Model (Cloud, On-Premise, and Hybrid), and Geography. The market size and forecasts are presented in terms of value (USD). 

Banking As A Service (BaaS) Market Size: The Banking-as-a-Service market is valued at USD 28.96 billion in 2026 and is projected to reach USD 65.78 billion by 2031, growing at a CAGR of 17.83% during the forecast period. Market growth is driven by the increasing adoption of API-based banking services and the transition to standardized payment messaging, enabling faster integration and more efficient connectivity between banks and third-party financial service providers. 

Neobanking Market Growth: The Neobanking market is moderately consolidated, with a few leading digital banks accounting for a significant share of customers while leaving opportunities for emerging players to expand. Competition is driven by continuous innovation, digital-first customer experiences, and expanding financial service portfolios. Leading providers are investing in artificial intelligence, cloud technologies, and API-based platforms to strengthen their offerings, while traditional banks are launching digital banking brands and embedded finance solutions to remain competitive in the evolving market. 

About Mordor Intelligence: 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive market analysis and research reports as well as syndicated and custom research offerings that cover a wide spectrum of industries, including aerospace & defence, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.

For media inquiries or further information, please contact:
media@mordorintelligence.com
https://www.mordorintelligence.com/contact-us

 

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SOURCE Mordor Intelligence Private Limited

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Tencent Cloud PalmAI Unveils Palm X, Bringing Palm Verification to Standard RGB Cameras

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SHENZHEN, China, Sept. 24, 2026 /PRNewswire/ — Tencent Cloud, the cloud business of global technology company Tencent, has unveiled Palm X, a new palmprint verification solution. As an extension of its PalmAI technology, Palm X is specifically designed to be compatible with standard RGB cameras. By extending palm verification to widely available camera-equipped devices such as smartphones, Palm X enables enterprises to integrate palm-based identity verification into mobile applications and digital services without requiring dedicated palm-scanning hardware.

Palm verification has traditionally been associated with fixed offline terminals equipped with specialized biometric devices; however, Palm X expands its potential applications by providing businesses with a more flexible way to introduce palm verification into digital user journeys by offering a software-based alternative.

Extending Palm Verification Beyond Dedicated Hardware

Palm X uses standard RGB cameras to capture and verify palmprints without requiring dedicated infrared or palm-vein scanning hardware. Users can enroll and verify their palmprints through supported camera-equipped devices, making the technology easier to integrate into existing mobile applications and online services.

The solution supports 1:1 identity verification and one-to-many palmprint matching within defined enrolled user groups. With 1:1 verification, a live palmprint is matched against the palmprint associated with a specified user identity. One-to-many matching searches within an enrolled group to help identify a user or detect duplicate enrollments.

Palm X also incorporates liveness detection mechanisms designed to help mitigate presentation attacks, such as those involving photos and screen replays. This allows enterprises to use palm verification in scenarios requiring both identity confirmation and protection against common spoofing attempts.

For enterprise deployment, Palm X can be seamlessly integrated into existing authentication and risk-control systems through mobile SDKs and backend APIs. Rather than replacing an organization’s current identity infrastructure, it can serve as a complementary authentication factor alongside passwords, SMS verification codes, facial verification, passkeys, and other methods.

Businesses can introduce palm verification at different stages of the user journey according to their security requirements, user experience goals, and risk levels. The use of standard cameras also minimizes reliance on dedicated terminals, allowing palm verification to extend from fixed offline environments to mobile applications and digital workflows.

Supporting a Wider Range of Identity Scenarios

Palm X supports a wider range of identity scenarios by addressing the growing enterprise need for verification methods that balance user experience, privacy, and ease of deployment.

In financial services, Palm X can complement existing authentication processes in scenarios such as account login and identity confirmation. Enterprises can integrate it alongside existing authentication methods based on their business and security requirements.

For Web3 communities and digital platforms, Palm X can support user verification and help detect duplicate enrollments. It can be applied to scenarios such as trusted account registration, community access, and campaign participation.

Palm X can also support membership programs and online-to-offline (O2O) service scenarios. Once enrolled, users can verify their identity for check-ins, membership recognition, benefit redemption, or service access without relying solely on physical cards or other credentials.

Unlike biometric features that may appear in publicly shared photos or videos, palmprints typically require users to deliberately present their palms for capture. This ensures palm verification remains a highly intentional interaction while reducing biometric exposure in public imagery.

Making palm verification easier to integrate across industries

“Facial recognition is widely adopted for identity verification today, while businesses and users are also looking for more diverse approaches to biometric verification. With Palm X, we are introducing a palmprint-based option that is compatible with standard RGB cameras, making palm verification easier to integrate into existing digital services while giving users a more intentional way to verify their identity,” said Sine, Director of Palm X Product at Tencent Cloud.

Palm X marks Tencent Cloud PalmAI’s latest step in expanding palm verification beyond dedicated biometric hardware. By combining palmprint verification, liveness detection, mobile SDKs, and backend APIs, the solution offers enterprises a flexible option for introducing palm-based verification into their existing services.

Looking ahead, Tencent Cloud PalmAI will continue collaborating with customers and ecosystem partners worldwide to explore how palm verification can be applied for secure identity verification, digital platforms, membership services, and other business environments.

Learn more about Palm X: Palm X — Palm Recognition & Palm Verification SDK for Smartphone Cameras

About Tencent Cloud

Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and cybersecurity. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, real estate, retail, travel, and transportation. 

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SOURCE Tencent Cloud

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Plainly Launches Plainly Flows, a Workflow Automation Platform for Creative Teams

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The new product lets creative teams turn their repetitive creative work into automated workflows that any team can operate.

LONDON, Sept. 24, 2026 /CNW/ — Plainly, the company behind video automation platform Plainly Videos, today launched Plainly Flows, a workflow automation platform that lets creative teams set up their production workflow once and put asset creation directly into the hands of teams requesting them.

Marketing teams, local branches, and agency clients regularly need creative assets. Getting them means submitting a request, waiting for a designer, and repeating the same production process that ran last time. Creative teams spend a significant portion of their time executing repeatable work rather than building new things. Plainly Flows automates that repeatable work and puts it directly in the hands of the people requesting it.

Creative teams build workflows by setting up video templates, adding AI generation steps, and defining which elements change through inputs. End users fill out inputs through a simple interface, and Plainly Flows generates high-quality, on-brand assets based on the workflow.

During the beta, a B2B company used Plainly Flows to send personalized CEO avatar videos to customers every quarter, pulling in usage data and milestones automatically. Their customer success team now produces 50 to 70 personalized renewal videos per month in 2 to 3 minutes each. A different customer uses the platform to generate event graphics on-site through a phone, outputting finished video in three aspect ratios through a single workflow.

“Most automation tools were built around business data, not creative files,” said Nebojša Savičić, CEO of Plainly. “Plainly Flows lets creative teams encode their production knowledge into a workflow anyone in the organization can run.”

Plainly Flows is available now at https://plainlyflows.com/.

About Plainly

Plainly is a London-based automation company for creative production. Its first product, Plainly Videos, is a cloud-based video automation platform built on native Adobe After Effects rendering and an official Adobe Video Technology Partner, used by organizations including WPP Production and UNICEF Australia. Plainly Flows is its second product. Learn more at plainlyvideos.com

 

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SOURCE Plainly

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AI Moves from Optional to Essential: Canton Fair Service Robots to Showcase Real-World Problem Solving

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GUANGZHOU, China, Sept. 24, 2026 /PRNewswire/ — The 140th Canton Fair will open on October 15, bringing together a new generation of AI-powered robotics solutions. As AI becomes a standard feature across industries, competition is shifting from whether products use AI to how effectively they use it to solve real-world challenges.

AI Brings Intelligent Companionship to Home and Eldercare

In home and elderly care settings, AI transforms robots from single-function executors into intelligent companions, capable of emotional interaction and health monitoring for users of all ages.

Through AI-powered emotion recognition and conversation capabilities, the companion robot helps reduce loneliness and emotional stress while maintaining a simple, intuitive user experience.

An Eldercare Robot integrates health monitoring, medication reminders, video consultations, fall detection, emergency alerts, remote caregiving and daily companionship functions into a single platform designed specifically for older users.

AI Improves Efficiency in Food Service and Cleaning Operations

In catering and cleaning, AI drives autonomous decision-making and multi-robot coordination to lower operating costs and enhance service consistency.

For instance, embodied robot platforms designed for food-service environments can combine compliant service functions with lightweight collaborative arms, enabling robots to perform a wider range of tasks safely and efficiently.

For public-space maintenance, the smart cleaning robot combines autonomous driving and AI-powered waste recognition with fully unmanned cleaning, docking, charging and replenishment capabilities for round-the-clock operation.

AI Enhances Emergency Response in High-Risk Environments

In emergency response, AI enables robots to operate in conditions that challenge human safety and endurance.

For example, explosion-proof fire reconnaissance robots can operate in hazardous environments involving fire, smoke, toxic gases and explosive materials. Combining AI-powered reconnaissance with a high-flow firefighting cannon, it supports precise fire detection and suppression while minimizing danger to rescue personnel.

From consumer-focused emotional companionship to industrial-grade operations, AI is transforming robots from conventional automated machines into intelligent systems with greater autonomy and interactive capabilities. As technology continues to reshape human-machine collaboration, visitors to the 140th Canton Fair are invited to discover how AI is delivering tangible value by solving real-world challenges across industries and everyday life.

For pre-registration, please click:
https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

 

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SOURCE Canton Fair

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