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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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Protean launches Enterprise DPDP Governance & Consent Platform at Global Fintech Fest

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MUMBAI, India, Sept. 24, 2026 /PRNewswire/ — Protean eGov Technologies today launched its Enterprise DPDP Governance & Consent Platform at the Global Fintech Fest in Mumbai. The platform was launched at the Protean pavilion by Shri Suvendu Pati, Chief General Manager, FinTech Department, Reserve Bank of India, who spoke at the event on consent as a design principle for India’s digital financial ecosystem.

The Digital Personal Data Protection Act, 2023 has moved decisively from statute to operation. With the DPDP Rules notified in November 2025 and substantive obligations enforceable from May 2027, organisations are required to demonstrate privacy governance that is continuous, auditable and evidenced.

At the centre of the platform is the consent stack. DPDP-compliant consent journeys are embedded directly within an enterprise’s existing web, mobile and assisted channels, so a customer never leaves the journey they are in. When consent is granted, updated or withdrawn, the policy engine validates the request, propagates it automatically to every mapped enterprise application and third-party processor, tracks acknowledgement, and writes an immutable artefact to the consent vault – producing regulator-ready evidence from the customer’s action itself rather than from a subsequent reconciliation exercise.

The platform brings the eight statutory obligations of a Data Fiduciary into a single operating system for privacy, organised across four governance pillars. Internal Privacy Governance covers data discovery, the Record of Processing Activities, data flow mapping, gap assessment and governance dashboards. Processor Risk Governance covers Data Protection Impact Assessments, a central processor registry, third-party risk assessment and remediation tracking. Data Principal Governance covers consent management, a rights management portal, grievance redress and dedicated workflows for minors and nominees. Regulatory Operations covers retention and deletion, breach management, audit monitoring and compliance reporting.

Speaking at the launch, Shri Suvendu Pati, Chief General Manager, FinTech Department, Reserve Bank of India, said: “The Digital Personal Data Protection Act moves consent from a matter of paperwork to a matter of design. For the financial sector, the task ahead is to make consent verifiable, revocable and auditable at scale – so that every individual knows what data is being used, for what purpose, and retains the ability to withdraw that permission at any time.”

Speaking on the launch, Mr. Ajay Rajan, MD & CEO, Protean eGov Technologies, said: “Consent is becoming the connective tissue of India’s digital economy. Our conviction is that privacy and growth are not opposing forces – an enterprise that can show an individual exactly what was permitted, when, and for how long, earns the trust that lets it do more, not less. That is the shift we are enabling: from privacy as a legal obligation to privacy as an enterprise capability.”

Speaking at the launch, Mr. Rakesh Dosi, Chief Business & Product Officer, Protean eGov Technologies, said: “Most enterprises today can tell you their privacy policy. Very few can tell you, for a single customer, what was consented to and which downstream system acted on it. One customer action should update every mapped system and leave behind evidence – that is what we have built.”

Protean eGov Technologies has built and operated national digital public infrastructure for over two decades. As an Account Aggregator licence holder, the company brings direct operating experience of the consent artefact lifecycle – issuance, revocation and secure data sharing – at national scale. This is that same conviction applied to Privacy.

To know more – https://www.proteantech.in/services/consent-stack 

Product note

Protean Enterprise DPDP Governance & Consent Platform

Launched at the Global Fintech Fest, 11ᵗʰ September 2026, Mumbai

The Digital Personal Data Protection Act, 2023 is no longer a policy exercise. The Rules were notified in November 2025, the Consent Manager registration framework comes into force in November 2026, and substantive obligations become enforceable from May 2027 with penalties of up to ₹250 crore. Multiple stakeholders – the Data Principal, the Consent Manager, processors, third-party vendors, internal business functions and the Data Protection Board – converge on a single accountable owner: the Data Fiduciary. Every one of those connections is an obligation to design, run and evidence.

Embedded consent experience. DPDP-compliant consent journeys are deployed within an enterprise’s existing web, mobile, branch, contact centre and partner channels. Consent is captured against the five principles of validity – freely given, specific, informed, unconditional and unambiguous – with itemised notice and unbundled purposes. Customers never leave the journey they are in.

Intelligent consent orchestration. A single customer action – consent granted, updated or withdrawn – is validated by the policy engine, propagated automatically to every mapped enterprise application and processor with acknowledgement tracked, and recorded instantly as an immutable artefact in the consent vault. Compliance evidence is a by-product of the transaction, not a separate exercise.

Four governance pillars. Internal Privacy Governance – data discovery, ROPA, data flow mapping, gap assessment and governance dashboards. Processor Risk Governance – DPIA, third-party risk management, processor registry and remediation tracking. Data Principal Governance – consent management, rights management portal, grievance management, minor and nominee workflows. Regulatory Operations – retention and deletion, breach management, audit monitoring and compliance reporting.

Regulatory automation. Retention runs on configurable, purpose-based timelines with automated deletion triggers, propagation to processors and retained deletion evidence. Breach management runs from incident intake and severity classification through a 72-hour notification workflow and regulator communication to root cause analysis and closure.

Relationship-based workflows. Verifiable guardian consent before any processing of a minor’s personal data, with age validation and transition on attaining majority. Nominee registration with identity validation and controlled, auditable rights access upon a defined invocation event.

One source of truth. Discover, map, design, orchestrate, evidence – every downstream privacy activity is derived from verified enterprise metadata rather than manual configuration, on a governance foundation of a policy engine, workflow orchestration, an API gateway, the consent vault and an immutable audit trail.

A six-stage path to compliance maturity runs from data discovery and ROPA through data flow mapping, DPIA and processor assessment, and gap remediation, to continuous privacy operations – combining advisory, governance, process design and technology enablement in a single engagement.

Protean eGov Technologies has built and operated national digital public infrastructure for over two decades, is an Account Aggregator licence holder with proven experience of the consent artefact lifecycle, and has implemented consent management capabilities for initiatives including Bima Sugam and CERSAI. This is that same conviction applied to Privacy.

About Protean:

Incorporated in December 1995, Protean eGov Technologies Limited is engaged in the business of developing citizen-centric and population-scale e-governance solutions. Protean is an information technology-enabled solutions company conceptualizing, developing, and executing critical and population-scale greenfield technology solutions. The company collaborates with the Indian government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

 

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Envision Energy Unveils EN-252/16.7 Offshore Wind Turbine to Deliver High Performance and Reliability in High-Wind Environments

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HAMBURG, Germany, Sept. 24, 2026 /PRNewswire/ — Envision Energy, a global leader in green technology, launched the EN-252/16.7, its next-generation offshore wind turbine developed for high-wind environments and tailored to the requirements of international offshore markets. With 16.7 MW rated power, a high-performance rotor and an integrated powertrain, the new turbine is designed to deliver higher energy production, greater reliability and increased project ROI.

The EN-252/16.7 builds on Envision’s proven Model Z platform and more than a decade of offshore wind development and operational experience. The Model Z platform has been in operation since 2023, providing a foundation of operating data and engineering experience for the next generation of offshore turbines. The international EN-252/16.7 is tailored with a Europe-specific high-performance rotor and is being developed through extensive component- and system-level validation. The turbine combines high-capacity generation with vertically integrated key component technologies, advanced safety and grid capabilities, and AI-powered lifecycle monitoring through Envision’s Galileo system.

Christian Schrimpf, Executive Vice President of Offshore Wind at Envision Energy, said: “The next phase of offshore wind is not simply about increasing turbine scale. The real value of scale lies in how effectively it translates into higher energy production, greater reliability and stronger economics across the project lifecycle. With the EN-252/16.7, we are bringing these capabilities together to help customers capture more value from offshore wind over the long term.”

Higher Performance for increased project ROI

With 16.7 MW rated power and a swept-area-to-power ratio of approximately 2.99 square meters per kilowatt, the EN-252/16.7 is designed to increase energy production from high-wind offshore resources. For a gigawatt-scale offshore wind farm, the turbine can deliver approximately 1-2% higher annual energy production while reducing turbine quantity by around 10% compared with currently available turbines, contributing to an estimated 2-4% reduction in levelized cost of energy (LCOE), depending on site conditions and project configuration. For suitable site-specific conditions, the turbine can also be uprated, creating further potential to reduce turbine numbers and capital expenditure for the project (CAPEX).

Proven Engineering for Long-Term Reliability

The EN-252/16.7 is supported by extensive component- and system-level validation through Envision’s in-house testing facilities. Testing includes drivetrain system loading tests and more than 600 hours of highly accelerated life testing for drivetrain, helping capture component boundaries and system interactions under demanding operating conditions.

Reliability is further supported by Envision’s vertically integrated approach to the development and manufacturing of key components. The company has accumulated experience across approximately 12,000 gearboxes, 12,000 main-bearing sets, 25,000 blade sets, 23,000 generators and 28,000 converters.

Safety and Resilience in Extreme Conditions

The EN-252/16.7 is designed to support safe and resilient operation under demanding offshore conditions, including extreme wind events, withstanding a 10-minute average extreme wind speed of up to 58.5 m/s and a three-second gust once in 50-year of up to 82 m/s. Safety is further supported by the turbines integration capability with energy storage. Combined with Envision BESS, the system can provide long-duration backup power for critical turbine devices and safety-related functions when external grid power is unavailable, including during pre-commissioning and severe storm or typhoon conditions.

The turbine further incorporates grid-forming control, black-start capability and stable operation under weak-grid and grid-fault conditions. Autonomous operating capabilities further support continuous power supply to critical turbine systems when conventional grid support is disrupted, extending resilience from extreme-weather protection to electrical and operational continuity.

AI-Powered Lifecycle Optimization

The EN-252/16.7 extends reliability into turbine operation through Envision’s AI-driven Galileo system, which supports earlier fault detection and more proactive maintenance throughout the turbine lifecycle. Commercially applied across more than 20,000 turbines since 2020, Galileo uses more than 30 functional models to monitor major components and critical failure modes, providing early-warning reports approximately one to six months in advance per different conditions

Earlier fault detection supports more timely maintenance planning, helping reduce unplanned interventions and lifecycle operating expenditure (OPEX). The turbine also includes an AI-turbine interface to support future upgrades and the continued evolution of intelligent turbine operations.

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SOURCE Envision Energy

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WhalesBot Launches EliteMind, Bringing Physical AI Into STEM & AI Education

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Powered by W-Hong LLM, EliteMind lets students take AI models and programs from digital learning into real-world sensing, reasoning and action.

SHANGHAI, Sept. 23, 2026 /PRNewswire/ — WhalesBot, a global leader in STEM and AI education, has announced EliteMind, a modular Physical AI robot designed to bring AI learning into the physical world for elementary and middle school students. With EliteMind, students can develop their own models and programs in WhalesBot’s learning platform, then deploy them directly for testing and hands-on experimentation, turning digital AI projects into tangible, interactive experiences.

Powered by W-Hong LLM, WhalesBot’s AI model built for STEM and AI education, EliteMind brings perception, reasoning, and physical action together in a complete Physical AI loop. It integrates intent recognition, voice interaction, visual understanding, and AI-powered creation with physical control, giving students a hands-on way to understand how AI works in the physical world. Its lightweight, modular design allows sensors and actuators to be combined across different robotic configurations, enabling students to build and explore a range of real-world AI applications.

EliteMind connects with OceanLevel, WhalesBot’s AI literacy learning platform, to bridge structured AI learning and hands-on practice in the physical world. Within this system, WhalesBot OceanLevel provides age-appropriate AI courses, AI tools, model training, and programming, while EliteMind brings what students learn and build in the digital environment into the real world for practice, testing, and feedback. Together, they bring AI understanding, digital creation, and hands-on practice into one continuous learning experience.

“As AI increasingly operates in real-world systems, AI education also needs to move beyond the screen,” said Xufeng Fei, CEO of WhalesBot, who has advocated for STEM and AI education for decades. “With EliteMind, we aim to support a learning journey from foundational AI literacy to hands-on practice and competition, helping students build practical AI skills step by step.”

The launch of EliteMind further strengthens WhalesBot’s growing portfolio of AI products powered by W-Hong LLM and adds a new physical dimension to its STEM & AI Learning Ecosystem. Looking ahead, WhalesBot will continue to develop new ways to help students move from understanding AI to building with it and applying it in the real world.

For more information about EliteMind and the WhalesBot STEM & AI Learning Ecosystem, visit https://www.whalesbot.ai/

About WhalesBot

WhalesBot Technology, founded in 2018 and headquartered in Shanghai, China, provides STEM and AI education solutions for learners aged 3 to 22, with more than 1 million units sold in over 81 countries and regions. WhalesBot also sponsors ENJOY AI, an international STEM and robotics competition built around creative robotics and coding challenges.

Connect with WhalesBot:

LinkedIn | Facebook | YouTube

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SOURCE WhalesBot

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