Mobile Banking services across the globe may reach a subscriber base of 894 million by 2015 from 55 million at the end of 2009 at a CAGR of 59.2%, says new research from Berg Insight.

Asia Pacific is expected to be the main hub for mobile banking services with almost half of the global subscriber base coming from this region.

The research says that mobile banking may play a key role in bringing financial services to people in the Middle East and Africa.

In developed markets such as Europe and North America, the service will mainly serve as an extension of existing online banks. The research estimates Europe to have 115 million mobile banking subscribers while North America is expected to have 86 million subscribers for the services.

“The global number of mobile banking users more than doubled between 2008 and 2009, and is expected to almost double again in 2010. Mobile handsets are in an excellent position to become the primary digital channel for providers of banking and related financial services on emerging markets,” says Marcus Persson, Telecom Analyst, Berg Insight.

“People who sign up for their first mobile subscription today will likely open their first bank account in the coming years and thus join the modern financial system. Mobile operators can play a vital role in this development and will have the opportunity to take an active part in the creation of some of tomorrow’s most important financial institutions based in Asia and Africa," adds Persson.

From operator perspective, the research claims that international money transfer will turn up as a important revenue source for mobile service providers with 3-15% of international money transfers to be carried over the mobile medium by 2015 making it a $1.2-$6.2 billion industry.