A recent study by TNS revealed that Asia is leading worldwide in mobile finance adoption, notably for application and service such as mobile banking and mobile wallet.

The recently released TNS Mobile Life 2011 report showed that South Korea is leading in mobile finance adoption followed by Singapore. In South Korea, the percentage of users using their mobile phones to do mobile finance activities reached 38.5 per cent compared to 32.6 per cent in Singapore.

Hong Kong (30 per cent) and Malaysia (25.4 per cent) also ranked higher than the US (21.9 per cent) and other European countries.

Some of the mobile banking activities users do on their mobile phones include checking their bank accounts, transferring money between accounts, paying bills and buying goods and services.