While things like PayPal Mobile haven’t exactly become mainstream in North America, it seems to be a way of life for folks in Korea. In fact, by last count, the number of mobile banking subscribers in Korea is 2.71 million… and counting.
The growth has been quite steady and it’s been relatively even among the major service providers there: SK Telecom (M-Bank), KTF (K-Bank), and LG Telecom (BackOn). At the end of 2005, there were just 1.86 million mobile banking subscribers. The most common use is simply for “reference” (82%), compared to “transfers” (18%).