Data Innovation, Inc. conducted baseline research to understand the penetration of mobile financial services and uses of those services among smart phone users. The unique differentiation of our approach is that all of our research is conducted on mobile handsets. All respondents are validated and cannot participate if they do not use a smart phone. Response rates to Data Innovation surveys have been above 40%. Baseline data was collected in December 2009.

Financial institutions report that smart phone users are driving adoption, and the Data Innovation Mobile Money Study confirms this fact. In our survey, 246 smart phone users completed a mobile questionnaire (on their handsets) on the topic of mobile financial services. The study found that nearly 70% of respondents had used some type of mobile banking and/or payment service in the past three months.

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