Using a mobile phone for banking passed through 6 million users in Australia in the September quarter 2012, which was six months faster to that mark than Internet banking a white paper has revealed.

While Internet banking took 15 quarters (3.75 years) to be adopted by 6 million users in Australia, mobile banking took only 13 quarters (3.25 years) to reach the same mark.

The Market Intelligence Strategy Centre (MISC), recently released, white paper Remote Banking Futures, argues that the quicker uptake of mobile banking is indicative of that technology’s likely further penetration into the market.

It says that the main restriction on the technology’s growth lies with the banks’ willingness to develop further functions for the platform.