Lenders in race to win customers over to new cellular technologies, banks now in frantic race prompted by new phone smartphone technology

THE battle to establish a foothold in the mobile payment markets is intensifying among SA’s big four banking groups, which are in a race to be first to market with technological innovations.

The activity mirrors similar moves globally to gain scale in what banks and cell phone companies see as a potentially lucrative market, according to user statistics.

Latest studies are predicting that the use of cell phones to make transactions will swell globally in the next 10 years.