The number of consumers accessing banking services via mobile phones will reach 816 million by 2011, according to Juniper Research.
The analyst firm said that this figure represents a tenfold increase on the number using such services in 2007.
China and the Far East will have the greatest number of users of mobile banking services, followed by Western Europe and the Indian sub-continent.
Juniper reckons that adoption is being spurred by the increasing number of features being offered by financial institutions, including financial information, funds transfer, bill payment, account management and customer service.
Average financial transaction values are expected to nearly double between 2007 and 2011, rising by more than four times in many emerging markets.
Furthermore, the number of global mobile banking transactions will rise from 2.7 billion annually in 2007 to 37 billion by 2011.
The study found that enhanced security measures are helping to address consumer concerns, but that several hurdles still need to be overcome to ensure the continued success of mobile banking.
These include financial regulation, payment transaction costs, revenue share issues and customer support difficulties.