This TowerGroup Research Note provides an update on the current state of South Korea's mbanking market as well as the factors making Korean m-banking a growth space. It also shows the expected development risks and opportunities for banks and mobile operators in markets, such as the US, for which broad adoption of mobile data services is emerging at a more measured pace. Finally, it considers the impact of these developments on traditional banking and payments relationships and the symbiotic web now forming between personal network providers (mobile operators) and payment providers (financial services institutions, or FSIs).