Up from 300m in 2011.
Despite a recession which has left millions jobless, UK-based Juniper Research says 230 million newbies will embrace the mobile banking platform within a two year period.
North America, Western Europe, the Far East and China are poised to lead the worldwide m-banking growth in the next few years, receiving most of the 550 million users expected by 2016.
m-banking offers banks the chance to boost customer retention, while also reeling in new business in order to compete against rivals, according to the report.
Additionally while a number of banks have developed mobile apps, Juniper insists that the m-banking service should also cover SMS and browser-based offering to achieve true success.
Sonia Lalli, report author, said: "Mobile banking will be one of the greatest success stories of the mobile commerce industry over the next five years, as consumers observe the benefits of accessing banking services on the move.
"As customers become comfortable with undertaking basic banking functions on their mobiles, an increasing number will adopt transactional-based banking enabled by the enhanced functionality afforded by smart devices, exposed to an all-immersive consumer experience."