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M-banking, or wireless banking services, has become one of the most accessible solutions for the developing nations and convenient solutions for the developed nations. M-banking essentially transforms the mobile phone into a virtual wallet, and is used for a wide variety of services ranging from deposit, withdraw, remit and check balances and person-to-person (P2P) transfers. Since the inception of the rapidly evolving mobile and wireless networks all around the world, South Korea, Finland and Japan have been currently leading the forefront of m-banking. One of the critical factors which will determine the future of mobile banking is the technology implemented for mobile banking services in addition to the cooperation of all entities involved in mobile banking services.