The adoption of Payments in Mobile – new technology

Bharatbook added a new report on "Payments in Mobile 2010-2015" which gives potential, strategies and the Factors behind the adoption of Payments in Mobile services in the developed market.

Online PR News – 03-August-2010 – – Payments in Mobile 2010-2015

According to the GSMA there will be 1.7 Billion mobile phone users by the end of 2012 who do not possess a formal bank account. Mobile subscriber penetration worldwide will continue to increase with over 5.4 Billion handsets in circulation as of the end of 2015. ( )

The ubiquity of the mobile phone will bring to the fore the potential for M-Banking and the wider potential of M-Payment services enabled by the mobile phone. The Payments in Mobile 2010-2015 report will examine the opportunities and challenges for M-Payments to become readily accepted in the developing and developed market.

To date, M-Payments have not become a widespread form of transaction, due in part to the lack of contactless terminals and handsets in developed markets. With established bank infrastructure and payment methods by credit or debit card there has been less urgency to develop an alternative M-Payment infrastructure in the developed markets. But there are some exceptions, where MNO's in Japan have established a transaction model and have entered the banking market and in the Philippines where mobile money transfer has satisfied a need for low cost remittance transfer to an expatriate community outside of the country.

China UniPay, a debit card company has established a mobile service joint venture with China Mobile with a claimed market of 100 million active users for M-Payments. The Payments in Mobile 2010-2015 report forecasts that the number of active M-Payments subscribers will increase from 206 million users at the end of 2010 worldwide to 1,050 million users by the end of 2015. M-Payments revenues are forecast to increase from Billion Euro to Billion Euro over the same period.

Key developments include the deployment of NFC-enabled handsets and POS terminals which has the potential to create a new mobile ecosystem based on advertising and direct response. But to date the adoption of NFC has been disappointing, but likely deployments by Citibank in the USA and patents for an NFC-enabled iPhone by Apple Corp provide indications that the NFC market may be set for a resurgence based on a mass market M-Banking service and an NFC-enabled iPhone.

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