Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Sizing Person-to-Person Payments in the U.S.
Courtesy Aite.
Though person-to-person transactions occur daily, electronic P2P is only now beginning to realize its promise. New payment methods are allowing consumers to exchange money digitally, and various industry stakeholders, bank and nonbank alike, are scrambling for their share of this near-greenfield pie.
Who will dominate U.S. mobile P2P payments? Based on a Q2 2015 Aite Group survey of 1,724 U.S. consumers, this research estimates the transaction and dollar volume of P2P payments in the United States across payment method, use case, and generation.
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REPORT: Global Mobile Payment Market 2015-2019
Mobile payment is a form of payment where an end-user can initiate a transaction using amobile device for goods and services through communication networks or technologies.Mobile payment allows consumers to use a mobile device to pay for goods and services instead of using cash, check, and credit/debit cards. It is also referred to as mobile money,mobile money transfer, and mobile wallet.
The report forecasts the global mobile payment market to grow at a CAGR of 36.26%, in terms of transaction volume, over the period 2014-2019. In terms of number of end-users, the market is expected to grow at a CAGR of 18.10% during the forecast period. [Read more…]
REPORT: Mobile Payments 2015: Driving the Uberisation of the Economy
New 163-page report available from Research and Markets: Uberisation means applying the Uber business model in different sectors from healthcare to real estate and food delivery, as well as financial and legal services.
It means meshing smartphones, dynamic pricing and dynamic supply to create a disruptive and delightful user experience.
The mobile payment revolution will further drive the uberisation of the economy and society towards an on-demand culture.
There is a massive opportunity for the retail sector to combine mobiles, loyalty schemes and the right payment solution – with personalized pricing only one aspect.
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Mobile Online Payments: Disruption and Opportunity
Courtesy Aite.
Mobile online payments, made either within a mobile application or through a mobile website, are changing commerce, and not just online. The worlds of online and physical commerce are blurring in parallel with the rapidly increasing utility of the consumer pocket computer—the smartphone.
Mobile online payments are at the cusp of a growth curve that could eventually subsume any other payment path, but the complexity in the space obscures the way forward.
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Global Mobile Payments to Reach 50 Billion Transactions in 2015
The mobile payment market worldwide continued rapid growth in 2014, according to a new report by Hamburg based secondary research company yStats.com. The publication, “Global Mobile Payment Methods” discloses that while competition in the mobile payments field has intensified worldwide, acceptance and usage of in-store mobile payments and the preferences of shoppers towards payment methods in remote M-Commerce differed from country to country. A general trend is the lingering concern of consumers towards security of mobile payment transactions.
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Mobile Proximity Payments Forecast 2015
A recent report by Mary Monahan, Javelin Strategies’ Executive Vice President and Research Director, Mobile, analyzes the U.S. mobile proximity payment market, covering payments made by consumers using a mobile device at a merchant’s physical location. Three years of actual historical data and a five-year forecast are provided. By 2019, it is projected that mobile proximity payments will total $54 billion.
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Report: Industry Perspectives on Mobile/Digital Wallets and Channel Convergence
The Federal Reserve Bank of Boston[1] has released a report based on the recent Mobile Payments Industry Workgroup (MPIW) meeting to discuss (1) different wallet platforms; (2) how card networks and other payment service providers manage risks associated with converging digital and mobile channels; and (3) merchant strategies around building a mobile payment and shopping experience. [Read more…]
Apple Pay Progress After 6 Months
Six months after the release of Apple Pay, how is Apple doing? Early consumer surveys of iPhone users reveal that few users have both enabled a card on the app and gone ahead to make a purchase with it. Worse, few retailers seem to support Near Field Communication, or NFC, payments—just 700,000 locations according to Apple’s latest reckoning. Will lack of avenues to use Apple Pay at the point of sale doom its likelihood of becoming the iPhone user’s payment method of choice? [Read more…]
Consumers and Mobile Financial Services – Free Report
Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
[Read more…]
Report: The Payments Ecosystem 2015
From Business Insider Intelligence: The Payments Ecosystem: The Players and Trends that are Reshaping the Industry. The payments industry had a huge year in 2014 and it’s showing no sign of slowing down. On the one hand tech giants like Amazon and Apple released new products that affirmed their long-term payments ambitions (Apple Pay and Amazon Local Register). On the other hand startups such as Stripe and ShopKeep continued to carve out market share, challenging older players like PayPal and VeriFone. [Read more…]
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