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.
Mobile Payment Strategies Report: Opportunities & Markets 2011-2015
A new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670bn by 2015, up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new Mobile Payment Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. [Read more…]
Garanti and Turkish Mobile Launch First Nationwide NFC SIM Mobile Payment Program
Garanti and Turkish mobile network operator Avea recently moved from pilot phase to general commercial availability of their system to adapt existing mobile phones for NFC payments.
VeriFone Systems’ NFC contactless payment acceptance systems are a key interface between merchants and consumers’ mobile phones in Garanti Bank’s first-in-world rollout of a nationwide integrated NFC SIM mobile payment program.
Consumers can purchase and install NFC capable SIM cards that allow them to use their mobile phones for electronic payment at NFC contactless acceptance devices in merchant locations. VeriFone has supplied 10,000 NFC-capable devices to Garanti for merchant use.
“Garanti demonstrated that NFC is now commercially viable,” said Soner Casur, vice president and general manager of VeriFone South East Europe. “The merchant/consumer interface is crucial to success of NFC mobile payment adoption and VeriFone is thrilled to provide key payment acceptance solutions that make it easy to transition to this new era of mobile payments.”
VeriFone is one of the main suppliers of payment solutions to Garanti, with more than 150,000 systems implemented throughout Turkey. For NFC mobile payments, VeriFone’s PINpad 1000SE currently provide merchants and consumers with a field-ready solution for implementation of mobile payments.
VeriFone systems have been in use for Garanti’s existing Bonus Trink contactless payment system, which has provided bank customers with the ability to make payments using a credit card, key fob, watch or the Bonus Trink contactless sticker.
With the new add-on SIM card with antenna from Gemalto and Garanti pre-paid MasterCard PayPass that is loaded in the SIM manufacturing stage, consumers can immediately adapt existing and new mobiles for NFC mobile payments. This product is the first commercial add-on NFC SIM that supports open platform payment system around the world.
Source: Business Wire
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