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 Payments Report: Opportunities and Strategies for Credit Issuers
A new research report from Research & Markets entitled Opportunities and Strategies for Credit Issuers, examines mobile payment opportunities For US credit issuers.
The major card networks began supporting contactless payments nearly a decade ago, but consumer and merchant adoption has lagged considerably. Several startups, as well as established firms outside of the financial services industry, are marketing enhanced mobile payment services capable of causing significant disruption to the consumer payments value chain. [Read more…]
Digital Money in Pakistan – 2013 Report
This report by Shift Thought Ltd entitled “Digital Money in Pakistan” has been designed specifically for the use of global players such as banks, operators and technology providers. They fill a gap in the market, and although offered at a report price, this is not a run-of-the-mill paper report.
This Pakistan report is developed to a high specification in order to help experts including development organisations like CGAP, by providing little known information and detailed analysis as a one-stop reference to understand Payments Systems and Innovations in this market. [Read more…]
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…]
Research Report: Positioning for Payments in the New Mobile-Social Technology Era
We are at the beginning of a new technology cycle as consumer adoption of mobile and social media extends the reach of the web and integrates those media into the physical world.
Facebook is only eight years old, and yet its planned $5 billion IPO is the largest Internet IPO ever. As in every new technology cycle, network effects make room for new players and the creation—and destruction—of vast amounts of wealth.
The Gang of Four—Apple, Amazon, Facebook, and Google—is a group of network players entering the banking and payments environment. How will the strengths and weaknesses of the Gang of Four play against those of major financial institutions, payment networks, and wireless carriers? Surprisingly, PayPal rates on equal footing with the Gang of Four when it comes to innovation and emerges as a possible leader in the next tech cycle.
Research & Markets recently released a report entitled Positioning for Payments in the New Mobile-Social Technology Erathat focuses on the relationship of brands to consumer perceptions of trust, innovation, and privacy in order to identify opportunities and threats.
Primary Questions
- What is the newest technology cycle? Which brands are positioned to take advantage of the next cycle?
- What models are developing that will intersect with the financial services space?
- How will the strengths and weaknesses of the Gang of Four play against those of major financial institutions, payment networks, and wireless carriers?
- How well do consumers trust the Gang of Four compared with the major financial institution, payment network, and wireless carrier brands when it comes to their financial information?
- How do consumers rate the Gang of Four compared with the major financial institution, payment network and wireless carrier brands when it comes to protecting their private information?
- Which brands are viewed as most innovative?
- How do customers of the primary financial institutions rate their own institutions on the issues of trust, innovation, and privacy?
- How should brands position themselves to best compete in the new technology cycle?
Methodology
The report is based mainly on data collected online from a random-sample bank benchmark panel of 5,878 consumers in December 2011. The survey targeted respondents based on proportions of gender, ethnicity, age, and income representative of those of the overall U.S. online population. The margin of sampling error is ±1.28% at the 95% confidence level.
It is also based on a survey of 5,211 consumers conducted online in October 2011 on KnowledgePanel. This sample is representative of the U.S. census demographics distribution and is recruited from the Knowledge Networks panel. Data is weighted using 18+ U.S. Population Benchmarks for age, gender, race/ethnicity, education, census region, and metropolitan status from the September 2011 Current Population Survey (CPS) and household Internet access from the October 2010 CPS Supplement. The margin of sampling error is ±1.73% at the 95% confidence level.
Table of Contents
- Overview
- Methodology
- Executive Summary
- Platforms That Are Able to Gather the Biggest User Base Usually Gain the Most Power and Wealth in Each
- Technology Cycle
- Mobile + Social Defines the Newest Technology Cycle
- Wealth Is Created—and Destroyed—During Each New Technology Cycle
- Apple, Amazon, Google, and Facebook
- Platforms That Gather the Biggest User Base Usually Gain the Most Power and Wealth in Each Technology Cycle
- Mobile Platform
- Two Diverging Views of Mobile Success—Open (Google) vs Protected (Apple)
- Social Media Platform
- Mobile-Social Integration Opens Opportunity for Competitor to Move on Facebook
- Game-Changing Business Models Rapidly Emerge During Times of Technological Upheaval
- Tablets
- Alliances Can Use Mutual Strengths and Weaknesses Can Fill Gaps to Respond Faster and with Better Products
- Javelin TIP Model for Mobile Wallets
- Trust
- Apple Leads in Innovation—at Least for Now
- Innovation
- Privacy
- Don’t Count out the Financial Institution’s Primary Relationship with the Consumer
- No Brand Reaches the Gold Zone—Without an Alliance
- Appendix
- Related Research
- Companies Mentioned
– Amazon, American Express, Apple, AT&T, Bank of America, Chase, Citibank, Discover, Facebook, Google, MasterCard, Microsoft, PayPal, Research In Motion, Sprint, Twitter, U.S. Bank, Verizon, Visa, Wells Fargo, zvelo
More information: Research and Markets
Research Report: 2011 Contactless Near Field Communication (NFC) Mobile Payments
Javelin Strategy and Research has release a new report entitled “2011 Contactless Near Field Communication (NFC) Mobile Payments: Framing Mobile Payments on the Foundation of Mobile Banking.”
Mobile payments have been the source of much excitement for over half a decade, with the latest focus being on near field communication (NFC) payments, which uses short-range wireless technologies to allow a consumer to tap or wave a supporting mobile phone to complete an in-store payment.
Late 2010 experienced a flurry of NFC-related mobile payments announcements, detailing pilot initiatives from numerous financial institutions (FIs), payment networks, mobile phone carriers, technology giants, and third-party developers.
Despite this activity, mobile contactless/NFC is a payment option that is battling limited availability of contactless-ready merchant terminals and mobile technology, as well as low consumer demand. In order to ensure the greatest opportunity for success, FIs should integrate NFC mobile payments with their existing mobile banking platform. Javelin data shows that mobile bankers are the prime financial demographic to jumpstart mobile payments, and FIs should promote the service accordingly.
Primary Questions
- What is the current state of the contactless payment market, and how has it changed from recent years?
- What are the key drivers preventing consumer adoption of contactless payments?
- How should FIs integrate mobile contactless pilots within their existing financial infrastructure, and who should the target demographic be?
- What are some of the current NFC programs in market today?
- What is the demographic makeup of today’s contactless payment population, and how can that information be utilized to boost mobile NFC adoption?
- How can FIs establish the value proposition of NFC among merchants, in an effort to increase merchant acceptance of the service?
Report Index
- Overview
- Primary Questions
- Methodology
- Executive Summary
- The State of U.S. Contactless and Mobile Commerce
- The Consumer Roadmap to Mobile Payments
- Mobile Banking as the Springboard for Mobile Contactless Payments
- Demographic Trends – Who Are the Likely Mobile Contactless Users of Today?
- Mobile Contactless Payments: The Proverbial Chicken and the Egg Dilemma
- Appendix
- Related Research
- Companies Mentioned
Table of Figures
Figure 1: Mobile Payments Ecosystem
Figure 2: Percent of Consumers Who Indicate That They Are Open to Using a Contactless-Enabled Card or Device, 2007-2010
Figure 3: Key Drivers Preventing Contactless Adoption, by All Consumers
Figure 4: Consumer Adoption Roadmap to Mobile Payments
Figure 5: Likelihood of Storing Credit or Debit Card Information on Mobile Phone to Complete a Mobile Payment, by Mobile Bankers and All Consumers
Figure 6: Factors That Drive Contactless Use, by Mobile Bankers and All Likely or Current Contactless Users
Figure 7: Last Time Made Purchase Using Mobile Device, by Mobile Bankers and All Mobile Phone Owners
Figure 8: Frequency of Mobile Purchasing in the Past Month, by Mobile Bankers and All Mobile Phone Owners
Figure 9: Average Mobile Purchase Amount, by Mobile Bankers and All Mobile Phone Owners
Figure 10: Desirability of Mobile Phone Functionality, by Frequent Mobile Bankers, Mobile Bankers (Past 90 Days), and All Mobile Phone Users
Figure 11: Likelihood of Using Mobile Contactless, by Gender, Generation, and All Consumers
Figure 12: Likelihood of Using Mobile Contactless, by Ethnicity and All Consumers
Figure 13: Likelihood of Using Mobile Contactless, by Smartphone Owners, Standard Mobile Phone Owners, and All Consumers
Figure 14: Likelihood of Responding to Mobile Marketing Coupons or Promotions, by All Mobile Contactless Users and All Mobile Phone Owners
Figure 15: Percent of Consumers Who Have Used Particular Contactless Payment Devices, 2009-2010
Figure 16: Likelihood of Using a Contactless-Enabled Card or Device, by Mobile Bankers and All Consumers
Figure 17: Average Times Per Month Consumers Use a Particular Payment Option Per Month for In-Store Purchases
Figure 18: Likelihood of Using Mobile Contactless, by Income and All Consumers
Figure 19: Likelihood of Using Mobile Contactless, by iPhone Owners, BlackBerry Owners, and Android Owners
More information: 2011 Contactless Near Field Communication (NFC) Mobile Payments
Research: Smartphone Banking Security
Javelin Strategy Research has release a new report entitled: “Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears.”
Mobile banking adoption has stagnated despite explosive growth in smartphone adoption from 2009 to 2011.
In 2009, one in four smartphone owners considered mobile banking unsafe. One year later, 40% of smartphone owners felt the same way.
As financial institutions push forward, offering innovative and convenient financial options to a new mobile generation, consumers are left questioning whether security was sacrificed in the rush toward innovation. In the context of the recent infiltration of malware into the Android Market, it is imperative that FIs reassure consumers that mobile security is a priority.
Primary Questions
- What is the rate of smartphone adoption?
- What is the growth rate of mobile banking and purchasing?
- What are some factors that are inhibiting the adoption of mobile financial activities?
- How can FIs encourage mobile financial activity?
For more information please click on:
http://www.researchandmarkets.com/product/704e3c/smartphone_banking_security_mobile_banking_u
Methodology
For this report, Javelin gathered data from three different surveys administered in 2010 – 2011. Each survey collected data from a base of 3,000 to 5,000 consumers, representative of the general U.S. population. They were interviewed on a range of topics including, but not limited to, fraud, security services, and technology adoption.
- For questions answered by all 5,102 consumers in the March 2011 Financial Services Channel survey, the margin of error is &Plusmn;1.37 percentage points at the 95% confidence level. The margin error is higher for questions answered by subsegments. For longitudinal comparison, data from 2009 and 2010 was reweighted to the latest census targets according to the U.S. Census Current Population Survey (CPS).
- For questions answered by all 5,211 consumers in the March 2010 Financial Services Channel survey, the margin of sampling error is &Plusmn;1.39 percentage points at the 95% confidence level.
- For questions answered by all 3,100 consumers in the July 2010 Mobile survey, the margin of error is &Plusmn;1.76 percentage points at the 95% confidence level.
Audience: Financial institutions, mobile banking and marketing departments, credit card networks, credit card issuers, payment processors, mobile banking vendors, mobile payment vendors, mobile network operators, authentication technology vendors, authentication platform vendors.
For more information please click on:
http://www.researchandmarkets.com/product/704e3c/smartphone_banking_security_mobile_banking_u
Title Index:
– Overview
– Methodology
– Executive Summary and Recommendations
– Smartphone Adoption
– Stagnation of Mobile Financial Activities
– Security Concerns with Mobile Banking
What is a Killer App?
– Consumers Prefer Mobile Optimized Browser Sites
– Companies Mentioned
Table of Figures
– Figure 1: Smartphone Ownership, 2009 – 2011
– Figure 2: Consumers Who Have Mobile Banked in the Past 90 Days by Primary Bank
– Figure 3: Mobile Banking Use by Smartphone Users, 2010 – 2011
– Figure 4: Purchases Made via Mobile Devices by Smartphone Users, 2009 – 2010
– Figure 5: Smartphone Owners’ Perception of Mobile Banking Safety, 2009 – 2010
– Figure 6: Smartphone Owners’ Perception of Mobile Banking Channels, 2009 – 2010
For more information please click on:
http://www.researchandmarkets.com/product/704e3c/smartphone_banking_security_mobile_banking_u
Smartphone Banking Security: mBanking Susceptible to Consumer Fears
According to Research and Markets, mobile banking adoption has stagnated despite explosive growth in smartphone adoption from 2009 to 2011, and the company attributes the slowdown to consumer fears over mobile banking security.
In 2009, one in four smartphone owners considered mobile banking unsafe. One year later, 40% of smartphone owners felt the same way. As financial institutions push forward, offering innovative and convenient financial options to a new mobile generation, consumers are left questioning whether security was sacrificed in the rush toward innovation.
In the context of the recent infiltration of malware into the Android Market, the company notes that it is imperative that FIs reassure consumers that mobile security is a priority.
Research and Markets has announced the release of a new Javelin Strategy & Research report entitled “Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears.”
Primary questions covered:
- What is the rate of smartphone adoption?
- What is the growth rate of mobile banking and purchasing?
- What are some factors that are inhibiting the adoption of mobile financial activities?
- How can FIs encourage mobile financial activity?
Companies Mentioned:
- Apple
- Bank of America
- BB&T Bank
- Chase
- Citibank
- Citizens
- Fifth Third Bank
- HSBC
- IBM
- Key Bank
- Microsoft
- PNC
- Regions
- RIM
- SunTrust
- TD Bank
- US Bank
- USAA
- Wachovia
- Wells Fargo
More information: Smartphone Banking Security: Mobile Banking Utilization Stalls On Consumer Fears
Source: Business Wire
Mobile Banking Markets and Opportunities Report Announced by Research and Markets
Research and Markets has announced the release of a new report, entitled “M-Banking Markets and Opportunities.”
Mobile banking refers to a client-server system that is specifically designed for mobile devices, allowing banking customers to use handheld devices to access their accounts, pay bills, authorize fund transfers, or perform other activities. Like many other m-commerce services, mobile banking services can be challenging and no single company has all the expertise required to develop and deliver compelling services on its own. This report evaluates the mobile banking ecosystem and mobile banking solutions including mobile payments, provides a SWOT analysis for Visa and competitors, analyzes solutions for Visa’s weak points, discusses mobile banking implementation, and evaluates the market, applications, and methods. [Read more…]
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