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.
375 Million+ Mobile Payment Users by 2015, Says Report
Mobile payments are an emerging opportunity to make payment from or with a mobile handset. While a success in certain countries and with fringe audiences already, mobile payments have not yet achieved success on a global scale. However, it is anticipated that this will begin to change in 2011 as the number of mobile payment users starts a significant run up from 116 million to over 375 million in 2015, according to a recent research report from In-Stat.
“There appears to be consumer demand for mobile payments,” says Amy Cravens, Market Analyst. “Consumers do recognize pain points with current payment systems and indicate support for a cleaner, easier alternative. If mobile operators are able to push beyond the infrastructural challenges and introduce these services to the mass market, the transactional value of the mobile payments market is positioned to grow nearly tenfold over the next several years.”
Recent research findings identify the market’s preparedness including:
- Significant smartphone penetration.
- Consumer comfort level with purchasing goods with their phone through existing channels.
- A desire among mobile operators to develop opportunities to generate revenue from mobile based commerce.
- Infrastructural developments supporting contactless payments, including NFC-enabled mobile phones and Point of Sale (POS) terminals.
The In-Stat report, entitled “Mobile Payments: Is the Market Ready?” examines the mobile payment market structure, outlining the various elements in this multifaceted market. Discussion will include mobile payment types as well as the relationships comprised in this complex ecosystem.
The report also includes:
- Market player profiles including: Bling Nation, Boku, Clairmail, Isis, mFoundry, and Obopay
- Forecasts for the mobile payments market through 2015
- Forecasts of anticipated usage and transaction volume
- Detailed examination of the NFC market
- All forecasts extend through 2015 and are segmented by geographic regions
Source: MarketWire
Isis Mobile Payments Group Signs First Merchants
The new Isis mobile-payments venture has recruited some merchants as it builds the acceptance side of its network, the Isis executive overseeing the merchant effort said on Wednesday.
“We do have signed merchants at this point,” Jim Stapleton, head of sales and account management at Isis and a veteran of AT&T Inc., tells Digital Transactions News. Stapleton, however, refuses to identify them, saying announcements would be made when the merchants and Isis are ready.
via Digital Transactions.
Verizon’s Ryan Huges to Join Isis Mobile Commerce Network
Verizon Wireless VP of business development Ryan Hughes is leaving his position at the largest wireless carrier in the US.
Hughes has opted to come on board as chief marketing officer for Isis, the upstart mobile commerce network.
Isis Mobile Payment Network Annonced by ATT, T-Mobile, and Verizon
Payment by mobile phone is one step closer now, as AT&T, T-Mobile, and Verizon Wireless have announced the launch of a joint venture called Isis, to build a national network for subscribers to make purchase in physical retail stores using their smartphones. [Read more…]