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.
MTS and SaskTel Offer Mobile Payments Service
With the introduction of mobile payments by MTS and SaskTel, customers of these provincial telecommunications companies can now pay with their phone. TD is the first financial institution to offer this service to MTS and SaskTel customers. Five mobile networks now provide Canadians with the ability to pay for purchases with a tap of their mobile device. [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…]
Major Mobile Operators Worldwide Announce Commitment to NFC Technology
Many of the world’s leading operators, including América Móvil, Axiata Group Berhad, Bharti, China Unicom, Deutsche Telekom, KT Corporation, MTS, Orange, Qtel Group, SK Telecom, Softbank Mobile, Telecom Italia, Telefónica, Telekom Austria Group, Telenor and Vodafone, have voiced their commitment to implementing Near Field Communications (NFC) technology, and intend to launch commercial NFC services in select markets by 2012.
“NFC is perhaps best known for its role in enabling mobile payments, but its applications go far beyond that,” said Franco Bernabè, Chairman, GSMA and CEO, Telecom Italia. “NFC represents an important innovation opportunity, and will facilitate a wide range of interesting services and applications for consumers, such as mobile ticketing, mobile couponing, the exchange of information and content, control access to cars, homes, hotels, offices car parks and much more.”
The market potential for NFC is significant—according to Frost & Sullivan, the total payment value for NFC globally will reach more than €110 billion in 2015 – and momentum behind the technology is growing rapidly. To address this opportunity and to provide valuable new services to mobile users worldwide, the operator community is focused on driving the standardised deployment of mobile NFC, using the SIM as the secure element to provide authentication, security and portability.
To achieve this, the GSMA will develop the necessary certification and testing standards to ensure global interoperability of NFC services. This interoperability is critical to the widespread adoption of NFC, enabling users to benefit from NFC services around the world, regardless of operator network or device type.
“As we have seen, the adoption of different approaches to NFC will only serve to fragment the market,” continued Bernabè. “By uniting around a single standardised approach to mobile NFC and by collaborating across the entire ecosystem, our industry will continue to develop the compelling services that customers demand.”
via World’s Leading Mobile Operators Announce Commitment to NFC Technology ~ GSM World.
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