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…]
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.
Japan’s Softbank Mobile Selects Gemalto for Mobile Contactless Payment Trial
Gemalto, a leading digital security company, has been selected by Softbank Mobile for the latest mobile contactless payment trial in Japan. Softbank Mobile is a leading mobile operator in Japan with 21 million subscribers. The program is the first in Asia to enable secure mobile Near Field Communication (NFC) transactions from a choice of different credit card accounts. The pilot is expected to roll out in the first quarter of 2011.
Near Field Communication (NFC) is a short-range wireless technology that enables the communication between devices over a distance of less than 10 cm. The key benefits of NFC are compatibility with the existing contactless infrastructure and simplicity, as NFC is characterized by a natural and intuitive “just touch” movement.
“Gemalto’s end-to-end solution brings the simplicity and convenience of NFC, while ensuring interoperability across business partners in Japan and beyond.”
Softbank Mobile customers will be able to use their mobile phones for contactless payments in convenience stores, fast-food restaurants and theaters. The program also offers users the option to perform NFC transactions from two credit card issuers – Orient Corporation, the largest service provider of MasterCard PayPass in Japan, and Credit Saison, another Japanese leading financial institution. This is made possible by embedding multiple MasterCard PayPass applications in the secure UICC (Universal Integrated Circuit Card). UICC is the smart card used to authenticate the subscriber for GSM and UMTS/3G networks. Now in the pipeline for LTE, the UICC brings a host of fundamental features, tried and tested within GSM and now perfected for LTE.
For this program, Gemalto will provide a turnkey NFC solution comprised of its Allynis Trusted Services Management operated services, UICC cards and N-Flex devices. Gemalto’s trusted services allow for the secure deployment and management of contactless mobile payment. The N-Flex enables users to turn a conventional handset into an NFC-enabled mobile phone, without any change to the device.
“Gemalto’s end-to-end solution brings the simplicity and convenience of NFC, while ensuring interoperability across business partners in Japan and beyond,” commented Mr. Naoki Kinoshita, General Manager, SOFTBANK MOBILE. “Gemalto’s expertise in secure operated services will enable SOFTBANK MOBILE to focus on providing a broader range of value added services to our customers.”
“Japan is the most progressive country in the world when it comes to using the mobile phone for contactless services and Gemalto is delighted to support Softbank Mobile in this new project,” added Tan Teck-Lee, President, Gemalto Asia. “The advent of NFC in Japan will enable to massively deploy mobile contactless services in payments and other domains like transit, loyalty programs or couponing.”
Source: Business Wire
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