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…]
In Singapore, Trial NFC Mobile Payment Solution for StarHub Subscribers
A select group of StarHub mobile plan subscribers from DBS, a Singapore bank offering services in corporate, SME, consumer and wholesale banking in Asia and the Middle East, will be part of a trial of the company’s NFC Mobile Payment Solution for everyday mobile payments.
The trial, which is expected to last 8 months, is jointly organized by DBS Bank, EZ-Link, Gemalto, MasterCard and StarHub. The service adds an N-Flex solution, which will transform the regular handsets into NFC-enabled mobile phones without any change to the device. Implementable on SIM cards across multiple mobile handsets, the N-Flex solution helps in standardization of the handsets supporting NFC. The solution supports the Single Wire Protocol (SWP), which has been endorsed by the GSM Association.
StarHub is a provider of information, communications and entertainment services to both consumer and corporate markets of Singapore. The company operates a fast two-way HSPA+ mobile network in the country that delivers up to 21Mbps data speed to the customers of its GSM network; and also runs a HFC network for delivering cable TV services such as high-def TV and on-demand services and high-speed residential broadband services to the consumers as well.
via: M2M: StarHub Enables DBS Customers to Use NFC Mobile Payment Solution.
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