Mobile Payment Magazine

Consumer Adoption of Mobile Banking Jumps Nearly 60% in 2011

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After two years of flat growth, consumer mobile banking jumped from 19% to 30% in 2011, corresponding to a rise in Financial Institutions’ offering mobile banking and an increase in consumer smartphone ownership, according to Javelin Strategy and Research. The triple play–mobile banking via SMS text, mobile browser, and downloadable apps–is emerging as the new norm, with four out of five vendors now offering it. However, security remains a top concern, as almost half of consumers cite fear of security as the main reason they do not use mobile banking.

“Mobile banking, once considered a ‘nice-to-have’, is now a ‘must-have’ for Financial Institutions who want to stay competitive and meet growing consumer demand for this channel,” notes Mary Monahan, Executive Vice President and Research Director, Mobile, at Javelin. “Our research provides key insights into how industry trends will shape mobile banking and what steps FIs and vendors need to take to stay ahead of these changes.”

Vendors seeking market leadership will also need a thorough understanding of how to incorporate these trends into the development of their solutions. For example, the mobile banking industry is consolidating, with players bringing mobile technologies in-house. Tablet adoption by consumers is growing at a tremendous rate, and FIs and vendors will need to provide access to mobile banking specifically designed for tablet users. Javelin also identified those operating systems that vendors will need to support, as well as the mobile banking features that consumers want.

“The results are in,” said James Van Dyke, President, Javelin. “Fiserv, FIS and Sybase received the highest scores. Fiserv won “Best in Class”, while mFoundry won “Path to Mobility”. With all these industry changes, it will be interesting to see how vendors fare in next year’s report.”

The findings were published in Javelin Strategy & Research’s latest research report — “2011 — 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a “Nice-to-Have” to a “Must-Have” Channel” — analyzes best practices and top trends in this rapidly shifting industry and reveals the best mobile banking solutions available today. Javelin scored the offerings of 15 major vendors, using data from surveys conducted with more than 10,000 consumers and executive interviews with six financial institutions (FI). The report provides strategic guidance to FIs for development of their mobile banking strategies and selection of vendors and key insights on critical features and functionality for vendors when designing the next versions of their solutions.

Javelin highlights a number of trends which will significantly affect mobile banking for FIs, vendors, and consumers.

Selected Key Report Findings — 2011 — 2012 Mobile Banking Vendor Scorecard

  • In-depth individual profiles and detailed comparisons of 15 mobile banking vendors
  • The operating systems vendors will need to support and why
  • How tablets will alter mobile banking forever

Source: Business Wire

Global Mobile Software Market to Reach $79.7 Billion by 2017

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Proliferation of mobile computing devices, such as, mobile phones, laptops, palm computers, and the rise in the number of supporting platforms, such as, Android, has resulted in the development of several killer mobile software and applications revolving around device customization, internet connectivity, and other mobile computer related activities.

With mobile computing devices quickly transforming from an emerging niche market to a mainstream force, changing not only the way people conduct business, but arguably the consumer electronics and telecommunication industry as a whole, the global market for mobile software, a key enabler of these mobile devices continues to remain promising.

Growing popularity of mobile communication applications such as email, IM, mobile video, on device portals, Internet browsers, Internet web, and social network clients, multimedia applications such as presentation viewers, video players, audio players, graphics/image viewers, word processors, and spreadsheets, among others provides tremendous opportunities for global mobile software market.

Growing use of smartphones especially opens up the channel for development of innovative software and consumer applications, driving demand for next-generation mobile software. Top consumer mobile applications for upcoming years, including Location-Based Services, Money Transfer, Mobile Browsing, Mobile Health Monitoring, Mobile Search, Near Field Communication Services, Mobile Payment, Mobile Instant Messaging, Mobile Advertising and Mobile Music are all expected to drive present substantial market opportunities for mobile software market in the years to come. Location based services such as Location Enabled Search and Location based Social Network Services in particular are expected to increase in popularity over the next few years, thereby driving gains into the market.

The Asia-Pacific region is the most prominent regional market for mobile software. Growth in the Asia-Pacific mobile software market is particularly driven by growing craze for smartphones and other mobile devices in emerging markets such as China and India. Increased demand for mobile email and other Internet enabled services within the burgeoning corporate sector in these countries also augurs well for the market. User Interface (UI) and Applications represent the largest product segment, while Mobile Device Management (MDM) market represents the fastest growing product segment, waxing at a CAGR of more than 23% over the analysis period.

Major players in the marketplace include ACCESS Co. Ltd., Apple Inc., Electronic Arts Inc., Google Inc., InnoPath Software Inc., Microsoft Corporation, MFormation Technologies Inc., Nokia Corporation, Red Bend Software Inc., Research In Motion Limited, Smith Micro Software Inc., Sybase Inc., The Symbian Foundation, among others.

A new research report entitled “Mobile Software: A Global Strategic Business Report” has been released by Global Industry Analysts, Inc.,  The report provides a comprehensive review of market trends, issues, drivers, company profiles, and key strategic industry activities.

Market estimates and projections are presented for major geographic markets including North America, Europe, Asia-Pacific and Rest of World. Product segments analyzed include – User Interface (UI) and Applications, Application Execution Environment (AEE) and Operating System (OS) Software.

More information: Mobile Software: A Global Strategic Business Report

Source: PR Web

U.S. Mobile Payment Market to Top $200 Billion by 2015, Says Research Report

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A recent report from Aite Group forecasts that U.S. mobile bill payments will reach more than $200  billion in 2015.

Aite Group interviewed more than 60 companies in the Fall of 2010 and produced a 65 page report that defines and segments the mobile payment industry, and includes an analysis of the competitive and market trends.

Each one of the multiple categories of mobile payments defined in the report will experience double-digit growth, with mobile payments accounting for  US$214 billion in gross dollar volume by 2015, up from US$16 billion in 2010–a 68% compounded annual growth rate (CAGR) between 2010 and 2015.

The report references the following companies: Allstate, Amazon, American Express, Apple, AT&T, Bango, Bank of America, Barclays, Bill2Mobile, BlackBerry, Bling Nation, BOKU, Brink’s, C-Sam, Cashedge, Cellfire, Chase, Chase Paymentech, Cimbal, ClairMail, coupons.com, Coupons Sherpa, Visa’s Cybersource, Device Fidelity, Diebold, Discover, Eagle Eye Solutions, eBay, Euronet, Facebook, First Data, FIS, Fiserv, Foursquare, Gemalto, Global Payments, Google, Gowalla, Green Dot, Groupon, Harland Financial Services, Heartland Payment Systems, Hipcricket, iLoop Mobile, Inside Contactless, Intuit, Jack Henry/iPay Technologies, Kubra, MasterCard, mFoundry, Mobile Coupons, Mocapay, MoneyGram, Monitise Group, mopay, MyWebGrocer, NCR, NetSpend, Nokia, Oberthur Technologies, Obopay, OfferIQ, Online Resources, PayPal, Plastyc, Pyxis Mobile, Research-in-Motion (RIM), Roam Data (Ingenico), Roamware, Rocketbuxx, SK C&C USA, Square, Starbucks, Sybase, T-Mobile, Tetherball, 3i Infotech, Tier Technologies, TransferTo, TSYS, Twitter, U.S. Bank, VeriFone, Verizon, Vesta, Visa, ViVOtech, Waspit, Way Systems, Western Union, Wincor Nixdorf, WirelessLoyalty, Xipwire, Yelp, and Zong.

More information: Aite Group Mobile Payment Report.

Source: Aite Group

Global Mobile Payment Market to Reach US$264.8 Billion by 2015

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Mobile payment market gained momentum in the recent years owing to introduction of efficient mobile money transfer services across several markets. Further, the widespread adoption of mobile payments in majority of the markets, especially in Asia-Pacific, and participation of global institutions in NFC (near-field communication) payment trials led to the growth of the market. Given the fact that approximately four billion mobile phone users exist across the globe with numbers increasing at a faster pace, and the figure of bank accounts is approximately pegged at about 1.6 billion, mobile payment attracts huge growth potential.

Asia-Pacific represents the largest market as stated by the new market research report on Mobile Payment (Mobile Money) Market. Rest of world comprising Latin America, the Middle East and Africa represents the fastest growing market for mobile payment (mobile money) in the world. By mobile technology type, SMS Mobile Payment segment predominates the worldwide mobile payment market, while the Near Field Communications (NFC) represents the fastest growing technology type for mobile payment.

Major players profiled in the report include Ericsson, Firethorn Holdings LLC, Harex Infotech Inc., International Business Machines Corporation, mBlox Inc., mFoundry Inc., Mobipay Systems Inc., Netsize Corporate, Nokia Corporation, NTT DOCOMO Inc., Obopay Inc., Paybox Services, Sybase Inc., Verrus Mobile Technologies Inc., and ViVOtech Inc, among others.

The report titled “Mobile Payment (Mobile Money): A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides overview of market, market trends, product overview, product developments/introductions, and recent industry activity. The study analyzes market data and analytics in terms of number of users and value sales for regions including the North America, Europe, Asia-Pacific, and Rest of World. The study also analyzes global market data in terms of value sales for mobile technology type including Near Field Communications (NFC), SMS Mobile Payment, Unstructured Supplementary Service Data (USSD), and Wireless Application Protocol (WAP).

Source: PR Web

Global Mobile Banking Customer Base to Reach 1.1 Billion by 2015

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Mobile banking is emerging as a key electronic channel for the global banking and financial services industry. The ubiquitous nature of mobile devices and services, and the ability of mobile banking services to reduce overall operational costs, streamline operations, and expand customer base are expected to boost prospects in the industry. Increasing adoption of mobile phones among general consumers, particularly among the younger generation in the 18-34 years age group, and rapid rise in demand for mobile payments are expected fuel demand for mobile banking services.

The industry is also expected to benefit from favorable government and regulatory specifications, which are aimed at providing banking services to unbanked customers to promote economic development.The United States, Europe and Asia-Pacific dominate the global mobile banking market, as stated by the new market research report on mobile banking. The market for mobile banking is set to achieve tremendous growth, with Asia-Pacific emerging as the predominant market in terms of customer base.

North America and Europe are characterized by high usage of mobile devices for Internet access, as a result of which mobile banking is an extension of online banking services. In Europe, mobile banking services are still in early stages, and regarded primarily as ‘convenience providers’ and ‘value additions’ rather than revenue generators. On the other hand, the Middle East and African markets are expected to benefit from the mobile banking technology’s ability to provide financial services to remote areas.Rapid growth of mobile banking services is driving banks to devise strategies to sustain presence in an intensely competitive market. Success of a bank’s mobile banking service is dependent on its ability to retain customer base and achieve cost reductions.

Key players profiled in the report include Bank of America, JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., , ClairMail Inc, Firethorn Holdings LLC, Fronde Anywhere Ltd, Industrial & Commercial Bank of China Limited, Macalla Software Ltd, mFoundry, Monitise plc, MShift Inc., and Sybase Inc., among others.The report titled “Mobile Banking: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, competitive scenario, product introductions/innovations, and recent industry activity. The study analyzes market data and analytics in terms of number of customers for The United States, Canada, Europe, Asia-Pacific, and Rest of World.For more details about this comprehensive market research report, please visit – Mobile Banking Market Report

Source: PR Web