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.
Digital Money in Pakistan – 2013 Report
This report by Shift Thought Ltd entitled “Digital Money in Pakistan” has been designed specifically for the use of global players such as banks, operators and technology providers. They fill a gap in the market, and although offered at a report price, this is not a run-of-the-mill paper report.
This Pakistan report is developed to a high specification in order to help experts including development organisations like CGAP, by providing little known information and detailed analysis as a one-stop reference to understand Payments Systems and Innovations in this market. [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…]
Widespread Use of NFC Mobile Payments Still Years Away, Says Survey
Sybase, Inc. subsidiary, Sybase 365, has released the results of its survey about leading inhibitors of widespread adoption of mobile payments.
According to the company, 40% of survey respondents cited the main inhibitor of widespread mobile payment adoption was a lack of coordination between key stakeholders, including mobile operators, merchants, payment processors, banks and developers.
“For mobile commerce to take off, industry stakeholders must harmonize their efforts in the same way that led to proliferation of SMS and MMS technologies,” said Marty Beard, President, Sybase 365. “In markets where multiple parties are working together, such as mpass Germany and paybox Austria, we have successful ecosystems where end users can pay for a multitude of goods and services via the mobile.”
While NFC will help further enable mobile payments, successful and established mobile technologies, including SMS and USSD are already leading the development of the ecosystem today.
“Mobile channels such as SMS, browser and apps are already being implemented by merchants globally. The challenge facing NFC is how to make the consumer payment experience significantly faster and easier than it already is.” added Beard.
Among 251 attendees polled at GSMA Mobile World Congress last week, 76 percent believe mobile proximity payments using NFC (Near Field Communication) technology is still at least two years away. Once again the lack of industry coordination (30 percent) was the cited as the main culprit for delayed NFC adoption. Other challenges included lack of NFC readers at point-of-sale (26 percent) and inadequate handsets (25 percent) were cited as inhibiting rapid deployment of mobile payments.
Source: Sybase 365
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