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The Latest News, Industry Insights and Research Findings on Global Payment Markets

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28Nov/11

Apple and Google to Challenge MNOs With Mobile Wallets Says ABI Research Report

By Martin Schuppelius
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Mobile Wallet Strategies, that forecasts mobile wallet users will grow to 594 million in 2016. According to ABI Research, the growth of mobile wallet services is driven by new NFC-capable smartphones and innovative business cases that will attract more users to use mobile wallet services.

The current market leaders are mobile network operators (MNOs), but their market share will decline in the next years as Apple and Google will claim loyal users says the report. MNOs will provide 75% of all mobile wallets in 2012, shrinking to 63% in 2016. Mark Beccue, senior analyst, mobile commerce and NFC commented: “By the end of 2012, Google will prove that Google Wallet is a hit with consumers. By 2014, we will see Google Wallets supported alongside competing MNO offerings globally.”

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28Oct/11

Mobile Banking App Usage in the U.S. Increases 45 Percent from Q4 2010 says comScore Analysis

By Martin Schuppelius
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comScore MobiLens and a dedicated re-contact survey focused on mobile financial services.

According to the report 32.5 million Americans accessed mobile banking information on their devices at the end of Q2 2011 in June, representing 13.9 percent of all mobile users. The study also revealed that 12.7 million mobile users reported using banking apps, a increase of 45 percent from Q4 2010.

Mobile Banking and Credit Card Usage See Highest Increases in Visitation

“New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices. With tablets and other web-enabled connected devices gaining popularity in addition to smartphones, financial service institutions are poised for additional growth in mobile access,” said Sarah Lenart, comScore vice president for Marketing Solutions.

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21Oct/11

Mobile Payments for Physical Goods to Exceed $170B by 2015 Says Research Report by Juniper

By Gary Merrett
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report by Juniper Research, a company specialized in research and analysis in the communications sector, estimates that the transaction value of mobile payments for physical goods will exceed $170 billion worldwide by 2015. This would be almost triple the $60 billion forecast for 2011.

According to Juniper, the initial growth had been driven by an increase in smartphone adoption and the rise of retail apps. The market will gain further momentum following the increasing deployment of POS (point of sale) solutions to facilitate in-store cashless transactions.

Juniper finds that the Industry is aware of the need to create an integrated shopping experience thus enabling seamless access to retail sites across multiple devices. The research firm advises vendors to innovate constantly as the market develops and becomes more competitive. “Our research for this report underlined the importance of mobile as an extra channel to market, but Juniper believes that mobile campaigns must be tightly linked to print, online and store based campaigns to ensure consistency of customer experience. Increasingly people will browse on one device such as a PC and then buy from another such as a smartphone,” explained Senior analyst David Snow.

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6Oct/11

Mobile Services Have Turned Into a ‘Must-Have’ Channel for Banks Says Javelin Research Report

By Martin Schuppelius
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The research report: “2011 – 2012 Mobile Banking Vendor Scorecard” by Javelin Strategy & Research’s analyzes mobile banking solutions. It provides strategic guidance to Financial Institutions for development of their mobile banking strategies based on surveys with more than 10,000 consumers and executive interviews with six financial institutions.
Javelin highlights a number of industry trends:

  • Consumer adoption of mobile banking increased by 60%, from 19% in 2010 to 30% in 2011.
  • Four out of five vendors now offer the mobile banking triple play – via SMS text, mobile browser, and downloadable apps.
  • The mobile banking industry is consolidating, with players bringing mobile technologies in-house.
  • Tablet adoption by consumers is growing, and FIs and vendors will need to provide access to mobile banking specifically designed for tablet users.
  • Security continues to be a top concern, almost half of consumers cite fear of security as the main reason they do not use mobile banking.

Mary Monahan (Executive Vice President and Research Director Mobile at Javelin) outlines: “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.”

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22Sep/11

Smart Card Alliance releases U.S. Mobile Payments Report

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The Smart Card Alliance has launched a new white paper: “The Mobile Payments and NFC Landscape: A U.S. Perspective.” The Smart Card Alliance is a not-for-profit industry association working to stimulate the understanding, use and widespread of smart card technology. The report provides a good overview of the mobile payments and NFC landscape in the U.S. and discusses advantages and disadvantages of different mobile payment approaches. It also summarizes the requirements of the merchant, consumer, issuer, and mobile operator for NFC mobile payments and evaluates how different mobile payment approaches fulfill overall market requirements.

The paper is available on the Smart Card Alliance Homepage.

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19Sep/11

My Mobile, My Wallet ? – New Study on Mobile Payments from Innopay

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Mobile Payments 2012 – My mobile, my wallet? The report provides an overview of the current developments in mobile payments. It consists of two parts, a global overview and the current status of mobile payments in various regions of the world.

Overall, the study finds an increased interest in mobile payments: “With the rise of smartphones, and the high attention given to NFC the mobile phone seems to be conquering its place in the back pocket, replacing the wallet.” In developed markets, as North America and Europe, mobile payments are no new phenomenon. These days most attention is given to additional features and new technology such as NFC. In order to get more consumers to adopt mobile payments, they must offer added value for consumers and merchants compared to other payment methods. In developing markets, mobile services have strong potential in providing financial access to the large number of unbanked. In the absence of competition from established traditional financial services there is a big opportunity to create a completely new market of basic financial services.

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15Sep/11

Mobile Payments to Overcome Plastic Cards Within 10 Years

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The World Payments Report 2011 claims mobile payments will represent 15% of all cards transactions by 2013, and will overcome plastic volumes within 10 years if growth continues at the same rate.

The report produced by Capgemini, The Royal Bank of Scotland (RBS) and Efma examines the latest developments in the global payments landscape, including trends in payments volumes and instrument usage. The use of e-payments and m-payments is expanding, accounting for an estimated 22.5 billion transactions worldwide in 2010. E-payments are expected to grow globally from 17.9 to 30.3 billion transactions between 2010 and 2013 according to the report, and m-payments from 4.6 to 15.3 billion transactions over the same period. At present, the proportion of these transactions handled outside bank payments systems remains relatively small, but is growing rapidly. “Payments volumes showed resilience during the global financial crisis with volumes growing in all regions”, said Scott Barton, CEO, Global Transaction Services, RBS. “Banks face challenges from the rapidly changing payments landscape including the need to respond to new regulatory initiatives and we can expect to see changes to business strategies and models as a result. However, these changes will also present new opportunities.”

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