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U.S. Mobile Payments and Mobile Banking Insight
Frost & Sullivan, Sep 2007, Pages: 56
Mobile Payment and Banking Meet Growing Requirement for ‘On-the-go’ Access to Financial Services
Mobile devices are playing an increasingly important role in the financial industry because of their immense potential to act as a platform for various financial transactions. Mobile subscription rates are constantly increasing, with the number of subscribers worldwide expected to touch a staggering 3 billion by 2011 and penetration reaching 100 percent in some markets. This makes mobile devices an exciting channel to offer safe and convenient financial services to subscribers. Although voice-based services have been used for mobile banking for some time now, new developments and rising penetration of mobile data services open up new avenues for enabling mobile payments and mobile banking.
'Mobile devices are becoming important tools in the payments and banking space and can definitely be expected to play an important role in the United States,' remarks the analyst of this research service. 'There is a flurry of recent activity around both payments and banking, with investments, operator adoption, and development of innovative solutions driving the market.' However, convincing mobile subscribers to perform their banking transactions through mobile banking is a major challenge due to security concerns as well as limitations of the device form factor. The high potential for loss of connectivity in wireless networks means that important transaction information could be lost in the middle of a mobile banking session. Therefore, while mobile payment and banking solutions clearly address a need for ‘on-the-go’ financial services, it still remains to be seen whether they can emerge as a favored mode of conducting financial transactions compared to online interactions.
Mobile Payment and Banking Could Eventually be Offered in an Integrated Application
For mobile payment and banking solutions to be truly successful, they will need to allow customers to perform various financial transactions while on the move. Although these solutions may never fully replace online interactions, they could prove to be eminently suitable in specific conditions and for particular types of transactions such as micro-transactions. Various parameters of mobile payment and banking services could be adjusted to make them suitable for a particular niche or category of customers.
In the future, mobile banking and payments services are likely to be offered in a single, integrated application. While the market will still be separately segmented into mobile payment and mobile banking, from an end user’s point of view both functionalities may be available in a single application. 'Mobile payments are the next evolution of simple mobile banking services,' says the analyst. 'Frost & Sullivan believes that leading mobile banking solution providers have already developed and are in various stages of offering mobile payment services - be it peer-to-peer payments, bill payments, m-commerce, or others.'
The following technologies are covered in this research:
- SMS and MMS
- Streaming, downloads and multicasting
- Mobile Internet
- 3G, 4G
- Analytics
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Mobile data services
- Mobile advertising
- Mobile video
- Downloadable applications
- Mobile search
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