News & Views - Savantor

Side effects of the recession

Monday, 17 November 2008

Some recent research reports perhaps illustrate interesting side effects of the recession as it continues to impact the finance industry.

  • Mobile money transfer and NFC are forecast to account for 50% of the overall mobile payment market globally by 2013, (based on the gross transaction values). 
  • Worldwide mobile payment initiatives have now reached more than a 100 and the number of such programs is increasing strongly over the last few months. 27 new mobile payments programs have been launched worldwide in the last four months and seven initiatives in the last week. 70% of the initiatives launched in the last four months target the mobile money transfer market and over 50% of all current mobile payment initiatives around the world focus on mobile money transfer.
  • Consumers shopping online are increasingly turning away from traditional financial institution-controlled credit and debit cards to embrace cash-based alternative payment options. 
  • Coupons sent via mobile phones are to be used by over 200 million mobile subscribers globally by 2013.
  • Social lending sites such as Zopa are seeing huge increases in numbers of lenders and borrowers as consumers turn to these sites having been turned down by traditional lenders.

All of this may be relatively peripheral at the moment but the longer the recession continues the more these initiatives are likely to erode the market share of established products and services.

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