News & Views - Savantor

Where will mobile have the most impact?

Monday, 16 March 2009

Mobile is in the news again with various surveys providing differing views on usage in the finance world. The development of contactless mobile payments has failed to live up to expectations and the technology will account for just a fraction of the value of commerce transacted over cell phones this year, according to data from ABI Research. The firm says the value of mobile commerce transacted via non-NFC methods - SMS, Internet and applications - will total $1.6 billion in 2009. In contrast contactless mobile commerce will be "minimal". Then again, NFC technology got a boost with the news that Barclaycard and Orange are forming a strategic alliance for the development and adoption of contactless mobile payments services. However, there has been no mention recently of the Barclaycard O2 Oyster experience being extended. Deutsche Bank and LUUP have also got together to offer a cross-border mobile payments service to banking and corporate customers.

Also we hear that global mobile banking take up is set to rise over the next five years, with the number of people using the technology growing from 20 million in 2008 to 913 million in 2014, according to Berg Insight. By 2014, the research forecasts that mobile banking will attract 110 million users in Europe and 80 million in North America. So the jury still seems to be out on where mobile will have the most impact – payments or banking services. The issue could be more about when than where; with the UK government now having significant ownership of major players maybe innovation isn’t very high on their list of priorities.

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