Cellphone Banking First Step toward Mobile Wallets in the US
SCOTTSDALE, Ariz., January 28, 2008 -
The US seems to be moving closer to a goal of using mobile handsets to accomplish financial transactions and make purchases as several competing market players align on both technology and objectives, reports In-Stat (http://www.in-stat.com). Although 2008 will not be “the year of mobile payments” in the US, some progress is likely, the high-tech market research firm says.
“There is evidence that the US market may overcome a crucial issue—technology incompatibility—and make progress during 2008 toward contactless payments using cellphones,” says David Chamberlain, In-Stat analyst. “Companies in several different sectors all ultimately want to deploy near field communications (NFC), the key enabling technology, into handsets as well as in merchant payment terminals.” There is also general agreement that the current generation of mobile banking services is an important first step toward accomplishing that goal.
Recent research by In-Stat found the following:
Depending on several technology, commercial, and marketing factors, between 8 million and 30 million customers in North America will be using NFC-based contactless payments by 2012.
Over 34 million cell phones could be used for other financial applications like online banking by 2012.
Most of the companies involved in bringing mobile finance to the North American market have similar goals and understanding of the current market, which is critical to the development of the market.
Recent In-Stat research, Mobile Payments Making Progress in North America (#IN0703758MCM), covers the North American market for mobile payments. It includes a review of recent progress in deployment of financial services in cell phones, and brief profiles of many of the companies involved with bringing those services to market, particularly in the US. This research is important for any company considering offering mobile payments and mobile financial services including operators, handset vendors, application developers, and semiconductor makers.
This report is part of In-Stat’s Mobile Consumer service. As cellular operators struggle to increase revenue per subscriber and decrease churn, an in-depth understanding of the mobile consumer is integral to success. This service provides extensive end-user research, strategic industry analysis, and technology assessments to provide an insightful view of the US mobile consumer market. It examines the markets for wireless data and multimedia applications, with topical research on those applications and services which will drive growth in the wireless consumer market space. The service also provides global perspectives where these offer insights of value in the US market.
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In-Stat’s market intelligence combines technical, market and end-user research and database models to analyze the Mobile Internet and Digital Entertainment ecosystems. Our insights are derived from a deep understanding of technology impacts, nearly 30 years of history in research and consulting, and direct relationships with leading players in each of our core markets. In-Stat provides its research through reports, annual subscriptions, consulting and advisory services to inform critical decisions. Technology and semiconductor vendors, infrastructure and device manufacturers, service providers and media companies worldwide rely on partnerships with In-Stat’s tenured, experienced staff and on our in-depth market intelligence to support critical business, product and technology decisions.
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