Berg Insight says mobile banking users set to double

Tony had some questions about a new report published on mobile payments and banking from Berg Insight.¬†Berg Insight felt that we had been unfair, and because we have a policy to “be fair” here is some more information on the report¬†and a link.

From Berg Insight:

Mobile payments refer to the utilization of mobile handsets for making purchases. Traditionally, mobile payments have focused on purchasing mobile content, but over time the application area has diversified to include goods and services. Initially, premium SMS was the vehicle for payments as it offered unmatched reach and a simple process familiar to the vast majority of the subscribers. As the number of people using their phones for data services increases a range of alternative methods opens up. Today, many content providers are moving over to WAP billing, which offers practical advantages and higher payout rates. Furthermore, the mobile devices are converging with PCs and a natural step is to utilize the payment methods already established on the Internet, which offer better payout rates and do not rely on operators. These methods are primarily transactional networks and credit cards. In a long term perspective the mobile handset has also been identified as a vehicle for delivering contactless payments using NFC technology and we are starting to see commercial roll-outs in a number of markets.

The money transfer market has grown considerably over the past years, however the current global economic downturn has constrained the remittance volumes temporarily. Still remittance is a growing market in a long term perspective, driven by a number of factors such as migration, globalization and urbanization. Many mobile banking and payment providers are glancing at the US$ 600 billion flowing every year to developing countries, which generates about US$ 60 billion in remittance service revenues. There are over 4 billion mobile subscribers in the world and extensive networks of airtime agents have been built up giving the mobile media unmatched reach and it has been identified as a vehicle for remittance. Today, there are a number of international mobile remittance services available in the US, Europe and the Gulf states. Yet, money transfer networks such as Western Union and informal value transfer systems still dominate the market.

Find out more about this report at http://www.berginsight.com/ShowReport.aspx?m_m=3&id=99

About Bena Roberts

GoMo News' founder and former managing editor, Bena Roberts has now moved on. She's now spending more time with her family. Tony Dennis has now assumed her mantle as the site's editor.
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