Friday, March 11, 2011
Mobile Money News Weekly - Week of March 7, 2011
Also read Field Mobility News Weekly
Also read Mobile Retailing News Weekly
Also read Mobility News Weekly
Also read M2M News Monthly
The $2 billion in mobile money transactions that occurred in 2009 is expected to grow ten fold to $22 billion by 2012. Mobile remittances, or phone-to-phone transferring of funds, stood at $11 billion in 2009 and should reach $68 billion by 2012.
The number of mobile payment users has been rising fast with 351 million users in 2009, and is estimated to reach 1.06 billion by 2014 at a compound annual growth rate of 20.5 percent. Global mobile payments transactions are expected to rise to $1.13 trillion in 2014 from $37.4 billion in 2009, at an annual growth rate of 98 percent.
San Francisco based startup, Square, has reached a new milestone. The company is now processing one million dollars in mobile payments per day.
According to InsideRetailing.com, more retailers are expected to begin incorporating Apple’s iPad into store operations. The shift seems to be retailers' response to consumers’ multi-channel shopping habits.
After more than 40 years of relying on the same basic magnetic stripe technology, the humble plastic credit card is about to get smart. From cards with buttons and displays on the front to those that can be programmed to keep you on a budget, a number of new innovations are in the works.
A growing number of small businesses are benefiting from smartphone based mobile payments capabilities. Companies including Square, Swipe It, Innerfence, Intuit and VeriFone have introduced mobile payments capabilities targeting small to mid-sized businesses.
Near Field Communication is set to sweep the United Arab Emirates as part of an unfolding new program by Etisalat, the country’s largest telecommunications company, to help mobile phone subscribers pay for virtually everything with their handheld devices and thus making the need for plastic cards obsolete
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Mobile devices are fast becoming payment devices with the emergence of mobile commerce payment. Several emerging technologies and applications are enabling consumers to use mobile phones for financial transactions.
Since offering PayPal, merchants claim that 22 percent of their total revenue comes from PayPal’s Express Checkout. Twenty-five percent of revenue coming from new customers is channeled through PayPal’s Express Checkout.
It’s still very early days for mobile payments, but with operators, handset makers and Google jumping on the NFC bandwagon, the larger field is getting crowded with speculators looking to strike gold.
In line with its ongoing efforts to introduce innovative and user-friendly banking services into the United Arab Emirates market, Citibank has launched Citi Mobile, a unique banking service that allows customers to access their bank accounts using a mobile phone.
http://www.zawya.com/Story.cfm/sidZAWYA20110309080315/Citibank launches Citi Mobile
According to an anonymous source, Bank of America and Merrill Lynch employees are entering the beta testing stages of the mobile check deposit feature. With over five million mobile banking customers, Bank of America will have to be well prepared volume-wise and security-wise to process a large number of mobile deposits.
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You can follow me on Twitter @krbenedict and read my blog, Enterprise Mobility Strategies.
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Kevin Benedict, Independent Mobile and M2M Industry Analyst, SAP Mentor Volunteer
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Full Disclosure: I am an independent mobility analyst, consultant and blogger. I work with and have worked with many of the companies mentioned in my articles.