Wednesday, March 23, 2011
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The global value of mobile payments reached an estimated $170 billion last year and could grow to $630 billion by 2014 as new phones are designed to bypass the Internet to directly charge or debit an account.
Consumers are quickly turning to their mobile devices to comparison shop, seek product ratings, and search for coupons. Forty-eight percent of consumers use their mobile devices to research or browse products and services.
Analysts estimate that as many as 70 million phones sold this year will have NFC capabilities baked into the hardware and software.
Mobile contactless payments, in which you pay by holding your phone near the payment reader at the register, are expected to increase by 1,077 percent by 2015.
Apple reportedly plans to add an NFC chip to a future iPhone for wireless e-wallet transactions, though the feature will not necessarily appear in this year's anticipated iPhone 5.
Paying for your shopping using your mobile phone is likely to be one of the hot tech trends over the next few years with the introduction of enabling technologies in the forthcoming generation of smartphones.
This year the number of mobile payment users will start a significant run up from 116 million to over 375 million in 2015.
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Home Depot has announced it will roll out its first mobile barcode program in a national print campaign featuring Martha Steward Living kitchens. By taking a picture of a 2-D barcode known as a QR code, shoppers can instantly watch product videos, read product reviews and purchase items directly from their smartphones.
Visa has rolled out a service that will enable its customers to transfer money using e-mail, phone or visa account numbers.
Union Bank of India and Nokia Corp. have launched Union Bank Money powered by Nokia service across India, starting with the National Capital Region.
Mobio Identity Systems has just conducted a survey which shows that about 94 percent of North Americans would complete payments through their mobile phones if they were sure of systems security.
A third of Norwegians want to use their mobile phone as a mobile wallet, according to a survey. Of those who are in favor of making mobile payments, the majority would pay for parking (88 percent), cinema tickets (88 percent) or tickets for public transportation (84 percent).
The next batch of BlackBerry handsets will have NFC installed, which will allow you to pay for stuff by simply tapping your phone on a sensor at retailers. However RIM still has obstacles before NFC is fully implemented.
A report by Bloomberg said that Google plans to start testing a mobile payment service at stores in New York and San Francisco within four months and plans to partner with VeriFone to install special cash registers at each location.
Social and mobile commerce are both fast growing online commerce markets and AmeriCommerce Shopping Cart Software has launched applications and new features to empower small and large online businesses to compete effectively in these markets.
Recent Articles by Kevin Benedict
Mobile Expert Video Series: ETSA Utilities' Jason Lante
How Many Mobility Platforms are Enough?
Mastering SAP Technologies and Mobility in Australia
Down Under and Enterprise Mobility Security
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Enterprise Mobility Podcast Series: Neil McHugh
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Whitepapers of Note
The Business Benefits of Mobile Adoption with SAP Systems
ClickSoftware Mobility Suite and Sybase Mobility Solution
Networked Field Services
Mobile, The Next Big Thing for Business
Webinars of Note
Five Ways to Optimize the ROI of your Mobile Solution
Implementing SAP Enterprise Mobility in Fortune 500 Companies - 10 Lessons Learned
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SAP Mobilization - What You Need to Know
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
Follow me on Twitter @krbenedict
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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.