A new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670bn by 2015, up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred. The new Mobile Payment Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. Digital goods payments will account for nearly 40% of the market in 2015.
Mocapay mobile consumer engagement has expanded its relationship with Dazbog Coffee to ‘mobile enable’ 21 of the Coffee Retailer’s locations in Colorado and Wyoming. Through a mobile gift card program, there is no physical card to misplace and consumers can more efficiently manage their purchases. In addition, merchants can send messages, through Mocapay’s mobile marketing engine, alerting customers of their balance and encouraging them to visit a particular location. Mocapay is a mobile platform for merchants offering an integrated marketing and sales solution to enhance the lifetime value of a customer.
Currently with well under 100 million users, the need to access basic financial services by users in developing countries will drive the short term growth of active mobile money users globally to exceed 200 million by 2013. Additionally, nearly 40% of active users in 2015 will be in the Africa & Middle East region, according to the latest analysis from Juniper Research.
The report also cautions that whilst there are several high profile examples of extremely successful mobile money services, each new rollout needs an established, robust and extensive local distribution network to ensure access to the service.
eBay mobile GMV grew 127% in the U.S. and 165% globally on Sunday, Dec. 12 -âMobile Sundayâ- over the same Sunday last year. Mobile holiday shopping on eBay peaked globally on the second Sunday of December for the second consecutive year, having generated nearly $5 million in GMV in the US and $13 million in GMV globally. eBay mobile GMV was up 38% on âMobile Sundayâ over Cyber Monday 2010. Clothing and accessories topped the list of most-sold items among U.S. shoppers buying with their phones, with the top five U.S. states by sales volume including California, Pennsylvania, Florida, Indiana, and Ohio. U.S. mobile shopping peaked between 1:00 p.m. â 4:00 p.m. EST with more than 9,500 transactions per hour.
Javelin’s âReg E and Overdrafts: How Financial Institutions Can Use Mobile to Increase Profits Post Reg Eâ report has concluded, because Regulation E is compromising bank revenue with overdraft fee regulation, banks are either trying to preserve those fees or adapt. One way is offering customers mobile banking, offering immediate alerts when an overdraft occurs. The report concluded m-banking allows banks to communicate more effectively with their customers through real time updates; consumers most want a warning that an overdraft is about to occur; the young and ‘newly banked’ are most likely to incur overdraft fees; and consumers cite âtoo many feesâ as the No. 1 reason they leave their financial institution.
The value of digital and physical goods that people buy with their mobile smart phones will reach $200billion globally by 2012, compared to the current $100billion annually. Digital goods include entertainment and tickets, whilst physical goods include groceries, gifts and books. The availability of secure, easy-to-use, payment applications and a growing realization of users they can make ecommerce purchases by mobile will drive the market. This, according to a new study by Juniper Research, also showed merchants need to communicate the cost of transactions more clearly to encourage consumers; the frequency of physical goods purchased will be higher than average in North America and Western Europe; and the best potential can be found in highly targeted marketing campaigns with apps and mobile web payments.
A new report is forcasting that mobile marketing and retail sector, comprising mobile advertising, coupons and smart posters, will exceed $8 billion by 2012 globally. The report, “The Mobile Marketing and Retail Strategies”, issued by Juniper found that retailers were already starting to exploit the mobile channel through advertising campaigns on the handset and by issuing money-off coupons. The market for these two activities alone is forecast grow by half in the next two years. At CTIA Wireless 2010, more than 20% of the attendees were said to come from the retail space, showing that retailers were beginning to latch on to the potential of the mobile channel. Juniper believes that smart posters (which users can tap to obtain product information) will remain a niche sector within the overall market until NFC (Near Field Communications) capable devices are more widely used while the mobile advertising and mobile coupons markets will reach similar sizes. However, the report cautions failure to use targeted, location based advertising, particularly SMS advertising, may cause mobile users to regard such advertising as little better than spam. The report recommends that brands and retailers should consider geotagging their products and locations.
A new study forecasts that nearly half of all mobile phone users worldwide will pay by mobile for digital and physical goods by 2014, representing growth of nearly a billion users compared to 2010. The new “Mobile Payments for Digital and Physical Goods” by Jupiter Research reports found that segments such as ticketing and payments for physical goods are being spurred by the phenomenal take-up of apps coupled with the availability of multi-lingual versions of platforms such as eBay. Mobile payments are now becoming integrated into a wider mobile web shopping experience that includes browsing, coupons and advertising. The report uses an innovative new quadrant approach to compare the positioning of mobile payments vendors. The forecasts provide detailed five year regional data for mobile payments for digital & physical goods, showing key parameters including subscriber take-up, transaction sizes and volumes.
RemitONE and SendMoneyHome have teamed up to provide global mobile remittance. International money transfer comparison website www.sendmoneyhome.org has collaborated with money transfer software systems provider RemitONE (www.remitone.co.uk) to investigate the scope and the potential of the mobile money market and to find out how increasing numbers of money transfer businesses are opting to develop these channels. The remittance market as a whole is estimated to be worth over $350 billion annually, according to the World Bank, with the USA being the largest remitting country. Only a small percentage, focused on Africa, is serviced by mobile remittance meaning that a large portion of the market is available to tap into, especially in the Middle East and South Asia.
SMS communication provider Clickatell has released its first “Mobile State of the Union” analysis. The report evaluates the state of mobile banking capabilities and target markets.
According to the report, banks must consider their entire customer base when rolling out critical mobile services; and more specifically what happens to those who cannot be reached on a smart phone?
Four billion of us, however, can access SMS in seconds, from any phone.
In other regions of the world, SMS is being used for critical banking functions and other mobile services such as airtime top ups, bill payments, real-time payments, lottery, remittances, point of sale payments, and more. The US is concentrating heavily on the smart phone market, which has yet to reach critical mass adoption, which equates to future revenue. Most enterprises and financial institutions are clearly looking to increase the all-important bottom line today. Regardless, we believe US-centric companies will continue to focus on iPhone and other smart devices.
PSCU Financial Services posted 31% growth in processing net income and
9% growth in processing revenue for 2009 with 1.1 billion in payment
card transactions, up by 17% since the end of 2008. The cooperative
achieved 20% growth in debit and online bill payment transactions, with
credit transactions and contact center call volumes each up by 6%. The
cooperative issued a $14.7-million payout in December 2009 for
redemption of 1999 and 2000 revolving funds and helped member-owners
grow their core debit/credit/bill payment business by providing
promotional materials, consultative services, and 24/7 Contact Center
support. PSCU Financial credit union service organization serves more
than 1,300 financial institutions nationwide.
FL-based CUSO PSCU Financial Services has started posting free educational white papers on www.pscufs.com designed
to help credit unions attract new members and build loyalty. The credit union industry is working hard to attract Gen Y as
part of its long-term growth strategy, a generation that requires
24/7 Web access to financial accounts and information.
The industry is also identifying and marketing specialized services to small
business owners. A recent study by BAI notes that small businesses are
increasingly dissatisfied with banks and more than half would switch financial
institutions to gain online banking and other products that are designed to meet their
needs. Credit unions are targeting this important market segment because owners
tend to seek multiple services for their personal and business finances, and
they often develop long-term relationships with the primary financial institution
that helped them grow their business. Mobile banking presents an area of skyrocketing demand that serves both