 |
|
|
Mobile Money & Payments Why credit & debit card issuers should embrace mobile delivery now
Author
Jim Bruene
Published
Apr. 10, 2007; OBR 140/141
Pages
40
Format
Printed, PDF, Word
Size
3MB
Table of Contents
Click the following icon to download the Table of Contents:
|
|
|
|
Abstract: While banking and payments are interrelated, when it comes to the rollout of mobile finance in North America, they will arrive in two distinct phases. As we discussed last month (OBR 138/139), the information about payments, what we call mobile banking, will lead the way with real inroads occurring this year.
On the other hand, significant adoption of actual payment transactions, either remotely or at the point of sale, i.e., mobile payments, is still years away. Why? Delivering banking info to the mobile device is far simpler than enabling the phone for payments.
Eventually, mobile device-based transactions will surpass card-based transactions. But even then, consumers are likely to return to the desktop PC to manage payment accounts, set up payments, analyze spending, and interact with the card issuers.
Does this mean it’s too early to worry about mobile payments? Absolutely not.
Financial institutions today can and should use mobile information delivery to enhance the credit/debit card experience and reduce fraud. Not only does this differentiate your payments cards, it readies your customers for the eventual convergence of the mobile device and payments card.
In our Mobile Payments Report, we'll look at the how the market is expected to evolve and how financial institutions should position their mobile offerings. A 10-year market forecast for the United States is included.
We'll also take a look at the most recent Best of Web winner, Obopay, a prepaid debit card integrated with mobile delivery.
Companies mentioned: Amazon.com, ASB Bank (New Zealand), AT&T (Cingular), Bancorp South, Bank of America, Buxfer, CelPay (Congo), Citibank, ClairMail, First National Bank (South Africa), First Premier Bank, Fundamo, Globe G-cash (Philippines), m-Pesa/Safaricom (Kenya), MasterCard, MapQuest, Monilink (UK), Mt. Lehman Credit Union, MTN Banking/Standard Bank (South Africa), National Bank of New Zealand, NTT DoCoMo, Obopay, Orbitz, Planet Payment, Smart Money (Philippines), TextPayMe, Wachovia, Wells Fargo Bank, Wizzit/Bank of Athens (South Africa), Zions Bank
|
