21 August 2017
visit www.avoka.com

Mobile payments set to take off in developing world - Juniper Research

10 July 2007  |  11165 views  |  0 D600 mobile

Juniper Research predicts that P2P fund transfers and mobile payments in the developing world, together with the commercialisation in 2009 of NFC (Near Field Communications) based m-payments will generate transactions worth approximately $22bn.

Greater availability of NFC devices, for physical mobile payments, coupled with secure and easy-to-use applications, backed by the large credit card organisations and financial institutions, will create the foundation for a healthy alternative to cash and other mainstream payment applications, says the study.

Report author Alan Goode says: "The technology is available now to enable secure and fast payments to be initiated on the mobile phone. The business model stills needs some work but there are positive signals emanating from the industry that will create considerable revenue for all parts of the ecosystem."

Over the last two years, pilot programmes in Africa and Asia have highlighted the potential for mobile phones to deliver basic financial services in developing countries. For instance Safaricom and Vodafone recently launched M-Pesa, a mobile-based payment service targeting the un-banked, pre-pay mobile subscribers in Kenya.

However, the wireless operators involved in such schemes say existing banking regulation are curbing their growth and potential. Only last week Vodafone and Nokia issued a paper calling for an overhaul of the regulatory famework that would open up the market for deposit-taking, clearing systems, and know-your-customer rules to incorporate the activities of mobile operators.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mobile operators call for banking reforms

Mobile operators call for banking reforms

04 July 2007  |  8733 views  |  0 comments
Mobile wallets to replace payment cards - report

Mobile wallets to replace payment cards - report

29 June 2007  |  10445 views  |  0 comments
Visa chief - convergence of payments and mobile comms inevitable

Visa chief - convergence of payments and mobile comms inevitable

29 March 2007  |  8854 views  |  0 comments
Banksys teams with telcos to launch m-payments platform in Belgium

Banksys teams with telcos to launch m-payments platform in Belgium

20 March 2007  |  9893 views  |  0 comments
European consortium to establish framework for NFC applications

European consortium to establish framework for NFC applications

31 January 2007  |  7036 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.abe-eba.euvisit www.vasco.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11526 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9781 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9598 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9344 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9264 views comments | 10 tweets | 8 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job