A high-growth yet complex marketplace is emerging with the merger of mobile and money. In order to bring clarity to this new market, ABI Research has launched a new "Mobile Money Research Service." It provides market data, analysis, and forecasts relevant to all the major stakeholders in this market: banks, financial services organizations, credit card processors, chip manufacturers, mobile device OEMs, Near Field Communications (NFC) suppliers, mobile network operators, system integrators, merchants and more.
"The term 'mobile money' really covers two major market segments," says practice director Dan Shey. "On one hand there is the personal finance part, which includes mobile banking, person-to-person money transfers and international remittances. Total worldwide subscribers will reach 406 million by 2013."
"On the other side we find mobile commerce: the use of mobile devices and services to pay for goods and services. Growth has lagged behind expectations: but even under current market conditions, mobile commerce spending will reach $18.4 billion within five years."
Senior analyst Mark Beccue adds, "On the personal finance front, technologies, services, and the market as a whole are moving forward quickly and the stakes are high. Exciting new personal financial services are developing, driven solely by mobile. But the mobile commerce market has been slow to grow and the roadmap remains unclear. Contactless commerce using NFC in particular has so far suffered from business model and partnership issues associated with bringing all the right players together."
Fortunately some non-NFC mobile commerce solutions based on existing technologies such as SMS, web browsers, and downloadable applications are appearing to meet the needs of some vertical markets such as parking, taxi services, mobile internet commerce and entertainment.
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