AMSTERDAM, November 10 /PRNewswire/ --
- 27 New Mobile Payment Initiatives in 4 Months, 7 in the Last Week!
The total number of mobile payment initiatives worldwide has now reached more than 100 with a noticeable upward trend over the last few months. Despite this the high expectations from mobile payments remain unfulfilled. This was reported today by Innopay and Telecompaper on the release of an update to their annual report Mobile Payments 2008 - Market overview and analysis.
In 2002 market experts forecast that by 2006 EUR55 billion would be processed through mobile payments. The current market size is reported to be only 4% of this prediction at EUR2.2 billion. The same experts are now predicting that the market will reach EUR10 billion by 2010. Can these predictions be trusted to form the basis of sound investment decisions? Is the current level of investment in mobile payments justified? Or are we witnessing another hype, a revisit of 8 years ago without any fundamental changes having occurred since then?
This acceleration of initiatives may be a sign of hope that mobile payments are finally coming, says Chiel Liezenberg, Director of Innopay. We are also starting to see a strong trend towards remittance and mobile money transfer in general, with 70% of the initiatives launched in the last 4 months targeting the mobile money transfer market and more than 50% of all current mobile payment initiatives around the world focusing on mobile money transfer.
The updated report includes a detailed listing and graphical mapping of more than 100 worldwide mobile payment initiatives including 27 initiatives launched in the last four months. The report also presents over a hundred pages of analysis on the attraction of mobile payments and the critical issues that need to be resolved to make them a success including:
- Lack of mainstream contexts - niche opportunities exist but mainstream payment contexts saturated with existing solutions - Ecosystem - complex value chain with lack of co-operation - Standards - lack of interoperability and technology standards - Technology - security concerns - Incumbent solutions - competitiveness of existing payment methods in developing economies - Regulator readiness - regulation not in line with the increasing interest
Through the analysis of more than 100 initiatives the report provides the guidelines for a more measured investment in mobile payments.
Chiel Liezenberg, Innopay payment consultants, phone: +316-41188111, or chiel@innopay.com
Comments