Mobile Payment To Touch 100 Million
According to Gartner’s recent research, text messages will come out as one of the most popular mobile payment channels in 3 years time. The analyst house is expecting 103.9 million people to join in this ever increasing list by 2011, from what is now a relatively lesser and yet substantial 32.9 million. What would this then mean for customers like you and me. And what would this mean for the banks, who even after investing in mobile banking may be threatened by the likes of PayPal and Obopay, who offer cheaper and arguably better services? More choice within this sphere, we would think. Signs of which are already beginning to get noticed. Monitise group for example, has a rather interesting value proposition. It brings together financial institutions, mobile carriers, payment networks and billers into a mutually beneficial environment that they themselves call the ‘ecosystem’. Essentially, their business model integrates into an ATM switch and allows them to offer while lable mobile banking to Banks, without any technology investment from the Bank. Know more about Monitise and their services here.