Mobile Payments - eCommerce Made Easy

Mobile commerce (m-commerce) describes the payments, money transfers, and banking transactions that take place over the air. It is going be one of the high growth applications, as the mobile density is increasing across the world. According to the Consultative Group to Assist the Poor (CGAP), in 2009, there will be more than one billion people worldwide who own mobile phones, yet lack personal bank accounts and credit cards. Even though, there are traditional location-based services, m-commerce application could benefit the existing financial institutions. This mobile money could also benefit the service providers and capitalize on the billing relationships with the existing customers.

In today's market, there are number of mobile banking services that exist in developing countries. For example, Safaricom's M-Pesa(TM) mobile money transfer service has attracted more than 5 million Kenyan users after less than two years of operation. Another African service provider, Rwandatel, has scheduled to launch mobile banking and money transfer services 2009. Mobile solutions will also play a key role in the provisioning of international money transfers, aimed mostly at migrant workers in developed countries. For instance, Singtel and StarHub in Singapore have been offering services targeted at a foreign workforce for many years 소액결제 미납.

A service provider can evaluate the potential of m-commerce and banking. Provider can act as a bridge between the financial institution and the subscribers. Furthermore, regulators may become increasingly apprehensive and cautious about the potential for fraud, especially with regard to mobile payment methods. The power to collaborate with financial institutions and to influence regulators may help the service providers to exploit their powerful brands and their vast retail presence. If service providers make it clear to the banks that just how close their relationships are with their subscribers, it might become a powerful enough business proposition that banks may view electronic payment as an opportunity rather than a competitive threat.