Mobile Payments Set to Skyrocket in Next Three Years

World-wide, mobile commerce and peer-to-peer payments are in their infancy. While
Japan and Korea are leading, France, Finland, and the U.K. are just moments behind.
Key South American and Central American countries are exploring business process
and market acceptance of mobile commerce. African nations, challenged by politics,
have seen recent developments in peer-to-peer payments collapse while India has
seen success. And, the United States and Canada, leaders in banking business process
and industry regulation design are aggressively pursuing global partnerships.
But where are location-based services? This report looks at the significance of combining the mobile wallet with mobile local search. Covered are emerging mobile application developers – we look at what they need to do next in their evolution
towards bringing commonality of usage to the masses for rapid service adoption. Additionally, we look at WHY mobile location-based transaction services are behind the implementation expectations of consumers.
Research and pilot testing of the wallet has been taking place well-over a decade. In 1997, Coca Cola installed
vending machines in Helsinki that provided a canned drink when SMS payments were
sent to the machine. That same year, Merita bank, also in Helsinki launched the
first mobile phone SMS based banking service.

So what is slowing progress of mobile location-based banking services and mobile
commerce in general? The hold-up is consumer protection – ensuring the safety and
security of transactions from the first mile through the last mile of data transfer.
This report looks at developments in security including encryption, authentication,
and cloud computing.

Finally, the report provides several break-outs of vendors and research tools that
readers can use in their evaluation of the market place.

Mobile Payments Will Skyrocket in Next Three YearsMobile Payments Will Skyrocket in Next Three Years

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