Wireless Payments - Money into thin Air

Abstract

Wireless Payments -  Money into thin air  Report Published by Celent

Celent predicts users of mobile payments to reach over 60 million by 2004 representing over US$50 billion in turnover

In a new report, entitled "Wireless Payments: Money Into Thin Air," Celent Communications evaluates a number of initiatives in wireless payments from around the world, and predicts which kind of wireless payments are likely to dominate. This report is a strategic source for financial institutions planning to offer wireless payment capabilities to their retail customers.

A Table of Contents is available for this report online.

Today, Internet payment transactions account for about only two percent of total transactions, but Celent expects wireless payment transaction volumes to increase at a much faster rate, accounting for 24% of total Internet transactions by end of 2002, according to Isabella Fonseca, one of the authors of the report. "Banks, particularly in Europe and Japan, are rushing to enable wireless payment capabilities for their retail customers, as wireless will be the most convenient channel for customers."

According to Octavio Marenzi, managing director at Celent, "wireless payments are the key to making mobile commerce a reality. Only a handful of the approaches currently being tested will be successful. This means that banks and telcos must exercise caution in the design and implementation of their m-commerce and wireless payment strategies."

Celent examines methods for settling wireless payments, the different approaches that allow consumers to retrieve and transmit their payments to merchants, and the types of wireless payment options available. The report also details a market overview of wireless payments worldwide, predicting the volume and value of transactions via mobile devices.

Members of Celent Communication's Retail Banking research services can download the report electronically by clicking on the icon to the left.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023