Wireless Payments - Money into thin Air

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8 January 2001


Boston, MA, USA, January 8, 2001

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.