Mobile Carrier and Bank Convergence
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Yesterday's report about AT&T, Verizon, T-Mobile, Discover and Barclays potentially working together on a mobile payment service in the U.S. brings up a a topic (banking and mobile industry convergence) that Bart Narter has blogged about, and about which I have added my two cents' worth. Looking around the world, there appears to be a number of convergence models unfolding in developed countries:
- Mobile carriers offering their own mobile banking/payments services: e.g., NTT Docomo's DCMX Mini (Japan)
- Mobile carriers making sizeable, yet minority mobile banking/payments investments; e.g., NTT Docomo in Sumitomo Mitsui Credit (Japan), SK Telecom in Hana Card (Korea), Korea Telecom in BC Card (not yet finalized, Korea)
- Mobile carriers investing equally with banks in mobile banking/payments: KDDI & Bank of Tokyo Mitsubishi UFJ (to create Jibun Bank in Japan)
- Mobile carrier joint ventures, with financial institutions playing a behind-the-scenes role: e.g., EnStream with Peoples Trust (Canada)
- Mobile carriers entering joint marketing arrangements with FIs: e.g., Orange and Barclaycard (U.K.)