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Mobile payments… a “Southern” revolution! Development of mobile payments: Issues and prospects for the future
2011, Pestanes, P., Breul, P., et al. (Ed.)
Examining the potential of mobile payment services
This study provides an overview of mobile-payments (m–payments). It highlights the sector’s challenges, prospects for development and key elements that will ensure the success of this new feature. The study highlights m-banking’s potential as a new economic market that brings together the banking and telecom sectors.
M-payments call for creativity to structure value-added services. Remote payment services continue to grow and promote innovation in new usages. M-payment services can only thrive if a large number of people use them. Coordination and consultation amongst stakeholders is necessary to achieve these numbers. So are marketing efforts of key players. International money transfers could boost usage in markets, especially in Europe. Strategies based on payment corridors are developing to meet the growing needs of person to person international money transfers. Mobile network operators must develop partnerships with actors that have an existing physical network at their disposal.
Key factors for launching m-payments in developing countries include:
- Consideration of regulatory requirements and consultation with authorities;
- Presence of a network of agents;
- Effective communication and mass effect;
- Simple customer processes to guarantee widespread adoption;
- Clear definition of business model and banking partnership.
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Publisher(s):
Kurt Salmon
PHB Development
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