Doubts have been previously cast over the mobile wallet, but a panel of 200 mobile industry execs, developers and insiders think mobile payments will be among the most compelling consumer applications in 2013, along with social networking and location apps.
According to the new survey conducted by Chetan Sharma Consulting, mobile payments and commerce will not only get big but they’ll be powered largely by established global financial companies. The survey’s participants appear to have arrived at the conclusion that the carriers, Google and even startups like Square had their chance to jumpstart mobile payments and largely failed. Now Visa, the banks and more established online payment companies like PayPal will take the lead.
When polled, 50% of the panel identified financial institutions and PayPal as the companies most likely to dominate the m-commerce/payments market. The overall mobile commerce and retail market is expected to become huge. Almost 60% of those polled expect m-commerce to surpass e-commerce by 2016 in North America, with Asia and Europe shortly behind.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.