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Mobile P2P Payments Research
Category : General 11 Apr 2010 05:38 AM | Industry News
Demand for high-speed mobile person-to-person (mobile P2P) payments and transfers is growing, with one in ten consumers saying they would likely use the service if it were available, according to a report by Javelin Strategy and Research. "Perceived security threats are definitely the sticking point for mobile P2P payments right now," said Mary Monahan, partner and senior analyst at Javelin. "Once the safety and access hurdles are cleared, we expect this technology will become part of everyday life." Javelin Strategy & Research found that monthly usage almost doubled from 2008 to 2009, with 44 percent of consumers saying they've initiated an online P2P transfer in the past 12 months. But Javelin also reports about 18 percent of U.S. consumers are mobile bankers, and only 30 percent of them have used their mobile to transfer funds among their own accounts, and just five percent to transfer to another person. But early evidence from actually deployments suggests the gap is due to access. While there were differences across age groups and between countries, the overall results showed that only 16% of Western Europeans surveyed considered themselves "extremely" or "very" interested in mobile P2P payments, while in the United States, the percentage was only 9%. Consumers in the three Asia Pacific countries showed much greater interest - 34%. Near field communication has lots of investment, mostly from Visa and MasterCard, though slower merchant adoption than one would expect given the investment. It’s simply another manner of presenting credit cards, which have certain fundamental shortcomings. Bill-to-carrier models have achieved great success to the tune of millions of transactions, but they are uniquely constrained to niche products like virtual currencies with zero costs of goods sold, and priced under $25 per month. Mobile person-to-person payments that mPayy offers for free, and Obopay and PayPal also offer, are growing, but not explosively. The survey polled subscribers, equally divided by gender, in Germany, France, the UK, the US, Japan, Taiwan, and South Korea. About 200 respondents participated from each country.