As what may be a preview of the bright future of mobile commerce in general, the latest study of Juniper Research shows that about 52 million people will adopt mobile payment methods like NFC (Near Field Communication) and RFID to pay for everyday goods and services by 2011 and drive the physical mobile payments market to reach $11.5 billion.
Moreover, Juniper found that by 2011, around 12% of the total mobile phones in circulation will offer support for contactless payment, specifically NFC – equating to nearly 470 million NFC-enabled handsets worldwide, thereby providing a significant marketplace for retailers to offer goods via mPayment applications.
Impact on Mobile Phone Selection
As we, mobile consumers, slowly welcome mobile commerce as part of our daily lives, it is logical that our criteria for selecting mobile phones will dramatically change as well. Jake Saunders, Vice President of ABI Research Asia-Pacific, says that the "Flash Factor" or the look and feel of a particular cellular phone is the current key motivator for purchase.
The growing number of mobile applications and the rising role of mobile commerce in the near future will create a shift in buying motivation. The look and feel will always be there but we will be more concerned with the capability of a particular handset to support our preferred mobile apps.
Via Pocket Picks
Photo by Open Gardens Blog
November 13th, 2007 at 5:37 pm
Well this surely will happen.
November 14th, 2007 at 5:52 am
Innofest 2007
Innominds is planning to organize its 2nd Annual Convention and Customer meet (InnoFest 2007) in Santa Clara, CA on Friday, November 16th, 2007.
The common theme of Innofest2007 is “Defining business models and partnership objectives to gear up global growth strategies for the participants in the IT ecosystem”. During the Convention Party they plan on identifying and debating fundamental issues that will shape the future of innovation and software product development in the lines of the common theme.
Innofest2007 will be attended by Innominds’ ISV customers, business partners, prospect ISVs, VCs and industry analysts. The event provides a platform that would enable the players of this ecosystem to interact. It will be an opportunity for you to meet your peer community and learn from their business practices, potential partners, funding houses who may be interested in your products and analysts who may want to write about you in their features.
http://innofest2007.blogspot.com
November 15th, 2007 at 6:25 am
This is happening at a much slower pace than that of most Asian countries such as South Karea and Japan. The carriers in the US have long been hoping for the adoption of mobile payment and banking will bring additional revenue stream to the business.
November 21st, 2007 at 9:02 am
I think the main criteria for choosing a mobile phone apart from applications is increasingly price, as they are driven down as the market becomes increasingly competitive.. companies such as dotmobile offer mobile phone deals to students trying to tap into a lucrative and hither to uncontested market in the mobile phone sector
January 10th, 2008 at 4:54 am
waiting anxiously for that time when ill just take my mobile with me …and buy watever i want!…
July 17th, 2009 at 2:55 am
More than 73 million users of mobile payments in 2009… Huge market.Mostly used for micro-transactions on social networks, mobile and social network applications, mobile purchases or dating and gaming sites…
July 23rd, 2010 at 4:34 am
Well thats a huge number. I think it will cross that limit also keeping in mind the growth in th number of cell phone users these days. So phone companies are going to have some big profits in coming years.