The demand of mobile payment is continuously increasing day-by-day and lots of companies including credit card providers, mobile operators, and even tech-giant such as Google and PayPal are also planning to deploy mobile payment system. Mobile Payment has become one of the easiest way of paying without any botheration of carrying the credit card or cheque . Users are presently using the mobile payment in order to have wide range of services and products such as music, videos, tickets booking and others. An analysis firm–Juniper Research— has recently released a report titled “Mobile Banking for Developed & Developing Markets”, which forecasts that the transactional mobile banking services usage is going to surpass 550 million by 2016 from 185 million in 2011.
The firm has also stated that the users who have tasted the flavor of bill payment through their mobile devices are expected to be continued for active transactions. As the mobile adaptation rate is increasing with dizzying pace, it’s expected that nearly 80% of total mobile banking customers are going to pay their bills using mobile devices by 2016.
Juniper’s Research Director–Windsor Holden–said, “The natural progression is to engage in transactional banking, as they demand tighter control over their finances within a turbulent economic environment and busier lifestyle which are at odds with a 9 to 5 branch-based service.”
However, Juniper is little apprehensive with security concern due to the rapid growth in ‘Spyware’ and ‘Malware’, which could hurdle older demographics to use their mobile handsets for bill payments. According to the research analysis firm, triple-pay solutions–SMS, web and mobile app–are being adopted by folks with highest swift. The firm has also identified that the transactional frequency in developing regions is going to be outburst– where users don’t have numbers of alternative modes for bill payment.
In addition to these, a recent report reveled that mobile payment will reach $240 billion and $670 billion by the end of 2012 and 2015 respectively. Indeed, it will create a greater opportunity for mobile banking too. That’s why, banking sectors are aggressively promoting the mobile banking facilities to users and emerging countries are also very eager to adopt the services.