Mobile as a payment medium: Is this the payment solution of the future?

Whilst mobile payments remain in its infancy, it continues to grow exponentially. The main obstacle is the lack of a standardized solution leading to some confusion about the respective roles of the different players involved. From the consumer perspective, although a small proportion of them currently use mobile payments, the popularity of this payment method is growing – as confirmed by figures published recently by various research companies:

81% of youths aged 12 to 34 are very interested in this service and 89% would be willing to pay a monthly fee to use their mobile as a wallet.
(Source: Alcatel-Lucent 2010 « The mobile phone as a wallet: Appealing To The New Generation of Consumers », a study conducted among members of its Youth Lab in 10 different countries : Spain, Brazil, France, United States, United Kingdom, China, Mexico, Germany, Italy and Japan).

51% of worldwide mobile phone users said they would want the ability to make purchases with their mobile phone instead of using cash or a credit card.
(Source : Oracle, June 2010, “ Opportunity Calling: The Future of Mobile Communications”)

48% of French, 43% of Spanish and 39% of British mobile phone users would use their mobile in the future to pay, reserve or redeem for goods or services.
(Source: TNS-Orange, « Mobile Exposure 2010 »)

Mobile payments therefore have a bright future, but in order for it to become a more prevalent method of payment it needs to become more available.

The synthesis and links to the related studies are available on the following link: Hi-media Blog The mobile phone as a wallet

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