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31/01/2011 -
Mobile money transactions from person-to-person are slowly being adopted in the U.S., according to a new study by Javelin Strategy and Research.Adoption rates are much higher in other countries, especially tech-friendly nations such as Japan, says the report, titled "Person-to-Person Mobile Money Transfers: Successfully Navigating a Market in Transition."
In 2010, the transaction volume for U.S. mobile transfers will reach $7 billion, says the firm. Additionally, the volume is expected to grow over the next few years.
The technology is growing in other markets because they don't have other financial alternatives like consumers do in the U.S., such as checks, ATMs and bank branches.
Consumers and merchants alike have questions about the emerging technology, however. Will consumers use these types of payments? What kind of vendors will get involved? What offerings should be available in the marketplace?
The industry is still a land grab at the moment, as banks and carriers battle for dominance in the market.
One thing is for certain - that this payment processing system has the potential to change the marketplace. The website Gigaom predicts that 50 percent of Americans will have a smartphone by Christmas 2011.
