Embracing mobile money

Embracing mobile money

Michael Eagleton/Accenture  |   June 16, 2010
CommunciAsia Show Daily

Consumer demand for mobile money transfer services will see users exceed 500 million globally by 2014, principally in developing countries, according to Juniper Research. Signs point toward mobile money management as being the personal banking option of the near future. So why have banks been slow to roll out these services to the general public?

Financial institutions looking to develop mobile money management capabilities face challenges such as security concerns, inadequate technology and business ecosystems, high implementation costs and an uncertain regulatory environment.

Before embracing the future of banking, financial institutions must learn to do it efficiently.

Mobile money management refers to both mobile payment and mobile banking capabilities. In the area of mobile banking payments, the consumer uses a mobile device for initiating, authorizing and realizing a payment.

These transactions can take place either by using the device as an equivalent to a credit card or wallet - payments are taken directly through the phone - or by using near field communication (NFC) technology to execute a payment directly. NFC capabilities give a mobile device "point and click" functionality on a phone, making it a mobile "wallet."


Tell Us What You Think

Add comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <a> <p> <span> <div> <h1> <h2> <h3> <h4> <h5> <h6> <img> <img /> <map> <area> <hr> <br> <br /> <ul> <ol> <li> <dl> <dt> <dd> <table> <tr> <td> <em> <b> <u> <i> <strong> <font> <del> <ins> <sub> <sup> <quote> <blockquote> <pre> <address> <code> <cite> <embed> <object> <strike> <caption>
  • Lines and paragraphs break automatically.
  • Use <!--pagebreak--> to create page breaks.

More information about formatting options


Robert Clark
With mobile Wimax stalled, Taiwan office closure triggers alarm
Robert Clark
Cisco reinforces analyst warnings
Peter Ryan/Ovum
Using CRM to reach out to India's middle class
Naveen Mishra
As handset makers strive to innovate the perfect device, sales of handsets are breaching new barriers in India
Martin Creaner
Inaction could lead to obsolescence
John C. Tanner
Deny and deflect


Mehul Srivastava
Micromax is grabbing market share from Nokia by giving Indian consumers what they want
Tim Deluca-Smith, WDSGlobal
Delivering a consistent user experience and support options across a wider base of connected, non-portfolio devices is key to building loyalty

Frontpage Content by Category

Telecomasia.net's most popular news stories, blogs, analysis and features in the first six months of 2010


Staff writer
Turning your mobile device into its own mouse
Michael Carroll
Vice-president Li Yue to replace Wang Jianzhou