"Brandon McGee, Industry Insider, Mobile Banking Guru...He is not only the real deal, a genuine industry insider, but also knows exactly what's on the minds of financial service pros as they contemplate the various mobile options." - Jim Bruene, Publisher & Founder, Online Financial Innovations

"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Sunday, October 28, 2007

Mobile Payments & Mobile Banking

As we have all learned by now it is not easy to develop a business case for mobile banking. Predominantly, this is due to the fact that it’s not free to develop the service; yet, clients expect to receive it for free since they can access online banking via their personal computer at no charge.

The more you read the more you discover that many experts feel that the revenue potential exists within the realm of mobile payments. Therefore, I have begun to immerse myself in learning about the nuances of the space, and you will notice that I have begun to develop a more robust listing of the mobile payment vendors along the right-hand column.

Additionally, here are a few snippets of data that I have uncovered so far:
* Meijer reports a 44% monthly sales left for customers paying with contactless cards
* BP will start accepting PayPass at 3,000 U.S. locations
* USA Technologies is currently installing contactless payment on 7,500 additional vending machines for Coca Cola Enterprises.
* The total payments market in the U.S. is estimated to be over $7 trillion
* One forecast predicts that mobile phone-based contactless payments will account for over $36 billion of worldwide consumer spending by 2011
* The case for mobile transactions has been well proven by recent pilots. In a country such as Kenya there are 400 bank branches, 600 ATMs and 10 million mobile phones.
* In heavily wired Korea, 70% of all digital content -- valued at more than $1 billion last year -- is charged directly to cellphone bills instead of traditional credit cards, the company says.
* There are 6 million places where you can use your credit card, 45,000 (contactless acceptance locations)
* Pilots have been announced for:
Wells Fargo & Visa
Discover Financial & Motorola
Citi, Mastercard AT&T, and Nokia
Cellular South, Kyocera, and VIVOTech
Citi & Obopay
First Data & mFoundry
Verizon & Obopay

1 comment:

hanum said...

there is a FaceCash the mobile payment application. Tt will be available on iPhone, BlackBerry or Android phones. Then type in your bank account information, Social Security number, and driver’s licence number, and upload your picture. That’s it. You can now use your phone to make pretty much any in-person transaction, whether at a restaurant or at a grocery store — as long as the merchant has signed up for the service. To accept your payment, the merchant simply scans the FaceCash barcode on your phone with a scanner, and your picture will pop up on their computer screen — which helps them avoid fraud. They then approve your payment. Dead easy. And slick