Everybody wants to talk about mobile payments and banking. And no wonder: the heady combination of increasingly sophisticated mobile devices, banking services and payment options offers banks the opportunity to gain market share, tap into new revenue streams and reduce their overall cost to serve customers.
Customers, too, are looking ahead to the potential of mobile banking and payments with anticipation. In large part, this new market is being driven by the global uptake of mobile phones. According to some pundits, mobile phones will unseat PCs as the preferred method for accessing the internet by 2015. But it is the introduction of innovative ‘Smart Phones’ that has been the catalyst: in the US, the penetration of Smart Phones will surpass traditional mobile phones by the end of this year.