Communications and Technology Industry Research

As the world moves rapidly toward a more on-the-go lifestyle, cell phone banking has become especially important to opening the door for mobile wallets in the United States.

 

While many markets across the world have already embraced mobile payments, research firm, In-Stat (News - Alert), reports that as both technology and objectives become more aligned, the U.S. is moving closer to the ability to use mobile handsets for financial transactions

 

For busy individuals looking for convenience with handling their financial transactions, cell phone banking makes it possible to conduct financial transactions online via their mobile devices.

 

With mobile wallet capabilities, it is possible to purchase items using only a mobile device that securely holds credit and debit information.

 

In-Stat's research, "Mobile Payments Making Progress in North America" looks at recent progress in deployment of financial services in cell phones, and offers those considering offering mobile payments and mobile financial services a look at the market and its future.

 

From its research, In-Stat uncovered:

--Depending on several technology, commercial, and marketing factors, between 8 million and 30 million customers in North America will be using NFC-based contactless payments by 2012.

-- Over 34 million cell phones could be used for other financial applications like online banking by 2012.

-- Most of the companies involved in bringing mobile finance to the North American market have similar goals and understanding of the current market, which is critical to the development of the market.

"There is evidence that the U.S. market may overcome a crucial issue--technology incompatibility--and make progress during 2008 toward contactless payments using cellphones," said David Chamberlain, In-Stat analyst in a statement to the press.

 

"Companies in several different sectors all ultimately want to deploy near field communications (NFC), the key enabling technology, into handsets as well as in merchant payment terminals," also said Chamberlain.