Your Mobile Phone to become Mobile Wallet

Report Buyer published a study today that finds mobile commerce is quickly catching on worldwide. By 2011, 25 million Americans are expected to use their mobile phones as mobile wallets. Many countries are finding the ease and convenience of mobile phone commerce is hard to resist.

The report, “2008 Global Mobile – Data and Content Markets” finds that mobile commerce is an important and fast-growing phenomenon, driven by convenience, globally.

Japan and Korea were among the first countries to offer low-cost models to content providers. The report finds that mobile content markets are flourishing in these markets. Japanese consumers made contactless payments worth $900 million using their handsets in 2006, including prepaid travel tickets.

Analysts predict that throughout 2008, there will be trials of mobile payments around the world, including a major European pilot conducted by O2 in the UK NFC technology on mobile phones.

In addition to O2, there are numerous European mobile network operators working to develop NFC applications, including Bouygues Telecom, KPN, Mobilkom Austria, Orange, SFR, SK Telecom, Telefonica Móviles España, Telenor, TeliaSonera, TIM, Vodafone, Polkomtel, Elisa and 3.

In developing parts of the world, such as Africa, mobile phones are filling the void of such services as banking and Internet access. Mobile payments for goods and services are sure to grow in the developing world.

For more information see: Report Buyer product ID: BUD00243