Mobile Payments: The Market for Travelers, Unbanked, and No/Low Credit Users

  • November 2012
  • -
  • Mind Commerce Publishing
  • -
  • 44 pages

A significant portion of the global population is “unbanked”, low credit, or otherwise unable to establish and maintain a bank account. While this portion of the population is on a downtrend due to globalization and developing countries becoming more industrialized, the market segment without a traditional financial account is an important market segment for mobile commerce. In addition, travelers face issues with currency differences, exchange services and other impediments that make mobile payment an attractive option to traditional commerce.
This report evaluates mobile commerce for unbanked, low credit, or no credit users. The report analyzes the market challenges and includes two case studies for developed and developing markets. The report analyzes mobile commerce companies involved in each market and banking solutions with a SWOT analysis for each mobile payment solution. The report also evaluates the future trends for mobile payment solutions for unbanked and under-banked populations.

The report includes the following forecasts:

GLOBAL PAYMENT MARKET FORECAST BY REGION
GLOBAL M-COMMERCE SERVICE USERS FORECAST BY SEGMENT
GLOBAL M-COMMERCE SERVICE REVENUE FORECAST BY SEGMENT
GLOBAL UNBANKED POPULATION FORECAST
GLOBAL M-COMMERCE SERVICE REVENUE FORECAST BY REGION

Target Audience: 

-Mobile network operators
-Mobile commerce companies
-Financial institutions of all types
-Wireless infrastructure providers
-Commerce application companies

Table Of Contents

Table of Contents: 

INTRODUCTION 5
THE MARKET SEGMENT WITHOUT A BANK 5
HIGH COSTS 6
CONVENIENCE 6
NEED TO INSTANT FUNDING 6
LACK OF KNOWLEDGE 6
IDENTIFICATION REQUIREMENTS 6
BAD BANKING HISTORY 6
OVERALL PERCEPTIONS OF BANKING 6
MOBILE PAYMENT MODELS 6
OPERATOR-CENTRIC MODEL 6
BANK-CENTRIC MODEL: 6
PEER-TO-PEER MODEL: 7
COLLABORATION MODEL: 7
MOBILE PAYMENT METHODS 7
PREMIUM SMS BASED TRANSACTIONAL PAYMENTS 7
DIRECT MOBILE BILLING 7
MOBILE WEB PAYMENTS 8
CONTACTLESS (NFC) 8
UNBANKED / UNDERBANKED POPULATION 9
UNBANKED POPULATION 9
UNDERBANKED POPULATION 9
CHALLENGES WITH MOBILE PAYMENT FOR UNBANKED 10
ECONOMIC CHALLENGES 10
MULTIPLE-NATIONALITIES NATIONS 10
BANKING ACCOUNT IS A MUST 10
COST 10
SECURITY 10
CASE STUDY: MOBILE PAYMENT FOR UNBANKED IN USA 12
OVERVIEW 12
UNBANKED/UNDERBANKED POPULATION IN UNITED STATES 13
LOW-INCOME POPULATION 13
UNEMPLOYED POPULATION 14
UNDER-EDUCATED POPULATION 14
UNITED STATES UNBANKED POPULATION MARKET 15
POPULAR MOBILE PAYMENT SOLUTIONS FOR UNBANKED 16
PRECASH 16
PAYPAL and MONEYGRAM 19
BOOM MOBILE PAYMENT FROM M-VIA 20
CASE STUDY: MOBILE PAYMENTS IN KENYA 22
OVERVIEW 22
NON-¬CASH PAYMENT OPTIONS IN KENYA 23
MOBILE PAYMENT SOLUTIONS FOR UNBANKED IN KENYA 24
M-PESA 24
ALTERNATIVES TO M-PESA IN KENYA 24
REASONS FOR SUCCESS OF M-PESA 25
FUTURE OF MOBILE PAYMENTS FOR UNBANKED/UNDERBANKED 26
FASTER SERVICE 26
MORE SERVICES ESPECIALLY FOR TRAVELLERS 26
REPLACEMENT OF TRADITIONAL CREDIT CARDS 26
ALTERNATIVES TO BANKING: INDEPENDENT BI-LATERAL PAYMENT PROCESSING 26
PAYMENTS MARKET AND FORECASTS 28
MOBILE PAYMENTS MARKET 28
GLOBAL PAYMENT MARKET FORECAST BY REGION 29
GLOBAL M-COMMERCE SERVICE USERS FORECAST BY SEGMENT 31
GLOBAL M-COMMERCE SERVICE REVENUE FORECAST BY SEGMENT 32
GLOBAL UNBANKED POPULATION FORECAST 33
GLOBAL M-COMMERCE SERVICE REVENUE FORECAST BY REGION 33
APPENDIX 35
FOUNDATIONS AND MOTIVATIONS FOR MOBILE BANKING 35
INTRODUCTION TO ELECTRONIC PAYMENT SYSTEMS 42

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