Tag: m-payments

European mobile payments transactions increasingly accepted

A new survey has revealed that a growing number of companies in the E.U. accept payments via smartphones.

A new report has recently been released by yStats.com, a secondary market research company based in Hamburg, Germany, which has suggested that European mobile payments is a growing trend in the continent.

The report also pointed out that more companies are accepting transactions online, boosting regular e-commerce.

The “Europe Online Payment Methods 2013 – Second Half 2013” report showed that the use of smartphones for European mobile payments is growing in use for making traditional retail purchases in the E.U. countries as well as in other regions around the world. The report pointed out that the transactions being completed by way of smartphones and tablets has been increasing its share of the overall digital space, and that it is expected to make its way into the double digits by the year 2020.

In 2010, European mobile payments represented only 1 percent of all online forms of transaction.

European mobile payments This will require an extremely rapid level of growth an adoption if it is to reach at least 10 percent of online transactions only a decade later. The reports data showed that this technology is making the biggest headway in Turkey, Spain, and the Netherlands, among countries located in Europe. This is particularly true in the use of smartphone banking. The highest traditional online banking – where it is above 80 percent, is in Norway, Finland, and the Netherlands.

There is extremely promising growth being seen in European mobile payments and traditional online transactions in the mature markets of the central part of the continent. For example, in Germany, PayPal and invoice were the two most popular forms of B2C E-Commerce transaction methods. Furthermore, the smartphone paying method is starting to take off quickly in areas that have implemented terminals for parking or ticketing, with 10 percent of consumers having tried those technologies at least one time in 2012.

The report predicted that in the Western sub-region of the continent, the transaction value of European mobile payments will be growing by half in 2013 when compared to the year before.

India mobile payments picking up among the poor

The country has a very large domestic migrant worker population that are generally unbanked.

According to the latest analyses regarding the India mobile payments industry, the technology is experiencing a massive growth among some of the poorest people in the country, including the considerable domestic migrant worker group that are unbanked but that still need to be able to send the money that they earn back to their families in their villages.

It is estimated that, in total, this group sends about $12 billion in funds from their city jobs back to their villages.

Many of these workers travel thousands of miles away from their home villages in search of places where they will be given employment so that they can earn enough to send some back to their families. Using traditional means, this requires them to go to the bank, complete a form, and wait in line. This is a process that can take an hour or more. As bank hours are the same as most work hours, it causes them to lose an hour of pay or more. However, with the new India mobile payments opportunities, they can skip that step.

A growing number of poor citizens of the country are investigating the India mobile payments options.

India mobile paymentsAmong the most popular services in the country is a startup called MoneyOnMobile that allow funds to be sent from the worker’s cell phone to the one owned by his family back in his home village. The idea itself started in Kenya, six years ago, as M-Pesa – for a similar reason – and is now starting to take off in the form of new services in India and other nations. It is allowing poorer people in Kenya and other countries to be able to send money, pay medical bills, purchase groceries, fund school tuition, or buy food at a restaurant, for example, wirelessly with their cell phones.

The M-Pesa service is currently processing around $21 billion in wireless funds every year. Now it has inspired nearly 200 comparable efforts in other nations, like this recent India mobile payments startup – particularly in areas such as Africa and South Asia, where the populations of people under the poverty line are quite large.