11/24/2010 11:35:00 AM
Mobile banking to overtake internet, says Monitise
Mobile banking will be even bigger than internet or telephone banking before the end of the decade, according to Monitise.
The mobile money group, which last week launched a Mobile Money Network with Best Buy and Carphone Warehouse founder Charles Dunstone, is predicting a mobile payment and banking revolution over the next few years.
Speaking to Mobile, Monitise chief marketing officer Peter Simpson said mobile payments and money transactions had grown globally by 50% in the past
He added: ‘I see absolutely phenomenal growth in the UK over the next 12 months not only in mobile banking but also in retail and services, with even faster growth in Asia and developing countries, which often don’t have developed traditional banking systems.’
He said mobile banking was set to overtake telephone and internet banking. ‘Mobile banking and mobile payments will be even bigger than both of these revolutions, and it is already happening. We are not so much reaching a tipping point as already in the middle of that tipping point. This is not a future thing. We are more than half way through the revolution, at a similar point to where the internet banking and shopping revolution was ten years ago,’ he said.
However, Simpson warned that retailers and service providers are lagging behind consumer demand for mobile money services.
‘Consumers are ahead of providers in terms of mobile money. They have taken to every mobile innovation, such as texting and mobile apps, like ducks to water. It’s the same with mobile money transactions.’
He added: ‘Quite a lot of service and goods providers are behind the curve and need to catch up with consumers.’
Simpson said operators and handset manufacturers recognise the importance of mobile money. Monitise has signed deals with all five operators in the UK and Simpson said the group is in talks with a number of smartphone manufacturers keen to develop mobile money-enabled handsets.