MOBILE BANKING TOWARDS MOBILE WALLETS IN THE US

The United States seems to be getting closer to a goal of using mobile handsets in doing and accomplishing financial transactions and purchases as several competing market payers aligns with technology and objectives.



There is evidence that the US market may overcome crucial issue – technology incompatibility – and make progress during 2008 towards contactless payments using cellphones said by David Chamberlain of the In-Stat analyst. Companies in several different sectors are ultimately want to deploy near field communications (NFC), the key enabling technology, into handsets as well as in merchant payment terminals.



There is also general agreement that the current generation of mobile banking services is an important first step towards accomplishing the goal. Depending on several technology, commercial, and marketing factors, between 8 million and 30 million costumers in North America will be using NFC based contactless payments 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.


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