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Mobile Commerce
As technology continues to evolve at a rapid pace, we are relying more and more on our mobile phones to carry out everyday tasks. One finance trend that has been picking up pace is M-Commerce, or mobile commerce. The blog on Zippycart.com claims that mobile banking grew from $398 million in revenue in 2008 to a reported $1.2 billion in 2009 (From: http://bit.ly/a6RAdG). Do you think this is a trend that has potential to become the everyday norm? Consumers will always make a purchase so long as they feel “safe,” so what are the implications for this technology when security becomes compromised? Do we have a strong enough infrastructure to be able to handle this growing sector of the financial services industry?
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1 Answer
I just noticed this oled question was never answered, but it remains a relavent question.
Mobile commerce is a broadly defined term to cover a host of solutions, services and technologies. In sum total they will (are) for the next major growth hormone of the internet.
Getting there isn't going to be easy.
There are many battles going on. They include, but are not limited to;
1. Google vs Facebook vs Apple vs Microsoft
2. Alternative payments providers like PayPal vs MasterCard, Visa, Amex, Discover
3. Banks vs Telco's. ref: AT&T, Verizon and Sprints very recent announcements
4. Consumer habits - the card market is going to go away any time soon.
5. Security. The security issues are just not the static thefts (stealing you identity, your browser cookies), and evolve to security in motion/transit issues. ref: 10K phones left in cab in the city of Chicago - how many of those will have bank/payment credentials? How many will can be, will be used to buy something, xfer money before the owner realizes the phone is gone...
Mobile devices may be small, but their impact on e-commerce is going to be very, very big.
I hope this helps
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