Today more than 6 billion users have mobile phone subscriptions, up from fewer than 1 billion in 2001. This means that eighty-seven percent of the global population uses mobile phones; a penetration percentage that is far higher than that of Internet adoption. Users are choosing mobile broadband connections over wired broad band globally, especially in developed economies. And in 2011, there were twice as many mobile broadband subscriptions as there were subscriptions for wired broadband.
It is this global reach that is making the mobile delivery channel, particularly in the area of mobile payments, a critical area of service for financial institutions. A majority of global commercial banks are currently undertaking initiatives to add or improve their mobile payments capabilities. Nearly 80% of global banks perceive mobile payments solutions to be a high value technology investment. Additionally, while 27% of banks currently employ an active mobile payments system, 7 in 10 are either adopting new mobile payments technology for the first time or are upgrading their current systems.
To help guide banks in the process of choosing a mobile payments provider, CEB TowerGroup recently completed a technology review of twelve vendors with solutions for financial services institutions. This analysis examines the capabilities of each of the vendors reviewed, as well as a Product Features Comparison that enables banks interested in mobile payments to quickly determine what features are available within each of the solutions CEB TowerGroup examined. Also included in the review is an examination of the drivers propelling the market forward, as well as a review of the current and emerging mobile payments technology landscape so that interested members can see what features are currently available within the mobiles payment market, as well as what capabilities are just around the corner. Vendors reviewed during our Mobile Payment Systems Technology Analysis include: Clairmail, Fiserv, Fundamo, Infosys, Luup, mFoundry, Monitise, Obopay, Paydiant, PayPal, Sybase, and Tyfone.