PRZOOM - /newswire/ -
London, Greater London, United Kingdom, 2012/03/28 - Large unbanked populations and low income groups with limited access to financial services are driving the attractiveness of the mobile payment industry at a fundamental level among BRIC nation - BRICdata.com.
A large unbanked population supported by developed mobile and banking system will be the fundamental driver for the growth of mobile-based financial services in Brazil. In Brazil the majority of mobile money initiatives are led by banks. The need to gain access to the potential market through the unbanked population is driving strategic business alliances between banks and mobile operators. In Russia operators are placing a strong emphasis on making contactless mobile payment service available to users using the NFC standard, with NFC-enabled mobile payment trails initiated for making retail payments or on public transport. All three leading mobile operators in Russia, Megafon, MTS and Vimpelcom, collaborated to provide users with common access to each other’s mobile payment services. In India the growth of mobile money services increased as regulatory changes were implemented. Brought into effect by the Reserve Bank of India (RBI) the new regulations increased the per-day mobile money transfer limit to INR50,000 (US$1000) from the existing limit of INR5,000 (US$100). The rapidly growing mobile money market in India is driving the established business correspondents (BCs) to directly offer mobile payment services. China is an upcoming destination for mobile money services owing to its large mobile subscriber base and increasing government support. China’s UnionPay, a card network operator in China, in collaboration with China’s leading banks, wireless operators and handset manufacturers, is forming a mobile payment industry alliance. This alliance is expected to enhance mobile payment coordination across industries by providing a single open mobile payment platform to users.
Key highlights of this title:
• The Brazilian mobile payment market recorded 125 million transactions in 2011 with an average transaction size of US$0.8, and is set to reach over 2.4 billion transactions with average transaction size of US$5.3 by 2016.
• The Brazilian retail industry is one of the most developed in Latin America, which is expected to provide a strong platform for the growth of mobile payment services.
• The Russian mobile payment market stood at 1.1 million transactions in 2011, with an average transaction size of US$1.8. This is set to reach over 2.7 billion transactions with average transaction size of US$6.2 by 2016
• The entry of PayPal will help drive the mobile payment market in Russia, which is currently dominated by e-currencies, Yandex.Dengi and WebMoney.
• The Indian mobile payment market stood at 55 million transactions in 2011 with average transaction size of US$0.7. This is set to reach 4.5 billion million transactions, with an average size of US$3.3 by 2016.
• The regulatory change, which allow postal departments, kirana stores and corporate to act as business correspondents, is also expected to be the key driving factor for mobile banking in India
• China’s mobile payment market stood at 350 million transactions in 2011, with an average transaction size of US$1.1. This is set to reach 7.3 billion transactions, with an average size of US$4.1.
• Minimal mobile payment network partnerships are restricting the market reach of mobile payment platforms in China.
• This report provides an extensive analysis of the mobile money market in the four BRIC nations – Brazil, Russia, India and China
• It provides current and forecast market size for the mobile money market in each of the BRIC nations.
• It offers detailed analysis of business, infrastructure, technology and consumer trends driving the growth of mobile money market in each of the BRIC countries.
• The report highlights the key challenges faced by mobile money market.
• It provides case examples of key mobile payment vendors offering mobile payment services.
• The report details the new services launched by mobile banking operators in each of the BRIC nations.
• It also provides insights into the future of mobile money market and upcoming trends shaping the growth of the market in each of the BRIC countries.
• Gain in-depth insight into the mobile money markets in each of the BRIC countries
• Understand the various market dynamics within the BRIC countries’ mobile and money market, and use the knowledge to capitalize on the potential of these high-growth markets
• Take informed decisions and formulate effective technical and marketing strategies based on the report’s detailed market insights on the mobile money market
• Understand the key consumer, business and economic trends within the mobile money market in each of the BRIC nations
• Gain insight on the growth strategies adopted by key mobile payment service providers.
BRICdata (bricdata.com) specializes in the provision of strategic intelligence on emerging markets that helps suppliers in developed markets identify, pursue and achieve growth opportunities.