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Joint Ventures and Collaboration will Drive M-Payment Service Development Observes Frost & Sullivan - Cooperation between telecom operators and financial institutions aims to promote M-Payment services - customer retention is a priority
Joint Ventures and Collaboration will Drive M-Payment Service Development Observes Frost & Sullivan

 

NewswireToday - /newswire/ - London, United Kingdom, 2012/02/16 - Cooperation between telecom operators and financial institutions aims to promote M-Payment services - customer retention is a priority.

   
 
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Joint ventures and collaboration among market participants are seen as the key market drivers for the Mobile (M-) Payments market. Joint ventures established between major telecom operators and financial institutions aim to employ both parties' expertise for developing and promoting M-payment services.

"With joint ventures, market participants can leverage their brand name across diverse industries to create awareness of M-payment services," says Frost & Sullivan Research Analyst Jayashree Rajagopal, author of a new analysis "European M-Payment Update". "Similarly, regional factors such as the level of credit/debit cards usage in a particular country have to be considered when developing alternative payment services aimed at increasing customer adoption."

In certain cases such as micro-payments for telecom operators and Point of Sale (PoS) for payment providers like Visa, initiatives have not involved other market participants since the companies are aware of the dynamics of the respective segments.

The major platform currently used for M-Payment services is SMS, however Near Field Communication (NFC) usage is increasingly prevalent in the retail and transportation sectors. NFC is expected to develop into a strong platform that helps retail stores adopt M-payment services. "When adopting a new payment-related technology, the major factors considered are the complexity of business models/transactions, degree of security/privacy needed, ease of use for customers, ecosystem readiness, and costs involved," adds Ms Rajagopal.

So far, one of the reasons for the slow roll-out of M-Payment services has been the absence of defined business models. The limited focus on developing business model coherence – even during M-Payment trials – and the lack of awareness and customer retention strategy tarnishes the lustre of most services after the initial splash.

Although a number of partnerships have been announced, business models have often not been clearly defined due to issues such as revenue sharing requirements. Moreover, the fragmented approach of the market participants has resulted in low awareness of M-Payment services.

"The success of M-Payment services will largely depend on repeated usage of such services," notes Rajagopal. "To achieve that, service providers need to encourage the use of M-Payment services through mobile customer relationship management (CRM) that include mobile vouchers and loyalty cards."

If you are interested in more information on the "European M-Payment Update", please send an e-mail with your contact details to Joanna Lewandowska, Corporate Communications, at joanna.lewandowska[.]frost.com.

European M-Payment Update is part of the Mobile & Wireless Communications Growth Partnership Services program, which also includes research in the following markets: European Mobile Content Market, Mobile Broadband in Russia and An insight into the U.S. Mobile Financial Services Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.

European M-Payment Update / 9838-65

 
 
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Joint Ventures and Collaboration will Drive M-Payment Service Development Observes Frost & Sullivan

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