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London (pte013/17.02.2003/09:35) - The mobile subscription payment business is set to boom thanks to the growth in new markets including the supply of specialist digital content, says a new report.
Mobile payments revenues will grow to USD20bn in 2005 worldwide, according to the ARC Group - an annual growth rate of over 100%. The boom will be fed mainly by new types of transaction including premium SMS messages, which can be reverse billed or easily charged to subscribers' accounts along with airtime and prepaid top up services for a wide variety of digital content which is purchased remotely online. http://www.arcgroup.com
Local point of sale payments (proximity payments) will begin to develop, allowing mobile users to pay for goods and services in retail outlets and at vending machines. The newer generation of ATMs and vending machines will increasingly be able to communicate with mobile phones, giving consumers the opportunity to gain access to virtual cash and to build up loyalty bonus points.
According to Richard Jesty, lead author of the report: "These new payment trends are already happening in the Asia Pacific region. We're seeing vending machines that are able to talk to mobile phones and provide not just canned drinks but personalised city guides and entertainment information. Longer term, ARC Group sees the option of being able to use a virtual credit card as offering significant potential in the macropayments sector where the value is under USD15. This may allow publishers with specialist content to access the mobile content market more cost-effectively. Both Visa and Mastercard are working with the network operators and banks to test a number of mobile payment methods, ranging from a point of sale retail system to a server-based 'electronic
wallet'. These mobile payment systems will enable virtual debit or credit cards to be used for online purchases on the internet.
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