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INDUSTRY NEWS


16 June 2008

Mobile Payment Technology to Revolutionise Business Industry


A growing number of consumers are open to the idea of using their mobile devices to make payments, a technology that could revolutionise the way that transactions are made.

That is according to the UK payments association Apacs, which claims that there is a whole generation of people coming through who will be willing to embrace contact payments.

Jemma Smith, a spokesperson for the association, said: "We are at saturation point now in terms of people who have actually got a mobile phone.

Around 90 per cent of households now have a mobile phone - you have that little bit of technology in everybody's hands and there is scope to develop it – something is going to happen at some point in time."

Meanwhile, a report from analyst Juniper Research has forecast that banks and mobile operators will persuade some 612 million mobile phone users around the world to utilise such financial services, generating over $587 billion (£298 billion) in transactions by 2011.<br/>

© 2006 Adfero Ltd.

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