Thursday, February 7, 2008

Mobile Banking & Payments - Near Future?

Mobile payment company Tyfone received funding from India based Ojas Venture Partners as per this news article. I had mentioned Tyfone in one of my earlier posts related to mobile payment systems. The mobile commerce market, particularly payment through mobiles has received a lot of attention recently, at least in India. Some further news items I had shared earlier in my shared items:

Why? It would be interesting to go through this report by Juniper Research. It says:

"...the mobile phone has enormous potential when used as a tool for financial services, and is only just at the beginning of a journey that is likely to revolutionize the sector in a similar manner that the ATM (Automated Telling Machine) did for the banking and cash business - which in contrast took some twenty years to fully develop."

It also says:
"...the rush by banks and mobile operators to deliver financial services to the mobile phone will result in just over 612 million mobile phone users generating over $587 billion worth of financial transactions by 2011."


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