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Mobile Banking Lacks a Global High-Tech Leader
Using mobile phones for financial transactions, or
m-banking, has seen rapid adoption in countries like
the Philippines
and
Japan. Though the
service remains fragmented and country-specific,
this week’s CIO magazine points out the growing
opportunity for
m-banking in Africa.
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CIO
bases their assertion on survey results from South Africa, where local bank
subsidiaries are already processing thousands of
mobile transactions each month, and the biggest
barrier to wider adoption seems to be a lack of
consumer awareness.
Finding signs of m-banking success in
South Africa is not
surprising. Vital Wave Consulting research reveals
that the mobile phone saturation rate among South
Africans living at or above subsistence is
comparable to the level in European markets.
Saturation in South
Africa
(and
Nigeria), together
with rapidly increasing mobile penetration rates in
other African countries, create a fertile user base.
And mobile phone-based financial services are
particularly attractive when poor roads and public
transportation systems make a trip to the bank an
expensive, all-day journey.
There are ample, quantifiable business opportunities
in the m-banking value chain for multiple players,
including banks, international credit companies,
carriers, and software designers. While financial
service providers are moving quickly to realize
these opportunities, no global technology leader has
stepped forward. A multinational high-technology
company capable of providing such mobile solutions
has much to gain by enabling comprehensive m-banking
across emerging markets.
Also in the news:
• Microsoft is putting their money on
smart phones as the next computer
•
GSM and CDMA search for the best foothold in
developing countries
• Vodafone unveils
handsets designed for emerging markets
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