Mobile Wallet: Location-based Commerce and Peer-to-Peer Payments

World-wide, mobile commerce and peer-to-peer payments are in their infancy. While Japan and Korea are leading, France, Finland, and the U.K. are just moments behind. Key South American and Central American countries are exploring business process and market acceptance of mobile commerce. African nations, challenged by politics, have seen recent developments in peer-to-peer payments collapse while India has seen success. And, the United States and Canada, leaders in banking business process and industry regulation design are aggressively pursuing global partnerships.

But where are location-based services? This report looks at the significance of combining the mobile wallet with mobile local search. Covered are emerging mobile application developers - we look at what they need to do next in their evolution towards bringing commonality of usage to the masses for rapid service adoption.

Additionally, we look at WHY mobile location-based transaction services are behind the implementation expectations of consumers. Research and pilot testing of the mobile wallet has been taking place well-over a decade. In 1997, Coca Cola installed vending machines in Helsinki that provided a canned drink when SMS payments were sent to the machine. That same year, Merita bank, also in Helsinki launched the first mobile phone SMS based banking service.

So what is slowing progress of mobile location-based banking services and mobile commerce in general? The hold-up is consumer protection - ensuring the safety and security of transactions from the first mile through the last mile of data transfer. This report looks at developments in security including encryption, authentication, and cloud computing.

Finally, the report provides several break-outs of vendors and research tools that readers can use in their evaluation of the market place.

Questions Answered in Report:

• What is the evolutionary path for the Mobile Wallet to achieve mass adoption in North America and Europe? How can Asia engage the adult market?
• What location-based technology companies are poised to lead in profits and market share for mobile commerce and Peer-to-Peer Payments?
• What are the critical security technologies to protect consumers?
• How will location-based technologies deliver a higher resolution of data to drive clearer strategic business analysis?
• What are the current models of transactions that enable the mobile wallet?
• Why are location-based services for mobile financial peer-to-peer transactions behind consumer and industry expectations?

Audience:

This report is for bankers, mobile application developers, and retailers needing a clear understanding of the magnitude of mobile financial applications along with detailed recommendations for achieving market and revenue leadership.