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Mobile Payments: The Market for Travelers, Unbanked, and No/Low Credit Users

A significant portion of the global population is “unbanked”, low credit, or otherwise unable to establish and maintain a bank account. While this portion of the population is on a downtrend due to globalization and developing countries becoming more industrialized, the market segment without a traditional financial account is an important market segment for mobile commerce. In addition, travelers face issues with currency differences, exchange services and other impediments that make mobile payment an attractive option to traditional commerce. This report evaluates mobile commerce for unbanked, low credit, or no credit users. The report analyzes the market challenges and includes two case studies for developed and developing markets. The report analyzes mobile commerce companies involved in each market and banking solutions with a SWOT analysis for each mobile payment solution. The report also evaluates the future trends for mobile payment solutions for unbanked and under-banked populations.

The report includes the following forecasts:

  • GLOBAL PAYMENT MARKET FORECAST BY REGION
  • GLOBAL M-COMMERCE SERVICE USERS FORECAST BY SEGMENT
  • GLOBAL M-COMMERCE SERVICE REVENUE FORECAST BY SEGMENT
  • GLOBAL UNBANKED POPULATION FORECAST
  • GLOBAL M-COMMERCE SERVICE REVENUE FORECAST BY REGION
Target Audience:
  • Mobile network operators
  • Mobile commerce companies
  • Financial institutions of all types
  • Wireless infrastructure providers
  • Commerce application companies


General Methodology

Mind Commerce Publishing's research methodology encompasses input from a wide variety of sources.

We rely heavily upon our Subject Matter Experts (SME) in terms of their market knowledge, unique perspective, and vision. We utilize SME industry contacts as well as previous customers and participants in our market surveys and interactive interviews.

In addition, we rely upon our extensive internal database, which contains modeling, qualitative analysis, and quantitative data. We review secondary sources and compare to our primary sources to update previous findings (for prior version reports) and/or compile baseline information for technology and market modeling.

We share preliminary models with industry contacts (select previous clients, experts, and thought leaders) to verify the veracity of initial modeling. Prior to final report production (analysis, findings, and conclusions), we engage in an internal review with internal SMEs as well as cross-expertise, senior staff members to challenge results.

We believe that forecasts should be prepared as part of an integrated process which involves both quantitative as well as qualitative factors. We follow the following 3-step process for forecasting.

Forecasting Methodology

Step 1 - Forecasts Input: The inputs for the present and historical revenues are derived from industry players. Financial and other quantitative data for individual sub-market categories are derived from original research and tested with interviews with major industry constituents.

Step 2 - Forecasting of Future Years: Mind Commerce extends forecasts based on a variety of factors including demand drivers as well as supply side data. Key success factors and assumptions are considered.

Step 3 - Validation of Data: The final step is to validate projections, which is accomplished in consultation with both internal and external industry experts, including both topic and regional experts. Adjustments are made to the forecasts based on factors identified throughout this process.


Introduction
The Market Segment Without A Bank
High Costs
Convenience
Need To Instant Funding
Lack Of Knowledge
Identification Requirements
Bad Banking History
Overall Perceptions Of Banking
Mobile Payment Models
Operator-centric Model
Bank-centric Model:
Peer-to-peer Model:
Collaboration Model:
Mobile Payment Methods
Premium Sms Based Transactional Payments
Direct Mobile Billing
Mobile Web Payments
Contactless (Nfc)
Unbanked / Underbanked Population
Unbanked Population
Underbanked Population
Challenges With Mobile Payment For Unbanked
Economic Challenges
Multiple-nationalities Nations
Banking Account Is A Must
Cost
Security
Case Study: Mobile Payment For Unbanked In Usa
Overview
Unbanked/Underbanked Population In United States
Low-income Population
Unemployed Population
Under-educated Population
United States Unbanked Population Market
Popular Mobile Payment Solutions For Unbanked
Precash
Paypal & Moneygram
Boom Mobile Payment From M-via
Case Study: Mobile Payments In Kenya
Overview
Non-¬cash Payment Options In Kenya
Mobile Payment Solutions For Unbanked In Kenya
M-pesa
Alternatives To M-pesa In Kenya
Reasons For Success Of M-pesa
Future Of Mobile Payments For Unbanked/Underbanked
Faster Service
More Services Especially For Travellers
Replacement Of Traditional Credit Cards
Alternatives To Banking: Independent Bi-lateral Payment Processing
Payments Market And Forecasts
Mobile Payments Market
Global Payment Market Forecast By Region
Global M-commerce Service Users Forecast By Segment
Global M-commerce Service Revenue Forecast By Segment
Global Unbanked Population Forecast
Global M-commerce Service Revenue Forecast By Region
Appendix
Foundations And Motivations For Mobile Banking
Introduction To Electronic Payment Systems

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