Fast Market Research recommends "Mobile Money Opportunities in the BRIC Countries" from BRICdata, now available
Williamstown, MA -- (SBWIRE) -- 04/23/2012 -- A large unbanked population supported by a developed mobile and banking system will be the fundamental driver for the growth of mobile-based financial services in Brazil. In Brazil the majority of mobile money initiatives are led by banks. The need to gain access to the potential market through the unbanked population is driving strategic business alliances between banks and mobile operators.
In Russia operators are placing a strong emphasis on making contactless mobile payment service available to users using the NFC standard, with NFC-enabled mobile payment trails initiated for making retail payments or on public transport. All three leading mobile operators in Russia, Megafon, MTS and Vimpelcom, collaborated to provide users with common access to each other's mobile payment services.
View Full Report Details and Table of Contents
In India the growth of mobile money services increased as regulatory changes were implemented. Brought into effect by the Reserve Bank of India (RBI), the new regulations increased the per-day mobile money transfer limit to INR50,000 (US$1000) from the existing limit of INR5,000 (US$100). The rapidly growing mobile money market in India is driving the established business correspondents (BCs) to directly offer mobile payment services.
China is an upcoming destination for mobile money services owing to its large mobile subscriber base and increasing government support. China's UnionPay, a card network operator in China, in collaboration with China's leading banks, wireless operators and handset manufacturers, is forming a mobile payment industry alliance. This alliance is expected to enhance mobile payment coordination across industries by providing a single open mobile payment platform to users.
- The Brazilian mobile payment market recorded XXX million transactions in 2011 with an average transaction size of US$X.X, and is set to reach over X.X billion transactions with an average transaction size of US$X.X by 2016.
- The Brazilian retail industry is one of the most developed in Latin America, which is expected to provide a strong platform for the growth of mobile payment services.
- The Russian mobile payment market stood at X.X million transactions in 2011, with an average transaction size of US$X.X. This is set to reach over X.X billion transactions with average transaction size of US$X.X by 2016.
- The entry of PayPal will help drive the mobile payment market in Russia, which is currently dominated by e-currencies, Yandex.Dengi and WebMoney.
- The Indian mobile payment market stood at XX million transactions in 2011 with average transaction size of US$X.X. This is set to reach X.X billion million transactions, with an average size of US$X.X by 2016.
- The regulatory change, which allow postal departments, kirana stores and corporates to act as business correspondents, is also expected to be the key driving factor for mobile banking in India
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Wireless research reports at Fast Market Research
You may also be interested in these related reports:
- Strategies for Increasing Share in MVAS Market in BRIC Countries
- The Future of Pc/Mobile Convergence: Competing technologies and emerging business models for the mobile Internet
- Mobile Gaming Asia: Market and Forecast Analysis
- The Future of 4G Technologies: New opportunities and changing business models for the emergence of LTE and WiMAX
- Mobile Phones - Top 5 Emerging Markets Industry Guide
- Strategies for Increasing Share in the Mobile Value Added Services Market in Brazil: Market Profile
- Mobile Value Added Service (VAS): Markets, Applications, and Opportunities
- Strategies for Increasing Share in the Mobile Value Added Services Market in China: Market Profile
- Strategies for Increasing Share in the Mobile Value Added Services Market in India: Market Profile
- Strategies for Increasing Share in the Mobile Value Added Services Market in Russia: Market Profile