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.
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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
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