Ernst & Young: Closed m-payment system hampering growth

A new study by consultancy Ernst & Young argues that mobile money has huge potential but is being held back by multiple closed systems, few POS terminals deployed and only a small selection of capable handsets. But the firm's new report, "Mobile Money 2011," said the uptake of m-payment services, estimated by Gartner to reach $245 billion in value worldwide by 2014 and have attracted 340 million customers, will be driven by speed and convenience. The Ernst & Young report also said that cash payments can take 34 seconds, credit cards plus PIN 27 seconds, and contactless payment methods 12.5 seconds. While the difference might appear small, the report believes that paying for items in less than 13 seconds will prove to be attractive to consumers. Article (PDF)

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