Mobile money transfer market to hit $8b-study

The global mobile fund transfer market will see a near $8 billion revenue opportunity for mobile operators by 2012, from just over $10 million in 2006, a recent study by research firm ABI Research said.

The ABI Research, quoted by a Wireless News report said, several carriers lead the way with national and international services, most notably in the Philippines.

The report said the largely third-party offerings in the US remain small and niche.
In addition, web companies PayPal, Amazon, and Google have focused attention on offering mobile payments.

'Early US and European mobile fund transfer services have focused on limited demographics -primarily students and their family benefactors, but there remains enormous potential for developing a user base through key partnerships, combining mobile operators and financial services companies,' Jonathan Collins, ABI Research principal analyst, quoted by the Wireless News report, said.

The study further said end users understandably are cautious about who they trust to handle their money, so established banks and mobile operators will help to provide much of the security that new users look for in mobile transfers.

'This places mobile operators who are willing to deliver money transfer applications at the forefront of a lucrative range of applications,' Collins further said.