Last year, Forrester predicted the U.S. mobile payment market will reach $90 billion by 2017. Given the popularity of mobile transaction apps like Square, PayPal and the recently launched Amazon Local Wallet, you'd think consumers would eat up the mobile wallet idea. But, no, it hasn't turned out that way at all.
Simply creating mobile-friendly versions of existing products and services will not be enough for banks to fend off challenges from non-bank competitors, such as PayPal, Google, Amazon and Square. That is the conclusion of a new report by Accenture on digital banking.
The mobile payment market is attracting big retailers who want to reduce transaction costs and increase customer loyalty, Reuters reports.
Quick rundown on the latest mobile IT news for Wednesday, 3/5 including: new spectrum licensing paradigms become more common to help out shortage, PayPal's lead in the lackluster mobile wallet market, the reign of tablets as the main reason for the success of smart connected devices in the U.K., CommScope as top wireless DAS gear vendor and the growth of the TD-LTE RAN market.
Visa announced that 90 U.S. banks, including Bank of America, PNC Bank, BBVA Compass and others, now support its V.me digital wallet service. That number is almost double the 50 that supported the offering in November. Further, Visa said that fully 253 merchants have agreed to support the company's V.me service, a number that includes 72 merchants signed on during the second quarter.
One in four tablet users is predicted to pay bills via the device by 2017, according to a report by Juniper Research.
Sprint Nextel (NYSE:S) is making it possible for its customers to bill digital goods purchases directly to their monthly Sprint bill. Through a deal with mobile payment provider BilltoMobile,