X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEEDHAM, Mass. – Those credit unions that have jumped to the leading edge and started offering wireless banking services will be pleased with the results of just-released TowerGroup research. The research shows that by 2005 the number of U.S. mobile payments users is expected to rise to 3.5 million and will play a much larger role in a consumer’s relationship with their financial institution. TowerGroup defines mobile payments (m-commerce) as those conducted via an end-user’s mobile telecommunications network. The payment may be charged to a consumer’s debit/credit card; debited from a consumer’s financial institution account; charged directly to a user’s telephone bill or deducted from a pre-stored value on a user’s mobile device. So far m-commerce has been hindered by security, connectivity and device limitations in the U.S., which lags Europe and Asia in m-commerce. Over the next 18 months TowerGroup expects that these obstacles will begin to wane and thus create an opportunity for financial services institutions to leverage their relationship with consumers and facilitate m-commerce. There were only 38,000 U.S. users of mobile payment services last year. TowerGroup believes that by 2005 the number of U.S. mobile payments users to rise to 3.5 million.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.