Mobile Payments Offer Financial Institutions Opportunities With the Unbanked, Pyramid Finds

CAMBRIDGE, Mass., Nov. 8, 2011 /PRNewswire/ -- A growing ecosystem around mobile commerce and mobile payments has created new opportunities for financial institutions. Decreasing costs and wide availability of mobile devices now allows financial institutions to effectively reach the 50 percent of the population that remains unbanked, according to Jose Magana, Senior Analyst and Pyramid's Practice Leader for Mobile Payments.

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"Banks, which already have the infrastructure and systems in place to serve the mobile market, are eyeing technology as a way to cut the costs of expanding coverage to the under-banked population and to penetrate the micropayment business," says Jose Magana. Banks simply cannot reach those with lower incomes or who live in rural areas and alternative options, such as the postal network and informal methods, are often unreliable and/or costly. In addition, there is a natural resistance from lower income groups to deal with banks and technology gives them flexibility to use financial services on a way they feel more comfortable. "Financial institutions that can effective communicate and attract the unbanked, combined with successfully promoting the security of mobile banking will find success in the mobile payments market," he adds.

The Mobile Commerce Landscape Insight Pack is priced at $6490 and available for purchase online or through emailing [email protected].

Industry Insight Packs are the latest addition to Pyramid's product portfolio. For more information on how Pyramid delivers strategic value through our consulting services, click here.

Pyramid Research (www.pyr.com) offers practical solutions to the complex demands our clients face in the global communications industry. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies and emerging business models, powered by the bottom-up methodology of our market forecasts for more than 100 countries – a distinction that has remained unmatched for more than 25 years. As a telecom research arm of the Light Reading Communications Network (www.lrcn.com), Pyramid Research contributes to the only integrated business information platform serving the $4 trillion global communications industry.

The Light Reading Communications Network (www.lrcn.com) combines the most trusted telecom research brands with award-winning online communities and a rich events portfolio to deliver the only integrated business information platform serving the global communications industry. With the power of this platform, leaders who build, deploy, finance and regulate next-generation telecom networks are able to make more informed decisions on emerging market and service opportunities. The Light Reading Communications Network is a division of UBM TechWeb (www.ubmtechweb.com), the global leader in technology media and business information.

Press Contact:
Jennifer Baker
Marketing Director, Light Reading Communications Network
617 871 1910
[email protected]

SOURCE Pyramid Research

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