Tuesday, 3 August 2010

Reaching to new Markets by tapping in to Mobile payments

 


Mobile payments are projected to reach US$264.8 billion by the year 2015.  Given the fact that approximately four billion mobile phone users exist across the globe with numbers increasing at a faster pace, Sooner or later, a significant chunk of mainstream consumers are going to be making point-of-sale transactions using their mobile phones. The question is who will seize this lucrative opportunity? Who will be the winners and who will be losers? 



When Westminster City Council implemented a pay by phone parking scheme,  they were shocked to find out that at least 75% of all metered parking came from pay-by-phone, up from the anticipated 10% to 15%.



One key component to m-commerce's potential success is establishing a comfort factor among consumers when it comes to paying for things with mobile phones.


It’s a fact that most customers know their mobile phone number but not their card number.



Successful social gaming companies like Zinga who owns Farmville has recognised this and are making a killing out of the social gaming market through mobile payments.



Although many SME’s are aware of the benefits of mobile payments at a whole, most are unaware of how each would add value to their individual business models or more over how to successfully implement such a winning strategy.  


At  Waspit, even if it is a multi billion pound brand or a small taxi company,  first thing we do is to understand the client’s present model and cater a unique mobile payment solutions for that business.



Most SME’s are unclear the about the return versus the investment of implementing  such a strategy. Most of the clients who comes to us we offer minimum or no investments (depending on the solution). Not only that till they achieve their objectives we will continue to support them.


 


We actively encourage pilot programs and if you think that it is time to jump in to the mobile payment bandwagon or you just want to have understand more about mobile payments then please email the author: atara.mordou@waspit.com quoting Alrayes, and they will assist you further.


 


By: Atara Mordou, Account manager – www.waspit.com
 


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