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Forecast: Mobile Payments to Yield $22B by 2011

Mobile subscribers are poised to generate over $587 billion in wireless financial transactions by 2011, according to a new report issued by Juniper Research. According to Juniper, mobile financial services are rolling out at a frequency similar to the web banking "gold rush" of the 1990s.

More than 612 million mobile users will embrace some form of mobile financial services by 2011, with mobile payments expected to yield almost $22 billion following adoption by 204 million wireless subscribers.

"A combination of increased user demand and a desire from all sections of the [mobile financial services] ecosystem to deliver intelligent applications and services has created an atmosphere that is both creative and pragmatic," said report author Alan Goode in a prepared statement.

The report found that the mobile phone has enormous potential when used as a tool for financial services, and is only just at the beginning of a journey that is likely to revolutionise the sector in a similar manner that the ATM (Automated Teller Machine) did for the banking and cash business -- which in contrast took some twenty years to fully develop.

The report categorises Mobile Financial Services (MFS) into two distinct areas: Mobile Banking and Mobile Payments with Mobile Payments predicted to generate almost $22bn of transactions by 2011 and be adopted by 204M mobile phone users. Whether from a migrant worker sending funds back to his/her family at home from overseas or a commuter paying for travel around the London tube system, there are many examples of the growth of MFS from all regions around the world.

Report author Alan Goode said: "A combination of increased user demand and a desire from all sections of the MFS ecosystem to deliver intelligent applications and services has created an atmosphere that is both creative and pragmatic."

Juniper Research illustrates the current and near-future status of MFS with interviews, case studies and analysis from representatives of some of the leading organisations in the booming mobile financial services industry. [FierceWireless/FierceMobileContent]

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