In just a few years, mobile wallets have exploded in popularity, transforming the way we pay. But the mobile payments landscape is still evolving.
Today, mobile payments are everywhere. People store bank cards in wallets on their phones and use them to buy things in store and online. They use phone credit or dedicated mobile money accounts to trade, save and make purchases. Meanwhile micro-merchants use dedicated POS readers to receive mobile payments. It all adds up to an industry that transacts trillions of dollars every year.
But this market never stands still. New technology is changing what’s possible.
How can industry insiders stay on top of these developments? Introducing the first MEF Payments yearbook, containing all the latest data and insights on this influential space. Download the MEF Payments yearbook now to stay ahead of the curve!
Key Takeaways
Payments Overview
Mobile payments is a lot of things. It’s e-commerce on a smartphone, payment via the phone bill (DCB), mobile POS, airtime payment and more. The space is always evolving – reflecting changes to the tech and shifting consumer preferences. So what lies ahead for 2024?
MEF Payments ProgrammeÂ
MEF and its member play a central role in defining the mobile payments services of today and tomorrow. Its ‘Payments’ ecosystem brings together service providers, MNOs, financial services companies and more to define standards, share knowledge and tackle fraud in the space.
Mobile Web, In-App And Message-Based Payments
With the launch of the smartphone, the world of e-commerce began its shift from the PC to the mobile device. Consumers started to make payments via the small screen – on the mobile web and in native apps. Developers responded by tweaking their payments screens accordingly. So what’s next?
Direct Carrier Billing
Paying from the phone bill – also known as direct carrier billing (DCB) – has become a well established channel for small value digital transactions. What are the forces shaping its evolution? And how can DCB evolve and expand into new markets and use cases?
Mobile Money
In developing countries, MNOs have created entirely new forms of mobile money. These products – M-PESA, EcoCash, Orange Money and more – give unbanked customers their first taste of real-time digital payments. As a result, they are transforming societies and unleashing innovation.
In-Store Mobile Payments And M-Pos
The world is going cashless – and the mobile handset is playing its part in this evolution. People are already using their phones to make payments in-store by scanning QR codes or tapping NFC tags. Now, vendors are preparing to start using the phone to take payments too.
"At the start of this century, a few enthusiastic phone owners started to pay for ringtones using reverse billed SMS messages. Premium text was an innovative (if clunky) solution to a pretty frivolous business need. But it was, in fact, the start of a mobile payments revolution. Today, mobile payments are everywhere. People store bank cards in wallets on their phones and use them to buy things in store and online. They use phone credit or dedicated mobile money accounts to trade, save and make purchases. Meanwhile micro-merchants use dedicated POS readers to receive mobile payments. It all adds up to an industry that transacts trillions of dollars every year. But this market never stands still. How can industry insiders stay on top of these developments? The MEF can help. Our Payments workstream comprises virtually every major company active in the sector. We are delighted to present the first MEF Payments yearbook. It contains all the latest data and insight on this influential space. We hope you find it useful."
Claire MaslenAdvisor, MEF
