Edgar, Dunn & Company predicts massive growth for “advanced payments”
The Advanced Payments Report 2011, a joint initiative with Payments Card & Mobile magazine and sponsored by MasterCard Worldwide, encompasses a review of the global payments landscape, surveys of payment industry stakeholder opinions and discussions with more than 650 industry executives and thought leaders.
The report foresees that the greatest growth will be from contactless and mobile payments, with an expected global market of US$320 billion and US$680 billion respectively by 2016.
However, the greatest obstacle for contactless payments is the lack of contactless point-of-sales (POS) terminal infrastructure. The greatest obstacle for mobile payments, on the other hand, is the lack of cooperation between banks and mobile network operators (MNO).
Yet, EDC Director Mr. Samee Zafar is optimistic about overcoming these obstacles. According to him, “robust and secure mobile payment technologies are widely available” and all that is needed now is “for payment services providers to develop advanced payment products that can be effective and successful in the marketplace.”
Cards Asia 2011 is back for the 16th edition this year from 13 – 15 April 2011 at Suntec Singapore with more innovative, interactive, inspirational and invaluable experiences and activities. As Asia’s most established and largest cards & payments tradeshow for banks, retailers & governments, Cards Asia 2011 has enjoyed tremendous success and support from Asia’s cards and payments industry professionals. More information can be found at www.cardsasia.com.sg