Useful links:
Intl News | Intl Press Releases | sQuid schemes - Intl

eMoney News

Growth of contactless technology set to boost global e-money market
10 Feb 2011

The growth of contactless technology is set to significantly boost the global e-money market over the next five years, according to new research.

A survey by payments consultancy firm Edgar, Dunn & Company (EDC) has revealed that the international contactless payments industry is set to be worth over $320 billion (£199 billion) by 2016.

The Advanced Payments Report 2011 also shows that the mobile payments market is set to reach $680 billion (£423 billion), with online payments set to be worth more than $2,000 billion (£1,250 billion) in five years time.

Samee Zafar, director at EDC, said: "Robust and secure mobile payment technologies are widely available. These can leverage existing payments infrastructure as far as possible thereby saving payment processing costs.

"What is now required is for payment services providers to develop advanced payment products that can be effective and successful in the marketplace."

In reference to mobile payments, the report notes that banks and the mobile network operators need to work together to promote the fledgling technology.