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Mobile payments industry report shows great potential in Mexico

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Mobile PaymentsA new analysis of alternative transactions for Mexican consumers has shown possible future success.

A report has just been issued that is providing considerable insight into the role that mobile payments is currently playing and that it will play in the future, when it comes to the consumer financial services environment in Mexico.

The landscape in that country at the moment is driven by innovations in technology and regulatory changes.

These have allowed consumers to be able to open up more accounts, but has also made for a very natural transition to mobile payments and banking services. In Mexico, telecommunications companies (primarily Telcel) and major banks have started to gain considerable traction this year when it comes to using smartphones for their services. This could transform the entire banking system in the country in a surprisingly short amount of time.

Many feel that mobile payments and banking will soon redefine the way that branch bank services are provided.

The hope is that this will help to address a number of the ongoing issues that the Mexican banking industry has been facing in terms of disparities in reaching millions upon millions of unbanked customers. Mobile payments would open up the doors to allow them to participate in formal banking services for the first time.

The report was conducted by ReportsnReports and was entitled “Mobile and Alternative Payments in Mexico” and it made a number of recommendations regarding the ways in which the mobile payments industry can help the banking environment in that country to keep up with the evolving marketplace and use its potential to its fullest.

The recommendations that were made within the mobile payments report were based on research that included:

• The current choices and preferences of Mexican consumers, allowing mobile payments strategies to be kept in context.
• An analysis of trends relating to branch expansion and banking services.
• An assessment of the penetration of smartphones in combination with the relationships that consumers have with their banking services, such as online banking or the interest in mobile payments, as well as smartphone shopping and interest in learning more about services over this channel.

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