Mobile transactions here to stay, announces TNS MENA
- United Arab Emirates: Monday, July 23 - 2012 at 14:54
- PRESS RELEASE
Mobile transactions look set to becoming a staple payment method as technology advances and trust in remote transaction gets the thumbs up from the region's consumers, according to Steve Hamilton-Clark, CEO of TNS MENA.
"Using a mobile device to bank or shop is fast becoming the norm. Worldwide mobile payment transactions are anticipated to increase by more than 60% this year alone, with over 212 million uses amassing transactional values surpassing $171.5bn," he said.
Hamilton-Clark said that it is the world's emerging economies who are fast to latch on to the attributes of the mobile wallet but warned that security emerged as a primary barrier to adoption and a key reason for the slow take-up of the mobile wallet in many markets, including much of Europe and North America.
TNS's annual Mobile Life study explored mobile usage among 48,000 people in 58 countries. The study confirms the massive potential but warns that deeper understanding of consumer needs, the removal of entry barriers and enhanced online security are required before a full embrace can take place.
"Interestingly, the mobile wallet is perceived to be safer than cash in some countries more than others, especially in Asia and Africa. However, closer to home, the study uncovered some scepticism, with just 24% and 31% of respondents in Saudi and the UAE respectively saying that they were presently comfortable with online security facilities," he said.
On the other hand, he said that Indonesia has a 71% comfort level, and in Uganda 43% of those surveyed believe that with mobile transactions are secure.
"Despite different drivers and slow uptake across western markets, one out of three mobile users in the Middle East region looks ready to adopt the use of a mobile wallet.
"Indeed, the research suggests that we have reached a global tipping point and mobile financial services looks here to stay," Hamilton-Clark concluded.
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