The research firm Celent published a new report on the mobile phone payment market, anticipating that mobile phones will be an increasingly popular vehicle for small dollar payments. Celent notes that this year will be devoted to working out the details of technology standards, fee sharing, etc. and that mobile wallets will make their debut in 2007.
Per the report, two disruptive factors characterize mobile payments:
- Unlike a desktop computer, the mobile device is independent of time and place;
- Portability and accessibility can transform the mobile device into a wallet that can be accepted at the physical point of sale.