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Mobile Commerce Poised to Grow Threefold by '10|
- By CXOtoday Staff, May 25, 2009 1700 hrs IST
- Tags : mobile commerce, Ajay Aidesashann, Paymate
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While M-Commerce is in its nascent stages, it is slated to boom over the next few years with growing sophistication and lower prices of mobile handsets.
A report by the Internet and Mobile Association of India (http://www.iamai.in) titled Mobile Value Added Services in India projects that the mobile VAS sector (of which M-commerce is a part) is expected to grow from Rs.5,780Cr (June 2008) to RS 16,520Cr in June 2010 as a direct benefit of the growth in mobile telephony.
Currently, users of M-commerce perform a wide variety of transactions via mobile from paying for utility bill & movie tickets to shopping & holidays. While the uptake of mobile payments is still gathering pace, services that are more accessible and easier to use are finding favor.
With the RBI's support for M-banking and the release of its guidelines on mobile banking transactions (Sept-Oct 2008), banks have sped up their roll out of m-payment products with banks such as Standard Chartered, SBI and IDBI Bank launching their services in the early part of the year.
Ajay Adiseshann, founder & MD of PayMate, a prominent player in the mobile commerce space, said, "We have seen a quarterly increase in M-commerce use and uptake consecutively for the past year. Our users cross over a broad section of society and our variety of transactions reflect this. The most popular uses for our product are utility bill payments, mobile recharge and flight & movie tickets."
PayMate's recently commissioned research by The Nielsen Company shows 64% of m-payment users surveyed had registered for an m-commerce service within the prior 6 months. This points to a spike in consumer confidence in m-commerce since the RBI issued its guidelines in Sept-Oct 2008. However, the research highlights lack of awareness & information about the security of M-commerce as the main barrier to up-take of this technology.
PayMate does not require GPRS or software downloads to use its service. As a result, all mobile handsets are eligible to use its SMS & IVR (Interactive Voice Recording) based services, making M-commerce an accessible alternative to cash or credit cards.
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