Mobile payments is such a new concept that many in the media continue to inaccurately report what happened this week between Read Now
New York-based Datamonitor reports that the U.S. mobile commerce solutions market will reach $1.2 billion over the next five years and will eventually surpass Europe. The new report released today, called "mCommerce Infrastructure for the U.S.," identifies why the U.S. is currently defying its traditional role as a market leader by trailing Europe in the mCommerce arena and illustrates how it will catch up.
The market analysis firm says the inability to reach a single mobile telecommunications standard, low wireless device penetration, high prices and lack of awareness, as well as security concerns, have been the stumbling blocks to attaining the critical mass required for introducing new services. Datamonitor predicts that the fastest growing mCommerce sector in the U.S. will be financial services, which will rise from $90 million in 2000 to $1.8 billion in 2004.