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Mobile wallet driven by speed and convenience, says IT vendor

The take up of the mobile wallet among consumers is being driven by the convenience offered by this new technology, an IT vendor has said.

Hazem Mulhim, chief executive officer (CEO) at EastNets, made the comments while discussing the firm’s new SWIFT-approved en.MoRe mobile remittance solution, which was showcased at Sibos in Toronto last month.

He explained: “Convenience is the main factor behind subscribers choosing mobile. The type of people we are targeting are mobile users and of course with mobile penetration in billions of numbers, mobile now is a commodity which everyone is using”

“The 'convenience' we are providing is for white collar workers - at any moment, they can send money to their families from anywhere. So they are in the office or at home, at any time of day and night and they can send payment instructions from their mobile immediately.”

This new technology service is proving to be particularly popular in the so-called ‘emerging markets’ where EastNets has initially tested the solution.

Figures released by Gartner earlier in the year highlighted how fast mobile the numbers of mobile payment users is increasing.

Statistics from the research body showed that the number of worldwide payment users will surpass 141.1 million in 2011, which is almost a 40 per cent increase on numbers from last year.

By Jim Ottewill