In an exclusive interview with Talkstandards, Nav Bains (GSMA Director of Mobile Money) emphasized the “lack of commercially available Single Wire Protocol NFC handsets” and “deployed contactless infrastructure at the point of sale” as the major barriers to widespread market adoption of mobile NFC technology.
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All forum discussion will take place on this page!

This event (Thurs October 28th –  3pm GMT / 8am Pacific / 11am Eastern / 5pm CET / 11pm Beijing) is set to discuss mobile payment and transfer services.

Outline:

Mobile money offers huge potential for today’s unbanked population, given that there are only 1.4 million ATMs globally while mobile customers exceeds 4 billion. Two of the largest MMT initiatives today are Safaricom’s M-PESA, focused on an agent system for cashing in/out money transfers between users, and Obopay, provider of an end-to-end solution for mobile money transfer and mobile payments.

Innovation to the money transfer service is two-fold: it allows a ubiquitous transfer service – regardless of time and place – that only requires a mobile phone. Considering that mobile technology spreads faster than financial institutions develop, MMT services presents potentially very interesting competition to traditional banking services.
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I have long been a fan of the expression from the movie Jerry Maguire – Show me the money!

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There are currently around 1 million people worldwide who, although without access to traditional banking facilities, own a mobile phone. Further this number of unbanked mobile users is expected to grow to around 1.7 billion by 2012. This growth is driving the development of alternative banking systems, particularly in developing countries. Mobile money allows the transferring of funds between individuals or the payment in retail settings using mobile phones.

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As mobile phone usage increases all over the world, new mobile services are continuing to be developed. The reach of mobile phone networks, compared to traditional finance channels, offers promising opportunities to new entrants in the money transfer service market. While globally there are only 500 thousand bank branches (1.4 million ATMs), there are approximately around 3 billion mobile phone users – increasing at a rate of 30 each day.

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As the number of mobile phones steadily increase in the world and handsets are used for much more than calling and texting, Mobile Near Field Communications (NFC) offer users the ability to use their phone as a mobile wallet. However, even though consumers would welcome such solutions, NFC deployment is sluggish.
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