Mobile Payments Surge across the World

Analysts expect mobile payments to grow to US$630 billion by 2014. This estimated growth is being driven by the enthusiastic adoption of smartphones worldwide.

Major players like Nokia, Apple, Palm and Motorola are constantly coming up with new mobile devices. With the development of apps, mobile devices are pushing into gaming, Internet browsing, business development, and even media. However, the most important and relevant segment that mobile devices have crept into is the payment space.

At the same time, there are various cultural, business, and technical challenges affecting the growth of mobile banking in developing and developed countries.  The various concerns that have to be addressed are security, as mobile phones begin to merge with financial accounts, with the financial details held on phones that could enable a third person to read the information.