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Last Update: 8:42 AM ET Jan 10, 2007 RARITAN, N.J., Jan 10, 2007
Three emerging payment alternatives to the traditional magnetic stripe credit debit card payments regime, when combined, hold the potential to significantly alter the payment landscape.
Biometrically authenticated payments contactless payments and mobile payments (m-Payments) and will each levy its own unique impact over the next five years.
Together, they could garner over $400 billion in revenue by 2011.
According to a new report from The PELORUS Group entitled "Alternative Payments: Changing The Rules", several drivers are converging to increase the demand for new payment alternatives.
Whether it's brick & mortar or online Internet payments, the speed and convenience needs of consumers or merchant needs to retain customer loyalty these are important drivers altering payment habits and methods.
Biometrics pioneer, Solidus Networks, d.b.a. Pay By Touch, which recently purchased customer loyalty pioneer, S&H Green Stamps, is well positioned in this space, especially
when one considers that it will be introducing Mobile Payments platform in 2007.
Biometric cell phones, like the ones pictured on the left are becoming more commonplace in the market, especially overseas in places like Singapore and Japan where telecom giant, DoMoCom prevails.
In 2007, Pay By Touch expects to launch its offerings into new vertical markets such as healthcare, online, petroleum, into financial institutions and mobile (m-payment) channels.
Moreover, the continuing need for security when making payments is driving both technical and payments innovation, and Pay By Touch has a distinct advantage in the security category.
Payments other than by cash are being made across increasingly diverse payments applications, such as for parking, vending, mass transit and other micropayments. Finally, the large number of unbanked and underbanked consumers in the U.S. and worldwide have payment needs not being fully met by traditional card based payment systems.
According to the report's principal author, Vance Hodnett, Vice President of Financial Services with The PELORUS Group,
"In the nascent melding between traditional payment systems offered by financial institutions and payment systems offered by others, such as telecom carriers and independent service providers, financial institutions will have both an opportunity and a threat when it comes to offering consumers functional and suitably responsive payment systems. Over the long run financial institutions will find it in their interest to offer their customers more flexible and convenient payment methods."
The PELORUS Group estimates that aggregate revenue from biometric contactless and m-Payments, at U.S. merchants will grow over 15-fold by 2011 from a 2006 level of $27 billion.
SOURCE: The PELORUS Group The PELORUS Group Greggory Blundell, 908-707-1121 gblundell@pelorus-group.com www.pelorus-group.com Copyright Business Wire 2007
Three emerging payment alternatives to the traditional magnetic stripe credit debit card payments regime, when combined, hold the potential to significantly alter the payment landscape.Biometrically authenticated payments contactless payments and mobile payments (m-Payments) and will each levy its own unique impact over the next five years.
Together, they could garner over $400 billion in revenue by 2011.
According to a new report from The PELORUS Group entitled "Alternative Payments: Changing The Rules", several drivers are converging to increase the demand for new payment alternatives.
Whether it's brick & mortar or online Internet payments, the speed and convenience needs of consumers or merchant needs to retain customer loyalty these are important drivers altering payment habits and methods.
Biometrics pioneer, Solidus Networks, d.b.a. Pay By Touch, which recently purchased customer loyalty pioneer, S&H Green Stamps, is well positioned in this space, especially
when one considers that it will be introducing Mobile Payments platform in 2007.Biometric cell phones, like the ones pictured on the left are becoming more commonplace in the market, especially overseas in places like Singapore and Japan where telecom giant, DoMoCom prevails.
In 2007, Pay By Touch expects to launch its offerings into new vertical markets such as healthcare, online, petroleum, into financial institutions and mobile (m-payment) channels.
Moreover, the continuing need for security when making payments is driving both technical and payments innovation, and Pay By Touch has a distinct advantage in the security category.
Payments other than by cash are being made across increasingly diverse payments applications, such as for parking, vending, mass transit and other micropayments. Finally, the large number of unbanked and underbanked consumers in the U.S. and worldwide have payment needs not being fully met by traditional card based payment systems.
According to the report's principal author, Vance Hodnett, Vice President of Financial Services with The PELORUS Group,
"In the nascent melding between traditional payment systems offered by financial institutions and payment systems offered by others, such as telecom carriers and independent service providers, financial institutions will have both an opportunity and a threat when it comes to offering consumers functional and suitably responsive payment systems. Over the long run financial institutions will find it in their interest to offer their customers more flexible and convenient payment methods."The PELORUS Group estimates that aggregate revenue from biometric contactless and m-Payments, at U.S. merchants will grow over 15-fold by 2011 from a 2006 level of $27 billion.
SOURCE: The PELORUS Group The PELORUS Group Greggory Blundell, 908-707-1121 gblundell@pelorus-group.com www.pelorus-group.com Copyright Business Wire 2007
