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07:41 16th June 2011
Mobile payments in Central and Eastern Europe are set to soar in the next seven years despite a recent deceleration in the market, according to new data from Frost & Sullivan.
The firm said a lack of consensus between telecoms and financial institutions on the equitable split of revenues had slowed growth in the market but a gradual market development driven by applications providers will change that dynamic.
The value of mobile payment transactions in CEE reached almost 290 million euros in 2010 and this is expected to surge to 22,700 million euros by the end of 2017, the research showed.
"Mobile phones in CEE are gradually becoming information and education centres, with the number of applications on them constantly expanding," states Frost & Sullivan analyst Edyta Kosowska. "Starting using mobile phone as a wallet is only a matter of time."
In other news, a push for an increase use in mobile payments is set to benefit retailers as they can cash in on impulse buys and use more targeted marketing in a more efficient way, according to Mike Hawkes, chairman of the Mobile Data Association (MDA).
Posted by Derek Oldman
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