Report: Global Payments Moving Toward CNP Transactions and Mobile
June 30, 2011
In both developed and emerging economies, payments are moving from cash-based to cashless transactions and on to CNP transactions, according to a report from London-based VRL. The report, Alternative Payment Channels, also said the mobile payment infrastructure in developed economies needs to be augmented before it can escalate further. In the BRIC nations (Brazil, Russia, India, China) the number of unbanked consumers and the number of mobile phones “are striking,” according to the report. Only 30 percent have access to financial services while SIM penetration is 86 percent in Brazil and a staggering 141 percent in Russia. VRL said that translates into “a great opportunity for mobile payments.” The report provides a detailed breakdown of potential markets, and investigates the necessary developments to sustain the growth in alternative payment channels.