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MOBILE E-FINANCE

MOBILE E-FINANCE. ~ The new road for accessing financial services.~. I. GENERAL STATISTICS. By 2003 the use of mobile devices with internet access in Europe will penetrate 63% of its population.

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MOBILE E-FINANCE

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  1. MOBILE E-FINANCE ~ The new road for accessing financial services.~ United Nations Conference on Trade and Development

  2. I. GENERAL STATISTICS • By 2003 the use of mobile devices with internet access in Europe will penetrate 63% of its population. • At the end of 2001, 18 latin american countries had around 83,7 million active mobile handsets, around 17% of the region’s population. This number is already greater than the amount of fixed telephone lines running from Tijuana to the Patagon. United Nations Conference on Trade and Development

  3. Just in Mexico, the penetration of cellular telephones today reachs 25%. • According to an IDG news report, the estimated number of mobile devices worldwide at the end of 2003 will be around • One billion (1’000,000,000) United Nations Conference on Trade and Development

  4. II. M-COMMERCE • M-Commerce = Mobile Commerce: Buying or selling any kind of goods over a mobile instrument. • With the above figures, it is obvious the marketplace is already set to start transacting with wireless devices. • By the end of 2000, only 3% of total mobile subscribers actually used their phones to transmit data over wireless networks. United Nations Conference on Trade and Development

  5. M-Commerce hasn’t yet been a success because of some critical factors which also affect M-Finance, (Mobile E-Finance), four of the most important are: • Access Speed -> The phone is hanged up before completing a transaction. • Small Displays -> Not many words can be read at once, pushing away some users. • No innovative services -> No desire to learn how to use them. • Available M-Tools add up to the transaction costs -> People wait until they get to a computer terminal to react. United Nations Conference on Trade and Development

  6. III. M-Finance There is great potential to make wireless users happy with mobile finance tools: Imagine an exporter who could recieve on his handset, confirmation of every step of his Letter of Credit transaction. The Bank’s system would automatically send the information, triggered by real time data being introduced elswhere in the world. The businessman would then be able to confirm in the same way, every step of the transaction requiring his input. United Nations Conference on Trade and Development

  7. He would finally be informed when his funds are available, and by selecting an option from the same message, he would be able to send them to another account. Why isn’t it happening yet? The general M-Finance approach has been migrating the bank’s call center applications to a text based gateway. This gives the user no incentive to start working with wireless digital services. People tend to regard entering the bank through a mobile phone as complicated, basically because of the same motives that have held m-commerce from exploding to mass markets. United Nations Conference on Trade and Development

  8. M-FINANCE is not a substitution of E-Finance, but rather it complements it. United Nations Conference on Trade and Development

  9. The user can select from here, the services he wants to access from his mobile device This screen exemplifies how easy it would be to let him recieve regular account balances in his portable handset. This is the wireless services subhome of a fictious Bank’s website. United Nations Conference on Trade and Development

  10. Security Issues: Among all of the factors that could put M-Finance in risk, security is the most important. Today’s standards address security via an exclusive phone device identifier, and with features that come with digital lines. Lately, private ID cards with encrypted certificates have been made available, and wireless product manufacturers are already building instruments that plug them in. These cards represent more shield from hackers than the common user-and-password system does in the web access world, and they even require this system in order to use them. United Nations Conference on Trade and Development

  11. Some companies around the world are already doing M-Commerce, most notably, cell phone carriers who are actually functioning as ‘credit providers’ to their customers. The next screen is an example of what is currently being done in Scandinavian countries. United Nations Conference on Trade and Development

  12. The phone company checks credit Approved User selects machine and desired soda Transmits approval and order 1. A thirsty person in front of a vending machine want’s to get a soda but has no money, only his mobile phone Buying a soda over the airwaves This is an actual Mobile application being used in scandinavian countries. It represents only the tip of the iceberg of possibilities. United Nations Conference on Trade and Development

  13. Conclusions: Mobile commerce will require Mobile financial services to become an everyday reality. M-Finance R&D is a must for financial institutions if they want to prevail in the new era of banking and commerce. We will be seing multiple joint ventures and alliances between Banks, IT and Telecommunication companies. It is becomming more common for people to have their own mobile device, than a computer or a fixed phone line. In some Latin American countries, it is becomming more common for people to have their own mobile device, than a credit card. United Nations Conference on Trade and Development

  14. Wireless will change our lifestyles in a very short period of time, including the way we financially transact. United Nations Conference on Trade and Development

  15. Thank You United Nations Conference on Trade and Development

  16. Number of cell phones in Latin America: http://archivo.eluniversal.com/2002/01/06/06282DD.shtml Number of mobile headsets worldwide http://www.idg.net/idgns/1999/05/25/SymbianExpandsWithMatsushitaInvestment.shtml United Nations Conference on Trade and Development

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