In a report by Meridien Research Inc., it's predicted that the number of digital mobile device subscribers will rise to half a billion in North America, Europe and Asia combined by 2003.
In another study on the emerging wireless technology market, The Yankee Group, Boston, forecasts the number of Internet-accessible wireless devices around the world to reach 1.25 billion by 2003, up significantly from the 500 million to 750 million devices estimated to be in use globally today.
By means of a cellular phone, PDA, and forthcoming wireless devices, NetPace's mobile banking solution enables users to engage in such activities as viewing account balances/history, transferring funds, view/modifying account information, and setting account alerts for low account balances and unusual account activity. Additionally, M-Bank's wireless bill payment service allows users to setup electronic monthly transfers for credit cards, utilities, services, etc. and receive notifications as these bills become due.
The Financial Services Industry will be a key driver within the global B2C wireless market. Celent Communications suggests that there will be 150 million wireless financial service users by 2004 -- 78 million in Europe, 53 million in Asia-Pacific, and 17 million in the U.S.
"Many people in the United States are not aware of the activity within the European and Asian wireless markets and the inherent potential for the U.S.," says Omar Khan, co-chief executive officer.
M-Bank is well positioned to serve companies within the Financial Services Industry such as Wells Fargo and Co. (NYSE:WFC), Bank of America Corp. (NYSE:BAC), Providian Financial Corp. (NYSE:PVN), (NYSE:COF), Chase Manhattan Corp. (NYSE:CMB), and Citibank (NYSE:C).
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