Mobile payment to reach $1tr
Global mobile payment users will exceed one billion by 2014 with over $1 trillion in transactions taking place in that year, reports PR USA.
Mobile payments continued its stellar growth in 2009 with the total number of users increasing to 351.4 million.
IE Market Research expects mainstream take-up of mobile payments to happen between the 2011 and 2013 timeframe. The forecast is that in 2014, the gross value of mobile payment transactions will reach $1.13 trillion.
US behind in mobile payment
US consumers are still at least "a couple of years" away from widely using their smartphones to make payments, despite technology that is already available, according to MasterCard, states Reuters.
Major US banks, mobile phone companies and credit card processing networks are all vying to dominate the emerging US market for smartphone payments.
Barriers to widespread adoption remain in the US, MasterCard president of global technology and operations Robert Reeg claims. MasterCard is conducting some 20 different tests of mobile payment technology around the world.
Australian taxi service gets $15m fine
A long-running Australian Competition and Consumer Commission probe with Cabcharge has ended with the taxi company incurring a $15 million penalty, states The Herald Sun.
The commission commenced proceedings against Cabcharge in June, 2009, alleging that the company used its market power to refuse to enter into agreements with competing suppliers of payment-processing services, which would have allowed Cabcharge's payment products to be processed through alternative electronic payment machines.
The regulator also said Cabcharge has used its market power to supply a “significant” number of metres and fare schedule updates either free or below cost for anti-competitive purposes.
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