Money Transfer: The Top Mobile App of 2012?

Posted by: Olga Kharif on November 18, 2009

Money transfer will be the No. 1 consumer application in year 2012, according to Nov. 18 report from consultant Gartner. The app is expected to have more revenue potential than mobile search and browsing, mobile health monitoring and mobile music. In fact, mobile transfers are expected to be an even bigger business than various types of mobile payments, such as using cell phones to pay for produce at grocery stores.

Money transfers’ popularity shouldn’t come as a surprise. This is a huge business in the U.S. and around the world already. Today, most consumers have to come into, say, a Western Union location or use their PC to complete a transaction. It can be problematic and time-consuming for many people to get to either one; but most everyone carries a phone. Another consultant, Juniper Research, expects international mobile money transfers to top $65 billion by 2014.

For the top 10 features Gartner expects to be present on smartphones in 2012, check out this list.

Reader Comments

Wilt Chambers

November 18, 2009 3:02 PM

There is a lot going on int he media about mobile transfers and once this service has the proven infrastructure and security needed to bring on huge customers to the service, there will be a revolution in the money transfer industry. ATMCASH is a promising service that already has a great service, can you imagine how great it would be if THEY had a mobile transfer feature??

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Bloomberg Businessweek writers Peter Burrows, Cliff Edwards, Olga Kharif, Aaron Ricadela, and Douglas MacMillan, dig behind the headlines to analyze what’s really happening throughout the world of technology. Tech Beat covers everything from tech bellwethers like Apple, Google, and Intel and emerging new leaders such as Facebook to new technologies, trends, and controversies.

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