Jonathan Kaftzan, Director of Product Marketing at Amdocs, the communications, media and entertainment software and services provider, has drawn on a recent Bank of America report to forecast that mobile payments will form 10% of total payments for India during 2016, as the interoperability of cryptocurrency transactions continues to develop and the popularity of mobile internet and e-commerce gains global traction. Mr Kaftzan has reportedly stated that the predicted 200-fold growth over the next seven years to $3tn will bring great opportunities for the country's IT, telecom, and banking and mobile wallet companies as the mobile banking phenomenon escalates in response to the digital preferences of millennials. The report, titled 'Mobile Payments Will Dominate Global Banking by 2022', states that: "The adoption rate is expected to reach 70% within five years, with more than half of all consumers using their smartphones
Jonathan Kaftzan, Director of Product Marketing at Amdocs, the communications, media and entertainment software and services provider, has drawn on a recent Bank of America report to forecast that mobile payments will form 10% of total payments for India during 2016, as the interoperability of cryptocurrency transactions continues to develop and the popularity of mobile internet and e-commerce gains global traction. Mr Kaftzan has reportedly stated that the predicted 200-fold growth over the next seven years to $3tn will bring great opportunities for the country's IT, telecom, and banking and mobile wallet companies as the mobile banking phenomenon escalates in response to the digital preferences of millennials. Peer-to-Peer (P2P) lending, partnerships between new banks and telecoms arising from the boom in financial technology start-ups, and advanced mobile financial services such as loans, insurances and credit card services will offer the most lucrative business opportunities, as traditional banking processes are gradually replaced and the world moves towards a new one-currency era.