According to research by BuzzCity, mobile payments have just surpassed credit card payments as the second most common payment method for mobile phone users (cash remains the most popular). 24%were recorded as saying that they used mobile payment methods to purchase items while only 17% said they used credit cards. With the mobile money market expected to go from strength to strength, we look at what it might mean for telecoms recruitment in the future.
In the report BuzzCity found that 42% of mobile phone users make financial transactions on their smartphone and of those that didn’t, a third said that they were planning on doing so in the near future. The most common reason for not making financial transactions on smartphones was concerns over security. Banks now have everything in place to be able to provide the service, they just need to address people’s security concerns to win an even greater share of the market from more traditional payment and banking methods. For this reason we expect to see increased growth in hiring for security professionals in the mobile banking market.
In addition to increased hiring in areas such as security where companies will need to invest to increase uptake amongst consumers, we expect to see a marked increase mergers and acquisitions in the market. Banks and financial institutions will be looking to acquire smaller businesses and implement a ready-made solution into this new area. Larger mobile payments companies on the other hand will be looking to acquire smaller competitors to gain their customer base and reduce competition. This could lead to increased hiring in change management roles and in areas such as OSS and BSS as companies look to integrate their new acquisitions.
Mobile money markets differ from one country to another. Africa has a very mature mobile money market as a large portion of the population have mobile banking options in lieu of an actual bank account. With a number of markets still in their infancy, professionals currently working in mobile money could find they have a number of very lucrative opportunities in new geographies as companies look to attract the top talent with experience of the sector to help launch their own mobile banking offerings.
Mobile banking and mobile payments is by no means a new phenomenon. The growth of the sector has been slow and fragmented in the past as companies have struggled with challenges around infrastructure and adoption. Now that the infrastructure is readily available and adoption rates are up, we predict increased hiring in the market as it continues to grow.
Source: Vine 10