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M-payment for burgers

M-payments for burgers
There will be over 41.5 billion financial transactions carried out on mobile phones by the end of 2011 as unbanked consumers adopt the technology to access banking services. Which probably explains why McDonalds is so keen to use the technology to buy its burgers.

The usage predictions are one of the findings in a new study by according to a study by Juniper Research, which predicts that 612 million mobile phone users will conduct financial transactions with their handsets in three years’ time, generating over US$587bn. Annual global mobile banking transactions will soar from 2.7 billion in 2007 to 37 billion by 2011.
The study cites the millions of mobile phone users in developing countries who do not have bank accounts or credit cards as a massive potential market.
The remittance and money transfer market will be particularly popular, although Juniper warns providers that issues surrounding legislation designed to combat money laundering make it a costly exercise.
The Far East and China will see the biggest adoption, with 250 million mobile phone users conducting financial transactions by 2011.

In the developed world, Juniper predicts teenagers who cannot access regular financial services will be a driver for adoption.McDonald’s restaurants in Japan have rolled out the Kazasu Coupon loyalty and payment programme.

And about those burgers…
Kazasu (“contactless”) Coupon is currently in 175 stores, allowing fast food customers the opportunity to choose and pay for meals, and redeem coupons, using RFID-enabled mobile phones.
Customers have to download an application and register via a website, after which they can choose coupons and start using the service.
When making their purchase the coupon is redeemed by placing the phone near the RFID reader at the register, instantly adding the item to the order. To complete the order, payment can also be done using NTT Docomo’s iD mobile wallet.
The customer benefits from loyalty rewards and faster service while McDonald’s gets a personal history for each customer.

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