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Mobile banking and payments: emerging price models
Banks have a track record of giving new technology to customers for free. It started with the internet and, until recently, mobile was going that way too. However, mobile network operator (MNO) O2’s intention to charge customers for peer-to peer (P2P) mobile payments (“Money Messages”) may signal the end of the ‘free’ business model and give banks the opportunity to monetise their mobile innovations. O2 is not alone in monetising mobile payments. In fact, there are a growing number of cases in North America where Remote Deposit Capture (RDC, paying in a cheque via mobile) commands a fee. These real-life cases, combined with research from Simon-Kucher & Partners, point to emerging best practices of pricing mobile banking services.