Mobile Commerce

The rapid increase of mobile phone owners together with the introduction of 3G mobile technology has heralded a new chapter in business. 3G technology has made it possible to use such features as broadband internet and large data transfers involving e-mails and faxing. Video and audio streaming which makes it possible to have video calls. These features have made it possible to use any handheld device which supports 3G to carry out financial transactions. Business transactions carried out this way are known as mobile commerce (m-commerce).
M-commerce or mobile commerce can be defined as the conducting of business via wireless portable devices. These portable devices include laptops, PDAs and mobile phones. Mobile commerce encompasses the buying and selling of services, as well as manufactured goods. Indeed, given the pace at which this phenomenon is catching on, it is only a matter of time before we forget all about e-commerce.
The industries where mobile commerce is taking over include the following:
• Banking and financial services, which includes mobile banking. Many banks and other financial institutions are rolling out mobile banking facilities to tap into the wide client base. Mobile banking facilities enable consumers to carry out their banking transactions without having to be in a banking hall. Customers are able to transfer funds, check balances, pay bills and do a host of other of other things from any location. All one needs to do this is a mobile phone/handheld device with 3G capabilities.
• Telecommunications, whereby service changes, bill payment and account reviews are carried out on the same mobile device.
• Information services, which includes getting the latest happenings in financial news, sports figures and traffic updates to a single mobile device.

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