MxMIndia

Tag: BuzzCity

  • Mobile advertising network Buzzcity study reports that mobile banking is picking up globally

    Over a quarter of working adults globally now banking via mobile phones

    By A Correspondent

     

    According to global report from leading mobile advertising network, BuzzCity, mobile banking is on the verge of cashing in, BuzzCity surveyed 17,000 consumers across 22 countries on their attitudes to mobile banking and payments.

     

    Amongst working adults over a quarter (26%) are using their phones for some form of financial or banking transaction, with nearly a fifth (16%) intending to try mobile banking. But it is those without bank accounts, ironically, that are fuelling the growth of mobile payments – a higher percentage than those with bank accounts.

     

    Of those who are already mobile banking, balance enquiries (30%), bank transfers (26%) and cash withdrawals (28%),are the top three most-used banking features. When it comes to non-banking activities, 13% now use their phones to receive their salaries, and 12% pay for goods via their phones.

     

    The research has brought to the fore the emerging demographic group of the UnderBanked – those who do not have traditional bank accounts -  who  make up 30% of working adults using mobile. The UnderBanked are connected with exposure to mobile financial services and this is fuelling the growth of mobile payments: a higher percentage (19%) is using mobile payments for paying bills then those with traditional bank accounts (13%). Mobile is bridging the gap for those with no access to traditional banking services – some 12% use mobile money transfer services.

     

    The UnderBanked are not necessarily a high credit risk group. While many (43%) believe they don’t have enough money to open an account, only 8% have a bad credit history. At least a fifth (21%) feel they do not need a bank account probably because banks do not offer services that are important to them, such as fast cheque cashing services (31%) and small cash loans (50%).

     

    Said Dr KF Lai, CEO of BuzzCity on the findings: “Our research is showing a seismic shift in global consumer confidence when it comes to mobile banking, as well as how and what people are using mobile payments for. Mobiles are intrinsically wedded to our daily lives and our research highlights that this now extends to how we bank, whether we are with or without a traditional bank account – and what we are happy to pay for with via our mobiles. For the UnderBanked the mobile phone has become, in addition to a communication and surfing device, a necessary banking and payment channel and is filling a gap that the banks cannot meet.”

     

  • BuzzCity research expects Indian mCommerce activity to grow, with 53% of consumers having already shopped via mobile

    ‘Consumer confidence in mcommerce at all-time high’

    By A Correspondent

     

    BuzzCity has brought out its latest quarterly report on the current trends dominating the global mobile advertising industry. The report reveals the appetite for mobile commerce is at an all-time high, with consumer confidence diminishing previous fears over security of payments – 3 percent compared to 27 percent a year ago.

     

    Dr KF Lai, CEO of BuzzCity, said, “It is clear that consumers are now far more receptive to mobile commerce than ever before; this comes as a result of continuous education by the mobile industry to overcome concerns such as trust and security, combined with falling data costs and increased capabilities of smartphones and tablets.”

     

    The unstoppable proliferation of mobile devices, along with the convenience they provide, has put online stores and the ability to compare and research purchases directly into the hands of consumers.

     

    BuzzCity’s research illustrates how shoppers are using their phones to “browse and buy” – search engines and social media are a major source of information, along with 14 percent using review and comparison sites, and 17 percent relying on friends’ recommendations. However, mobile advertisements are still influencers to a purchase with 17 percent claiming to have been persuaded to buy via an ad. With this wide range of mobile touch points brands need to continue to develop an optimum shopping experience, in order to reap the rewards of all that mobile commerce has to offer.

     

    This latest report highlights a key factor in the mobile purchasing chain – convenience.  With 74 percent of consumers using mobile for last-minute purchases, linked to the increasing prevalence of mobile vouchers and QR codes to drive people to connect mobile with the offline world.

     

    Dr Lai added,  “Mobile is now the first screen for many. Our research shows that there are many influences involved in consumers’ decisions when shopping via a mobile device. Marketers must ensure that they put strategy before tactics and take into consideration user behaviour as well as multi-screen viewing. Any brand embarking on global campaigns should bear in mind that consumer reliance on these services can differ greatly by region, and merchants need to understand these cultural nuances by localizing content strategies and apportioning resources accordingly.”

     

    Other highlights of the report include:

    • India saw four quarters of double digit growth and closed off with a year-on-year growth of 46%.
    • While Nokia remains top device in India, its dominance is being challenged by Samsung
    • Mobile surfing expected to grow in India as smartphone penetration increases beyond 25%.

     

  • Though the market is still small in size, it is beginning to open up and 2012 should see many advertisers and content players invest in the medium.

    M-commerce is the way to go in 2012

    By Rishi Vora

     

    The Q3 report for 2011, which was released in December 2011 by BuzzCity, a global company which serves advertisers and publishers of mobile internet sites, augurs high growth prospects for mobile commerce (m-commerce) , which grew by 30 percent from the second quarter in 2011, in India.

     

    According to the report, a major portion of the growth came from mobile content players, but there were a few financial services brands that also ran promotions.

     

    BuzzCity, headquartered in Singapore specialises in mobile internet advertising and India tops its priority list among emerging nations. BuzzCity has served more than three billion ads in India alone – it tops the list of ads served by a company in the Asia Pacific region.

     

    BuzzCity’s India operations were started four years ago when the Mumbai office was set up, at a time when mobile internet, as a medium, had just begun to gain momentum.

     

    K F Lai, co-founder and CEO, BuzzCity said, “India is one of the most important markets for us. It contributes a significant chunk of revenue to our global network. Though the market is still small in size, it is beginning to open up and 2012 should see many advertisers and content players invest in the medium.”

     

    The report also stated that while Indian market was heavily male-dominated as far as usage of mobile internet was concerned, the sheer size of the market still gave advertisers reach into a substantial demographic of over 14 million unique users.

     

    Sharing his view on the Indian market, Mr Lai said, “There are about 150 million mobile internet users in India, these numbers are bigger than internet numbers, thanks to the mobile penetration and the decreasing price-points of smart-phones, 3G services and so on. We will also see increase in the number of mobile internet users, with tablets becoming popular, it means better user experience, opportunity for brands and for publishers – it means serious business.”

     

    Mr Lai believes that 2012 will be a year where m-commerce will evolve in a big way. India has already seen unprecedented growth in e-commerce. The key for the industry, however, is to maintain high levels of trust among consumers and transparent dealings. If proper care is taken, it is a medium which can pay rich dividends to brands in India.

     

    The report also revealed that in 2011 Nokia was the most popular handset brand for internet access (64.81 percent), followed by Samsung (11.85 percent). The generic mobile phones, known as ‘white-box handsets’, cumulatively accounted for a marginally higher share than Samsung at 11.95 per cent.