Show Me the Mobile Money

by Michael Martin on April 23, 2010 · 1 comment

in Mobile

show me the mobile monetization money

There have been accelerating advances in mobile technology and its online usefulness which had been predicted in speeches and presentations for years on end but what people are waiting for is when mobile monetization shows them the money.

Google & Facebook both declared at the 2010 Mobile World Congress that mobile is their highest priorities going forward as they invest a great portion of their resources to it.

Google Voice is the largest  group in Google Research according to Michael Cohen, manager of speech technology at Google, while including Android & Mobile Search directly illustrates Google putting its money & resources behind their words of “Mobile First“.

This combined investment is producing results with the near debut of a smartphone becoming a universal translator like the tricorder from Star Trek allowing a person to have a real time conversation in any language – my prediction is that Google will debut this real time translation with Android at Google IO in May 2010.

Now where is the translation of all these mobile advancements in true mobile monetization for businesses & webmasters?

Lets look at the facts affirming what businesses are thinking – people aren’t performing actual purchases beyond mobile applications while on their phone – as evidenced on the chart below:

This is a big reason why companies are not making the true investment in the mobile rendering of their sites other than for the most part the newspaper industry.

The key to exploiting and converting this growing customer base is to provide ease of mobile payments along with the simplistic while informative viewing of your products/services on a mobile device.

I covered the basics of how to future plan your site and expose it to the mobile search engines in the Search Engine Journal yesterday, but the devil in the details is the mobile purchasing methodology.

There are mobile online wallet options provided by Paypal, Google Checkout & Amazon Payments for example, which apply only to those that took the time to set it up but to make it more universal for impulse buying it needs to be even more simple and direct.

Ultimately it comes down to if people are comfortable with directly tying their bank account and or credit card information to their phone itself, which can obviously go sour if their phone gets lost or stolen.

The counter to this is the same as if you have your credit or bank card lost or stolen but with a mobile device there would be quicker & more expedient wipe process.

People are already tying more and more of their personal information to their phone especially as it becomes their defacto social media device with about 60% of their mobile time spent on such services.

The question remains when the public is then comfortable with the next step of directly tying their financial information to their mobile device which will provide the key in unlocking mobile money for businesses.

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