Mobile payment, or m-payment, is the use of a mobile device during the transaction process for payments at places like vending machines, retail stores, or over the Internet.
According to the consulting firm's study, Austria is at the top of the list of European countries with the most developed m-payment markets. Croatia has one of the most developed m-payment markets in central and eastern Europe.
Croatia has been one of the first countries to introduce m-parking, the charging of someone's parking fee to his or her mobile phone bill through his or her mobile device.
Currently, m-parking services are available in 23 Croatian cities. For instance in the Adriatic resort of Dubrovnik, parking fees collected through m-payment account for 75 percent of the total amount of paid parking fees.
This year's study of the Arthur D. Little firm is the enhancement of the study from 2004, and contains interviews with experts in this field in 32 countries.
The company estimates that m-payment transaction revenues will increase from USD3.2 billion in 2003 to USD11.7 billion in 2005 and USD37.1 billion in 2008 world-wide.