The return of m-commerce

As the mobile market matures, the only way celcos can continue to plunder ahead is to turn that cellphone into a wallet.

In the not too distant past, m-commerce was a buzzword bandied about, suggesting we would pay for everything from parking tickets to candy from vending machines.

Now it seems, like every New New Thing circa 1998, is about to take off again.

CNNMoney.com cites Celent's market estimates of Total US$24 billion this year and US$55 billion by 2008.

"There was a lack of standards in this country, and the devices weren't quite ready (back in the 90s)," says Dan Schatt, a senior analyst at Celent. "But the stars are finally aligning. This will happen a lot faster than most people realize."

Indian m-commerce venture, PayMate India Private Limited, funded by leading global VC Kleiner Perkins, has thrown down its gauntlet with the launch of its app recently.

It spouted stats from Informa Telecom & Media Group that the m-payments market in 2006 stands at US$60 billion, which is estimated to rise up to US$180 billion in a few years. China, Japan and now India would be the geographical drivers.