Mobile-payment transactions are expected to rise nearly fourfold over
the next five years, exceeding $1.3 trillion, according to a new report
from Juniper Research.
Google is a leader in the mobile wallet space. However, security identity is a big concern and an impediment for customer acquisition. Google announced the addition of new security features to Wallet, technical changes to the way it stores card information, and support for all credit and debit cards from Visa, MasterCard, American Express and Discover. American Express, however, took exception to the announcement, clarifying that while it is interested in Wallet, it has yet to reach a formal agreement with Google.
Despite such hiccups, the market marches onward.
Discover, American Express and Google, along with industry peers such as PayPal, VeriFone, Intuit, Capital One, Isis, Visa and MasterCard, earlier this month joined a Mobile Payments Committee formed by the Electronic Transactions Association. The lot plan to work together to educate everyone from merchants and consumers to lawmakers about the possibilities, challenges and future of mobile payments.
http://www.eweek.com/c/a/Mobile-and-Wireless/Google-Wallet-Isis-NFC-Will-Push-Mobile-Payments-to-13-Trillion-708700/
Google is a leader in the mobile wallet space. However, security identity is a big concern and an impediment for customer acquisition. Google announced the addition of new security features to Wallet, technical changes to the way it stores card information, and support for all credit and debit cards from Visa, MasterCard, American Express and Discover. American Express, however, took exception to the announcement, clarifying that while it is interested in Wallet, it has yet to reach a formal agreement with Google.
Despite such hiccups, the market marches onward.
Discover, American Express and Google, along with industry peers such as PayPal, VeriFone, Intuit, Capital One, Isis, Visa and MasterCard, earlier this month joined a Mobile Payments Committee formed by the Electronic Transactions Association. The lot plan to work together to educate everyone from merchants and consumers to lawmakers about the possibilities, challenges and future of mobile payments.
http://www.eweek.com/c/a/Mobile-and-Wireless/Google-Wallet-Isis-NFC-Will-Push-Mobile-Payments-to-13-Trillion-708700/
1 comment:
I do agree that Mobile payment is an incredible phenomenon. Not only the online payment segment but also mobile payment methods show a steady growth in 2012. The transaction volume for mobile payments is forecasted to increase by approximately 75% worldwide compared to 2011.
While the preferred mode of payment in America , Asia and Europe is still credit card payments – with a 40% market share of credit cards in USA of payments and a rise of cash in eastern Europe in 2012- I would actually like to discuss about the particular popularity of this phenomenon in emerging and developing countries as it has changed lives.
M-Pesa in Kenya has changed lives. As described in wiki “The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS to other users , and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service.”
The concept of mobile payment was created initially in Kenya to allow microfinance borrowers to execute transactions easier (receive and pay), which in turn will allow Micro finance institutions to offer lower rates with lower costs a result of mobile payments. But when the service was launched, it was so popular that M-Pesa expanded its services to a variety of services with a new value proposition: sending remittances home across the country and making payments. M‐Pesa has spread quickly, and has become the most successful mobile phone‐based financial service in the developing world.
As another example,in south Africa,, while working with the carriers Vodacom, MTN, and CellC, Zong’s mission is to bring mobile payments to nearly 50 million people.
In conclusion, while mobile payments still have a way to go in the USA and Europe, they have already conquered Africa as a continent.
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