Auxiliary impediments to mobile payments
Sep 19, 2012 Dave King
Over the past five years, mobile payment technology has gone from a rarity to possibly the most preferred method of making transactions. Business owners need to consider adopting mobile payment technology into their merchant services to ensure they do not lose business on account of being behind the times. However, security is one concern that many believe has impeded upon the mobile payment industry reaching its full potential. Advocates and regulators alike are working to properly oversee the industry, while technology manufacturers continue to create more foolproof devices and software. Another possible problem
Wall Street Daily recently reported that the mobile payments industry has another, more nuanced issue that will need to be reconciled before the technology becomes truly widespread. According to the source, the rapidly growing number of platforms and associated devices has caused confusion among consumers and merchants. As a result, the news provider purports, the convenience factor is quickly made pesky, thus canceling out the most appealing facets of mobile payment technology like near field communication (NFC). Because of this issue, as well as the security question, Wall Street Daily suggests that the payment industry will not be paperless anytime soon. The source added that check writing was expected to be antiquated shortly after the advent of debit cards and electronic billing, yet more than 30 billion checks are written annually. Though the mobile payments industry will likely continue its torrid growth, it will take time for it to reach its utmost potential. Mobile payment competition abounds
Last month, ZDNet reported that many analysts believe the mobile payments market will experience continued competition throughout the coming years. Though major mergers have occurred, there are several platform and service providers that are projected to be successful and battle for the top spot for the foreseeable future. Still, competition is often equated with benefits to the consumer, while merchants will also likely experience an increase in options and deals when shopping for mobile payment systems. Last spring, research firm Gartner forecast an extreme rise in mobile payment transaction volumes and values for this year, as well as through 2016. According to the organization, 2012 will see a nearly 62 percent increase in such transactions over last year globally, with more than 212 million users by year's end. Further, Gartner believes the world will see 42 percent annual growth over the next four years.
Wall Street Daily recently reported that the mobile payments industry has another, more nuanced issue that will need to be reconciled before the technology becomes truly widespread. According to the source, the rapidly growing number of platforms and associated devices has caused confusion among consumers and merchants. As a result, the news provider purports, the convenience factor is quickly made pesky, thus canceling out the most appealing facets of mobile payment technology like near field communication (NFC). Because of this issue, as well as the security question, Wall Street Daily suggests that the payment industry will not be paperless anytime soon. The source added that check writing was expected to be antiquated shortly after the advent of debit cards and electronic billing, yet more than 30 billion checks are written annually. Though the mobile payments industry will likely continue its torrid growth, it will take time for it to reach its utmost potential. Mobile payment competition abounds
Last month, ZDNet reported that many analysts believe the mobile payments market will experience continued competition throughout the coming years. Though major mergers have occurred, there are several platform and service providers that are projected to be successful and battle for the top spot for the foreseeable future. Still, competition is often equated with benefits to the consumer, while merchants will also likely experience an increase in options and deals when shopping for mobile payment systems. Last spring, research firm Gartner forecast an extreme rise in mobile payment transaction volumes and values for this year, as well as through 2016. According to the organization, 2012 will see a nearly 62 percent increase in such transactions over last year globally, with more than 212 million users by year's end. Further, Gartner believes the world will see 42 percent annual growth over the next four years.
