Is it safe to say that this decade has been dubbed Generation-M? With endless information at our fingers tips it comes as no surprise that mobile payment transactions are expected to hit $1.13 trillion by 2014.
We recently shared a Research and Markets report that provided an outlook for the mobile payments landscape. We have compiled a few of the comments to this piece to shed some light on what our community has to say.
"Definitely here to stay. Considering Amazon's disclosure of mobile sales value over the last 12 months this is a good bellwether on how influential mobile payments will become. Ebay is also a good example of the trend towards m-commerce; the use of Paypal on mobile is a pretty good payment experience as it does not differ from the normal browser experience which users are familiar with.
While SMS payments are fine for low value items and will remain so for the foreseeable future. Browser based payments should start to pick up considerably as users become more comfortable with the security aspects of mobile payments. The rising trend of smartphones with always-on internet will fuel the browser based payment model also."- George
"I think it here to more than stay. It is going to go through more change, new innovation and many more products and services to benefit customers. The challenge will be in regulating the sudden adoption so as to avoid another risk to the financial systems. It can be a economic changer and a payment system changer. Look out for consolidation in 3 to 5 years from now, there are so many new entrants and to make good revenue there needs to be scalable volume. Many vendors and consultants have one to two customers only, hard to make it profitable in the short term."- Louis
"I definitely feel that mobile commerce is here to stay. The growth of actual users, now over 5 billion active mobiles, the underlying robustness of the mobile infrastructure to move encrypted data tokens OTA or across back-haul fiber and more importantly the actual evolution of the commerce transaction instrument environment globally...... barter to coins and cash then cheques and credit cards and debit ecommerce paypal and now m-pesa obopay mobibucks mpay Zoompass and others not to mention mobile banking apps on smart mobiles is an indication of the actual stabilization of mobile commerce after a few false starts- some I have been personally involved with.
Carol Realini CEO of Obopay on her blog recently pointed to the recent announced JV of AT&T/Verizon;/T Mobile with Discover and Barclay's as perhaps the tipping point that will move mcommerce into a permanence that it never previously enjoyed is a very accurate assessment of the evolving mcommerce landscape.
Discussion such as what is taking place here on LinkedIn is an important aspect and component that will contribute to that aforementioned permanence. BTW I have a great name for that JV"-Charles
"I have dubbed this decade as Generation-M! This is the decade where we turn away from static ICT and in it's place we'll embrace the dynamic idea of 'information @ your fingertips' Anytime, Anywhere, Whenever you need it!
As PC's took hold at first financial services where not trusted and it was almost a decade before e-commerce really took hold following it's introduction.
When the web was new partnerships and markets were formed, mobile will have the same effect with different industries and different markets being affected.
The idea of mobile money covers many different aspects of monetary use and applications. Mobile money will actually have more applications and different types of uses than current financial services and applications available.
The mobility aspect of 'anywhereness' coupled with dynamic real-time data can move and shake the world at will. Mobile money will eventually result in a 'world currency' or a widely accepted real-time electronic conversion platform for such.
It's been slow coming but Smartphones and mobile broadband are now starting to make mobile money more widely accepted. The government needs to find a way to support the adoption of mobile money within the US.
I'm sure there will be strong opposition for a complete turnover to totally electronic money. I'm sure there are many cash hoarders who do not relish the idea of turning in their bills to be exchanged for electronic dollars.
But resistance causes persistence... In Generation-M all information will be mobile and accessed from anywhere with proper access credentials.
Mobile money is but one aspect of the changes we'll see in this decade. Industries surrounding mobility should start dialog with financial service sectors and providers to see how they can benefit one another. Transportation companies should be talking to electronic transaction companies. Car manufacturers should be working with mobile carriers to further design and adoption of their vehicles in Gen-M!
There will be no one prevailing system, it will be as diverse and dynamic as the pay systems of today are. The network it runs on should be neutral as are any service providers who can tip the scale to their favor.
Ideas like PathFinder supported by GSMA and number portability enforcement can obviously help accelerate worldwide adoption. But everyone needs to see the requirements that need to be in place before the dream becomes a reality.
Mobile Money, YES! Worldwide adoption of a single "killer technology" NO! Not in my lifetime anyway"- Bruce Burke
"'Mobile Payment' has become such a broad term it is now difficult to discern what anyone is really talking about. It seems to include such diverse technologies as mobile Internet payment, mobile SMS payment, NFC payment at the POS with different technologies, mobile banking and many more. It makes it difficult for the media, investors, customers, end users and even those who are in this space to differentiate.
It might be helpful to create some terminology that makes this differentiation easier."- Jon
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