As exciting a time this is for e-commerce, this is also an extraordinary time for the business of paying for goods. From Square, which converts smartphones into credit card-processors, to mobile payment regulations, there’s a lot going on in payments.
When it comes to mobile payments, do you have a pulse on customers’ needs, retailers’ goals and the big technology players? We’ve gathered a roundup of some of the hottest headlines to help you keep up with this fast-moving field:
NFCNews – Survey Shows 66% of Retailers Want Mobile POS
A new survey from Motorola Solutions shows there is increasing interest from retail, hospitality and field service industries for mobile Point of Sale (mPOS) solutions, such as NFC payments and mobile loyalty programs, as a core strategy for improving customer service. According to the survey, which was comprised of 541 retail, hospitality and field service employees from North America, UK, France and Germany, 66% of respondents are interested in mPOS, while 42% of respondents are currently piloting or starting trials within the next 36 months.
U.S. News & World Report – How Safe Are Mobile Payments?
For some consumers, paying at the checkout line becomes a lot simpler when they can forgo the plastic card and pay with their phone. Mobile payment applications like the Isis Mobile Wallet, Google Wallet, Square, and LevelUp turn your cell phone into a payment source: Just store your debit card or credit card information on the phone and scan the device at checkout. "Consumers like the convenience factor," says Sarah Jane Hughes, a commercial law professor at Indiana University. But is this new form of payment safe?
Mobile Payments Today – PayNearMe Gives Unbanked a New Mobile Payment Option
One of the problems for "cash-preferred" consumers is that some transactions, for instance, airline tickets or online purchases, require an electronic payment method. Now U.S. consumers who choose to use cash have another mobile option to make electronic payments. PayNearMe, a cash transaction network that markets to the under- and unbanked, announced its new mobile cash payment system, a product that lets those without credit or debit cards use their cash to make loan payments, pay bills or buy tickets.
Seeking Alpha – Apple: Sleeping Giant Within the Mobile Payment Industry
The mobile payment industry is still in its infancy. I believe the mobile payment industry is a multi-billion dollar, multi-year secular growth market which will have a huge impact to the bottom line of key mobile payment players. Aite Group states the volume of mobile payments will grow to over $200 billion by 2015. In 2010 mobile payment revenue was approximately $16 billion. That is an over 12-fold increase in just five years. Apple is a dominant leader in the smart phone market with over 35 million in smartphone sales last quarter alone. They have not entered the mobile payment market yet, but I expect them to arrive on the scene very soon and disrupt the current mobile payment landscape.
Wall Street Daily – Google Could “Wrapp” Up the Mobile Wallet Race for Good
Wall Street Daily readers know that point-of-sale Near-Field Communication (NFC) technology is one of my top trends to watch this year. And although a recent study by Pew Research found that the technology likely won’t be a dominant form of payment until at least 2020, that’s not stopping players from jockeying for position now. After all, whoever lays claim to the biggest share of the NFC market should have an easier go of dominating the industry as the technology gains popularity down the road.