Mobey Forum Publishes White Paper on Secure Mobile Payments
"The Mobey Forum has released a new white paper titled "Alternatives for Banks to Offer Secure Mobile Payments" that "examines the important role of the secure element in delivering mobile payment services to end users." (Both the white paper itself and accompanying slides are available for download). It provides an analysis of the mobile financial ecosystem, the stakeholders, and the value chain positions that can be achieved by banks though different business models."
What will it take to make mobile payments mainstream in the US?
"The tech industry’s been talking about mobile payments for years, and I find the whole discussion fascinating. Not just the potential and the rhetoric, but the gap that exists between the two. I even spent a year working at a yet-to-launch mobile payments company, BillToMobile. But to be honest, we’re still at least about five years away from seeing mobile payments go mainstream. We’re at “the wind at your back stage,” where the possibilities seem endless, and will soon enter “the wind in your face stage,” where reality kicks in. And on the way from one stage to the other, we’ll see a number of companies fall by the wayside and a few legitimate contenders survive. There is already a long history of road kill in the alternative payment space (PayByTouch, Revolution Money, DigiCash, and PepperCoin to name a few)."
Mobile Payments have to be as easy as mobile voice
"A few days ago, something I bought from Amazon arrived on my doorstep. Frankly, I had almost forgot that I had ordered anything. Three or four nights before, very late, just as I was finishing up another 18 hour day, I saw an “ad-tweet” for a book on Twitter. I remember the impulsive thought; “that book seems interesting, think I’ll buy it”. With iPhone in hand, 4 clicks later my purchase was complete via the Amazon app, and paid for through my PayPal account. Off to bed I went, never giving it another thought, until the book arrived."
Doing the Math: Offline Mobile Banking ROI
"An overlooked issue in mobile banking for the developed world is that almost every implementation in the marketplace only supports online banking customers. Wells Fargo is the only major institution in North America supporting offline customers with the SMS capabilities announced in February. ffline customers, as non-online banking customers are often called, are ignored because they’re more difficult to support technically. In fact, the exclusion is so complete that mobile banking adoption rates are usually quoted in relation to the number of online banking customers, not the number of overall customers or even households. "
Orange and Barclaycard to roll out NFC mobile payments by end of 2010 –but will it be a success this time around?
"Network operator Orange and card company Barclaycard are to roll out an NFC (near field communication) contactless mobile payment solution across the UK “by the end of 2010” say execs at the card company as the industry tries again to get the infrastructure out into the market.
Orange and Barclaycard will launch new co-branded products and services to make the buying process more convenient, simpler and faster. The companies are also hoping that their combined 28 million customer base will this time swing public opinion – and that of the merchants who have to install the readers – to get behind NFC."
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I once had a very senior EVP at one of the 3 largest banks tell me that we will all be retired before NFC is ubiquitous. The problem is that there are just too many parties that will want a "piece of the pie". The merchant, the card issuer, the rail provider, the interchange vendor, the shop keeper, the phone supplier, the carrier, all will want a piece of that great big pie.
It remains to be seen as to whether all of the players will get there collective acts in sync and "play nice together".
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