Seems like I've been studying, following, and involved in mobile payments forever and haven't see the change we continue to expect. Is that a correct assessment? What is the current state of things? What should we expect tomorrow.
Excellent article by the folks over at Payments Source:
http://www.paymentssource.com/news/technology/mobile-payments-09-why-is-the-tech-forever-stuck-in-beta-3024617-1.html
Here is a snippet from the piece:
Mobile technology is radically changing the way people hail taxis, book lodging, consume entertainment and find prospective dates.
So why hasn't the same kind of revolution taken hold when it comes to how people spend money?
Years of efforts by banks, payment networks, tech startups, wireless networks and retailers have failed to a produce a mobile wallet app that's broadly used and accepted. This despite near certainty among the technology and pundit class that the much-anticipated migration to mobile payments is inevitable.
There's no simple answer to why mobile payments keep failing to gain traction in the market, but a close look at what's gone wrong so far could provide clues to what — if anything — could provide a decisive breakthrough.
Happy Reading,
J.W. Gant
So why hasn't the same kind of revolution taken hold when it comes to how people spend money?
Years of efforts by banks, payment networks, tech startups, wireless networks and retailers have failed to a produce a mobile wallet app that's broadly used and accepted. This despite near certainty among the technology and pundit class that the much-anticipated migration to mobile payments is inevitable.
There's no simple answer to why mobile payments keep failing to gain traction in the market, but a close look at what's gone wrong so far could provide clues to what — if anything — could provide a decisive breakthrough.
Happy Reading,
J.W. Gant
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