The Lure of Mobile Payments
In a few short years, the rapidly-evolving mobile payments industry has exploded. Attractive because it signifies additional payment segments and increased volumes, it is nevertheless still uncharted territory for the financial services industry. How can banks fit into the new mobile payments “ecosystem” and ensure that their customer ownership and payments management businesses are not marginalized? The mobile space is close to the point of inflection and NFC along with other developments in mapping tools and customer targeting can prove to be “game changing.”
The time to stake a place is now, even though investment returns and payback timeframes are
uncertain. Leadership today will position the financial services community to influence future developments. In this Strategic Commentary, entitled “The Lure of Mobile Payments,”
Speer & Associates, Inc. (S&A) examines the evolving mobile payments space with a focus on cell phones and electronic wallets, and discusses the issues and opportunities for the financial services industry.
