Report shows the need for new partnerships to secure the growth of t he mobile commerce industry
Frost & Sullivan, a business research and consulting firm, has released a new report concerning the adoption of NFC technology and the state of the mobile commerce industry. Mobile commerce has become a popular concept, but has had trouble moving beyond the conceptual stages. Though mobile payment systems currently exist, the availability of NFC-enabled mobile devices has made it difficult for consumers to make use of them. If the companies that are currently invested in the mobile commerce industry can solve the problems they face, mobile commerce may never move beyond the realm of concept.
NFC technology has missed the mark in terms of company expectations
The report, titled “Mobile Financial Services – A Technology and Market Analysis,” suggests that companies in the mobile commerce industry must adopt new market strategies in order to expedite the adoption of NFC technology amongst consumers. The report claims that the technology, though a cornerstone for mobile commerce, has not produced the financial gains that telecommunications companies and others had expected. This has led some companies to grow fatigued with the technology, looking for alternatives to satisfy their position in mobile commerce.
Partnership may be the key to success in the mobile commerce industry
New partnerships between telecommunications companies and financial institutions may be the framework for success in the mobile commerce industry. The report draws attention to the recent teaming of Deutsche Telekom and MasterCard, which has already been met with success in Germany as it has made mobile commerce more accessible to a large group of consumers. Other such partnerships are needed in order for the mobile commerce industry to become what many want t to be.
Youth of the industry and uncertainty regarding security make partnerships difficult
Partnership between telecommunications companies and financial institutions has proven difficult in the past. The mobile commerce industry is still relatively young and untested, making it difficult to say for certain whether a particular market strategy will succeed over another. The security concerns emerging for NFC technology has also cast some degree of doubt on the industry as a whole.