Mobile payment systems have been in the news quite frequently over the past several months. The fact that a mobile payment infrastructure is going to happen must be accepted. An international study shows that globally, businesses and consumers have the same concerns regarding security of data, but the reasons for its acceptance vary.
Near Field Communication (NFC) technology has been around for some time now. However, it has become most famous (or infamous) for the role it will play in the emerging mobile payment systems. The embracing of a mobile payments system holds benefits for everyone involved; from the brands, merchants and consumers to the financial servers and mobile manufacturers.
The consumer gets the opportunity to link more of their on-line and mobile services into one central command center. Additionally, the convenience of saving time and handling everything in a quick and efficient manner is a big lure to time starved consumers.
For the businesses that provide mobile payment services, each sector will reap its own benefits. Providers of Operating Systems will increase the value of their online (and offline) networking and data to vendors. Network carriers will be able to expand into additional revenue opportunities.
Overall, consensus was the same in the acceptance of mobile payments. More than 60 percent of consumers liked the idea of having that type of payment option. Acceptance scores were higher for certain significant groups; current Smartphone users, people who were seen as trendsetters and entrepreneurs, and people in the younger teen to mid-twenties age range.
While motivation and reasons for acceptance varied globally, one thing that was a common concern was the security of data and user information. Consumers have not yet seen anything from the major brands or deliverers strictly addressing safety and security of data.
The little faith that consumers do carry, is placed mainly in the financial sector. They believe that overall, these providers can offer a safer, dependable way to manage personal finances in a mobile environment. All sectors are going to have to work together, pooling their individual influence with consumers, to win their hearts, minds and trust.
