Mobile transactions continue to gain momentum among businesses and consumers
Mobile payments are becoming more common, but there are some challenges that are standing between this form of commerce and mainstream acceptance. One of these challenges has to do with a diversified infrastructure. There are many mobile payment services currently available, most of which use their own payment infrastructures. The emergence of new currencies, such as Bitcoin, is complicating this matter, creating yet more division in the mobile commerce space.
Complex mobile commerce environments may be slowing growth and adoption
Businesses are looking for ways to bring more simplicity to the mobile payments space. It is becoming increasingly difficult for businesses to manage the digital marketplace as more vendors embrace mobile payments and new services become available on a seemingly daily basis. The concept of “converged payments” may help with this issue. It is a relatively simple concept that involves all forms of mobile transactions being a part of a single, secure infrastructure.
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Converged payments can make mobile transactions more convenient and secure
A converged payment infrastructure is meant to serve as an organizational structure. It allows for better management of mobile payments and provides a singular structure that is capable of authenticating transactions with relative ease. This structure would allow businesses to better manage their mobile payments and cross-channel transactions. The problem, however, is that implementing such a structure could be difficult. Many retailers have shown interest in mobile payments, but they are somewhat uninterested in investing in the mobile space, where there is no guarantee for success.
Retailers may not be willing to invest in the development of a converged payment infrastructure
Converged payments may become relatively commonplace in the coming years. This will depend on whether or not retailers are willing to embrace this concept. Making mobile transactions more convenient and secure for consumers has proven to be successful in the past, but consumers have also shown that they are relatively disinterested in using new mobile services, especially if they have become comfortable with a particular service that offers the same features.