Mobile wallets may fall without universal standards

mobile wallets

mobile-payments

Mobile commerce grows as demand for NFC technology rises

NFC technology has managed to bring mobile commerce into the global limelight. Because the technology is capable of transforming nearly any mobile device into a payment platform, it is often credited as bringing more convenience to the world of commerce as a whole. Several technology companies, Google included, have developed mobile applications that are meant to store a consumer’s financial information in order to better facilitate mobile payments. These apps are called mobile wallets and they may not have a future if their developers are unwilling to cooperate.

Universal standards needed to keep mobile commerce alive

Miki Szikszai, CEO of Snapper Services Ltd., creators of the mobile payment system known as the Snapper Card, believes that the mobile commerce industry, as a whole, must adopt common technology standards in order to survive. Szikszai points to New Zealand, where the demand for mobile commerce and NFC technology is low despite high interest from consumers. New Zealand consumers have shown themselves to be interested in the concept of mobile commerce, but few are willing to go through the effort of making use of several different types of mobile wallets just to make purchases for goods and services.

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Technology Quotes That Invite Thought - "If your plans don't include mobile, your plans are not finished." - Wendy Clark, Coca-Cola

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Proprietary mobile wallets may be detrimental to the industry

By adopting universal technology standards, telecommunications companies and financial institutions will be able to continue competing for their share of the mobile commerce industry, but not at the cost of consumer convenience. Proprietary technology could inhibit the growth of mobile commerce because of its inability to operate on a universal level. Proprietary mobile wallets will require consumers to make use of various applications at a time.

Cooperation required to overcome the proprietary challenge

Mobile wallets are becoming more popular as the mobile commerce industry continues to grow. Without universal technology standards, however, the growth of the industry may be cut short. Mobile wallets have already faced down a number of challenges, but may not be able to overcome the proprietary hurdle if technology companies cannot work together.

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