MasterCard has believed that as these networks become more common, so will smartphone transactions.
According to a recent statement from MasterCard, the increase in 4G networks will be central to driving an entirely new wave of innovative mobile payments options and services that merchants will be able to offer to their customers.
The 4G networks will be central to engagement and innovative interactions between companies and businesses.
Garry Lyons, the chief innovation officer for MasterCard, explained that 4G networks will provide the ability to be able to offer greater engagement and interaction innovations and that this will lead to an increase in the adoption and use of mobile payments. The ability for smartphone owners to swiftly connect will be central to boosting this service.
Mobile payments will experience an expansion as 4G networks spread their reach.
Lyons went on to say that “It allows you to offer whole new experiences around what the consumers want to do – about learning about products by watching videos, looking at images or being sent information after they’ve purchased an item, direct to their mobile.”
He also stated that larger companies are starting to catch on to this trend and discover that this isn’t something in the distant future and it is not at all a niche market. Instead, it is something that is currently evolving and that is on the cusp of an explosive growth. Equally, he pointed out that smaller companies aren’t nearly as aware as their bigger counterparts regarding the benefits that 4G could have to offer them.
He added that this was understandable, considering that they are comprised of small staffs. However, he also said that when the concept was made clear to them, 4G and mobile payments were no less appealing to them. He explained that these businesses do need additional education in order to know what the potential is, but they are “very open to trying new things”
The statements were made following a Barklays banks report that stated that most firms are not ready for the expansion of 4G and the impact that it will have on commerce and mobile payments – both positive and negative – when it comes to online retailing.