To put the waiting game for mobile payments into perspective, consider the history of credit cards. They made their first appearance as Diner’s Club Cards in New York City in the 1950s, but it took 28 years for credit cards to be used by 50 million consumers. It took debit cards 12 years and PayPal accounts five years to reach the equivalent penetration level. The same milestone will probably be reached with mobile payments, but to get there, merchants and financial institutions must work together to deliver a seamless experience. Adding further complexity, retailers will need to make a significant investment — an estimated US$8 billion to $10 billion across the industry — to upgrade existing technology !
Fouad Bendris’s insight:
Platforms like Apple Pay and Google Wallet will need to ensure a seamless and secure experience for merchants and consumers …
Source:: Strategy & Governance