The mobile payments market has evolved considerably over the past year, with an increasing number and frequency of products and services being launched by a growing number of traditional and non-traditional players. This brief looks at the various forms and functions in which mobile proximity payments have emerged, such as NFC and Cloud.
Gain a better understanding of where your company fits into the mobile proximity payments ecosystem through detailed market mapping and definitions.
Plan your strategy by understanding the potential and pitfalls of each mobile proximity payment form factor using Verdict Financial's objective insights.
Forecast future revenue potential through Verdict Financial's analysis of the mechanics of how existing forms of mobile proximity payments work.
What are mobile proximity payments? What are the different types of mobile proximity payments on the market today?
What are the key factors hindering NFC development? Are there any alternatives to NFC? What are cloud payments?
Why aren't mobile proximity payments taking off in my market? How can I get users to adopt mobile proximity payments?
Proximity payments are mobile-generated payments that are made at or within the physical proximity of a retail store's or merchants POS terminal. Even though this form of mobile payment has emerged using a variety of payment methods, it can be divided into two main segments: NFC and cloud-based payments.
Both NFC and cloud-based payments in their various forms display considerable potential in making mobile proximity payments a reality. As it currently stands, however, it is still not clear which technology or form of mobile proximity payment will ultimately become the most widely implemented and used.
NFC has been dubbed by many as the key to revolutionizing payments at the POS. However, the cost of implementing the necessary infrastructure, in addition to an ill-defined business case, has seen the global rollout of NFC payments perennially delayed. This has resulted in a number of payment providers now turning to cloud-based payment technology.