NFC and Cloud-based mobile proximity payment services show considerable potential in making mobile payments at the POS a reality. It is, however, unclear which technology or form of mobile proximity payment ultimately stands to become the industry standard. This report explores the key demand- and supply-side challenges and lessons mobile proximity payment providers.
Plan your strategy by understanding the key challenges facing the mobile proximity payments space using Verdict Financial's objective insights.
Understand the importance of consumer-centric service design, and why there is a strong need for a common industry standard.
Gain insight into what Visa and MasterCard are doing to encourage and guide development within this space
See how PayPal is leading the way in product design, and where this leaves NFC-based services.
How have merchants and consumers reacted to mobile payments at the POS? How can I get them to adopt mobile proximity payments?
What are the key challenges facing the mobile proximity payments market? What can be done to tackle them?
What mobile proximity payments products are on the market? What key lessons do they highlight for future players?
With consumers growing increasingly comfortable with the current POS environment, and the adoption of mobile proximity payments requires a shift in consumer behavior, payment providers will need to employ strategies that build lasting consumer confidence and familiarity with mobile proximity payments for any substantial uptake to be observed.
For merchants, the acceptance of mobile payments at the POS is not a straightforward process. Not only are mobile proximity payments a costly investment, but the variety of forms in which they have emerged has meant that merchants will need to carefully consider which form is most appropriate to adopt based on their business needs.
At present, the two biggest challenges facing the market are the lack of a common industry standard, and the technological and infrastructural limitations regarding the implementation and use of the two main forms of mobile proximity payments NFC and Cloud.