Mobile Payments: 5 Things To Expect In 2015 - InformationWeek

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Mobile Payments: 5 Things To Expect In 2015

Mobile payment technology has new momentum going into 2015. What's next?

2014 was a big year for mobile payments, with Apple finally making the move that the whole industry had been waiting for. The release of ApplePay means that, in the next year, millions of iPhone 6 owners will be making contactless payments, and other players in mobile payments will want to figure out how to take advantage of that.

Some barriers that have stifled mobile payments adoption will still remain, especially for in-store payments. We have yet to see a solution that really benefits everyone, and until that does happen, adoption will be capped, Barry O'Connell, partner at Capco, predicts.

"We won't see mass adoption in 2015. I think solutions need to take care of all of the parties -- the merchants, the consumers, payments networks, the banks," he said. "MCX hasn't shown why consumers would want to use it. Apple is the reverse. They offer a good customer experience, and got banks involved, but there's nothing exciting [in it] for the merchants."

[For more mobile payments coverage: What's Next for NFC Payments.]

Other challenges, such as NFC terminalization and consumer perceptions around security, also need to be dealt with. But even if mobile payments don’t take off at the point-of-sale in 2015, there is still opportunity for growth in online purchases made with mobile devices, Deborah Baxley, principal, Capgemini Worldwide, shares. "In-app purchases is the short-term future [for mobile payments]. The lines between in-app and e-commerce transactions -- those distinctions are going to start to blur."

So mass adoption at the point of sale will still be limited. But what else can we expect in mobile payments next year?

Read the rest of this article on Bank Systems & Technology.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Technocrati
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Technocrati,
User Rank: Ninja
1/6/2015 | 1:41:14 AM
Re: Mobile payments

@shakeeb   I agree yet hasn't Apple had it's security issues too ?  It seems the public is far more understanding of Apple when they drop the ball. 

On second thought it doesn't seem to be much of a concern to the public if any of the retailers drop the ball.

 

Maybe that will change once all the stolen identities resurface.

Technocrati
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Technocrati,
User Rank: Ninja
1/6/2015 | 1:37:51 AM
Re: Mobile payments

I am no fan of mobile payments much myself.   With all of the recent breeches - I think the industry should fixed the system in place, and if that is the goal - mobile payments is not the answer.

Technocrati
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Technocrati,
User Rank: Ninja
1/6/2015 | 1:34:38 AM
In - app vs. Traditional E-commerce

"...The lines between in-app and e-commerce transactions -- those distinctions are going to start to blur."

 

Not sure there was very much of a line to begin with.   It will be interesting to see how in-app brings more value to the customer than the traditional e-commerce transaction.

shakeeb
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shakeeb,
User Rank: Ninja
12/31/2014 | 11:05:13 PM
Re: Mobile payments
Apple could make a change in the industry depending on how they market it to their customers. 
shakeeb
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shakeeb,
User Rank: Ninja
12/31/2014 | 11:03:56 PM
Re: Mobile payments
I don't think we would see a major change on mobile payments technology. It has been ideal for quite a while. 
freespiritny25
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freespiritny25,
User Rank: Ninja
12/31/2014 | 11:57:53 AM
Mobile payments
I haven't yet jumped on the idea of mobile payments, but I am not completely closed off to the idea. I don't know enough people that make mobile payments. I would like to get more feedback from consumers that use this method to make payments.
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