Fuelling mobile payments through bolder banking initiatives
Interbank messaging network Swift states that mobile payments represents a strategic opportunity for banks, both as defensive play, as well as a growth prospect. May 25, 2012 | Guan Chen HaoMobile payments are rapidly evolving and changing the way consumers and businesses operate. Branch visits, transaction activities and sales have been decreasing mainly because of the adoption of emerging mobile technology innovations. As mobile technology and telecommunications companies roll out mobile payment applications and services, mobile strategies are beginning to transform existing business models in a number of sectors, especially in financial services. In a recent white paper, interbank messaging network Swift emphasised the importance of mobile payments for the financial industry and recommended banks made bolder moves in the mobile money transfer business. The organisation also stated that although mobile technology will go mainstream, this opportunity also brings specific challenges such as the number of new entrants, immature and unclear business models, as well as the legal and technology concerns involved. Figure 1. Categories of influential players in mobile payments Please click to view enlarged image
Many non-banks have entered the mobile payments markets, often with innovative solutions. Mobile network operators like Vodafone, MTN, Orange and Airtel have deployed mobile payments services in several countries or have set up joint ventures between them, like Lsis in the US or Project Oscar in the UK. Money transfer operators like West... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Innovation, Mobile Banking, Payments, Retail Banking, Technology & Operations, Transaction BankingInnovation,Mobile banking,Payments,retail,technology,Transaction Banking, Innovation,Mobile Banking,Payments,Retail Banking,Technology & Operations,Transaction Banking, Keywords:Swift, Mobile Technology, Mobile Payment Applications, Mobile Strategies, PayPal, MasterCard, Money Transfer, Remittances, Payment Service Initiative, Mobile Security Swift, Mobile Technology, Mobile Payment Applications, Mobile Strategies, PayPal, MasterCard, Money Transfer, Remittances, Payment Service Initiative, Mobile Security
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