Potential: Revealed

Strategic Thinking, Innovative Ideas, Growth Marketing, and Revealing of Potential

Archive for mobile payments

Mobile Banking Future Has Not Arrived …. Yet

 Interesting study out of the  U.K. on Mobile banking adoption and usage. A few snippets:

– Smartphone users registered at just 17.5 percent in terms of those who paid bills with their devices

– yet half of all desktop users said they paid bills

– 45 percent of those surveyed had heard of a mobile wallet

– less than half of those (about 20%) expressed interest in having one

If as conventionally believed Europe and Asia lead the U.S. in adoption and use of mobile for financial services and payments, then should we expect even weaker numbers if this survey was done in the U.S.? The future has not arrived … yet, at least in terms of higher levels of adoption and higher value usage for mobile in the area of financial services and payments. Until there is significant growth in usage beyond merely checking account balances and finding a nearby ATM, the potential of mobile will continue to be hampered by lack of consumer interest or weak consumer experience and functionality, or both. . .  How and when will this change?

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Mobile Payments: Informative Hype

News and hype about all the things we can – and are supposed to one day be able to – do with our mobile phones is itself an industry. As with most emerging technologies with great potential this is a natural phemonema. Recently I saw this infographic published and found it to be both well done and informative (if not in and of itself also adding to the hype it hopes to cut through). I thought I’d share it here also and invite commments.

Personally I think the approach by Starbucks has the most promise in terms of generating real evidence about what level of interest and usage might exist with a mobile payments solution. Since it is Starbucks-only it is simple and not as subject to complex technology and adoption issues (e.g., point of sale technology updated or replaced to enable mobile payment acceptance, training and customer service issues of high-turnover retail sales personnel) that plague the other types below.

And it is not an insignificant fact that the ONLY mobile payment type that has any traction  today is the one used to buy relatively low importance, low priced things like ringtones and games. And outside the U.S., where supposedly adoption and usage has dwarfed the U.S., the by-far leading uses are parking and other incidental transportation purchases. This after a decade of hype that mobile payments were going to take over all manner of payments across the globe.  Seems like great potential is still yet to be fully and clearly revealed. Stay tuned (and wary).

The most important mobile payment infographic. Ever.

The most important mobile payment infographic. Ever.
Compliments of MobilePaymentsToday.com