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Who will be the winners in mobile payments? – Mobile Commerce – Payments

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Via Mobile Commerce Daily:

Recent developments suggest that mobile payments at scale is getting closer, but with new players introducing their own services regularly, is there room for everyone and if not, which solutions are most likely to take the lead?

There has been a flurry of activity in the mobile payments space lately, with the introduction of the Google Wallet, PayPal’s new peer-to-peer NFC solution and Isis signing up the major payment networks to name just a few. While these developments are helping to enable mobile payments and build awareness, it still is not clear which solutions are likely to drive the most usage, something that is key to success here.

“The various players coming to mobile payment sure builds momentum for that,” said Sandy Shen, Shanghai, China-based senior analyst at Gartner.

“But we are still far away from the mass market as many challenges are yet to be overcome such as lack of user demand, fragmentation of technologies and lack of infrastructure and devices when it comes to NFC,” she said.

Let’s get physical

Mobile payments are predicted to grow 40 percent and reach 2.5 billion users globally by 2015, according to a recent report from Juniper Research. The dollar volume of transactions made via mobile will also continue to grow and is expected to exceed $1 trillion by 2015, according to a new study by Yankee Group.

While consumers continue to become more comfortable using mobile devices for digital media purchases, the one of the main hurdles for mobile payments continues to be driving usage and adoption for physical goods.

One of the reasons for this is that most of players are not yet adequately addressing the consumer experience in mobile payments, per Charles Golvin, principal analyst at Forrester Research, Cambridge, MA

“What is being promised by the mobile payments offerings is really not offering all that much to consumers,” Mr. Golvin said.

While mobile payments providers promise greater convenience to consumers, Mr. Golvin contends that  is not clear how pulling out a phone, waving it over a device and keying in a code is more convenient than pulling a credit card out of a wallet and swiping it through a point-of-sale machine.

“One of the things that we’ve learned is that consumer behavior changes very slowly,” Mr. Golvin said. “Until we see other benefits being marketed to consumers, such as automatic rewarding of loyalty points, automatic redemption of coupons, digital receipts and a deeper integration into the consumer experience, I don’t think mobile payments will take off.”

With deeper integration into the consumer experience a key criteria for success in mobile payments, some vendors do appear to trying to address these issues.

For example, Google Wallet promises the delivery of mobile offers and the ability to redeem them in-store.

“The ability to receive that offer, go to the store and have that offer redeemed seamlessly by virtue of paying with Google Wallet – that’s the one piece of deeper integration,” Mr. Golvin said.

Read on at  Who will be the winners in mobile payments? – Mobile Commerce – Payments.

Written by Kees Winkel

August 1, 2011 at 11:15

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How mobile phones are becoming the new credit card [Infographic]

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Via TNW:

As smartphone vendors and mobile operators shift their strategies to incorporate wireless payment technologies into mobile phones, consumers will soon be able to drop their wallet and carry every piece of important payment information on their handset.

NFC is already starting to be built into a range of Android smartphones, RIM and Nokia have committed to the technology and Apple is reportedly adding the contactless technology to its new iOS devices. GPlus has created an infographic detailing how NFC will replace our wallets and shows how companies are set to revolutionise the way we shop.


Written by Kees Winkel

July 9, 2011 at 10:00

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PayPal Sues Google Over Electronic Wallet – PSFK

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This article titled “PayPal sues Google over electronic wallet” was written by Charles Arthur and agencies, for guardian.co.uk on Friday 27th May 2011 07.28 UTC

Google’s first payments from its new “electronic wallet” system may be to the online transaction company PayPal, which claims that the company and two of its executives stole trade secrets for the project.

Unveiled on Thursday, the Google Wallet project uses a technology called Near Field Communications (NFC) to allow contactless transactions between consumers’ phones and merchants’ terminals.

But PayPal has filed suit in California following the launch in New York, alleging that Google lured away PayPal executive Osama Bedier earlier this year to obtain trade secrets that are now being used in Google’s service. The suit also names Stephanie Tilenius.

Both Bedier, now Google’s vice president of payments, and Tilenius were among those showing off the technology in New York.

The wallet app itself will require a PIN, as will each transaction. The payment credentials will be encrypted and stored on a chip, called the secure element, inside the phone. The app itself will be free to users.

Google emphasised that the wallet service would be open to all businesses and invited other banks, credit card issuers, payment networks, mobile carriers and merchants to work with it. If the phone was stolen, the credit cards inside could be remotely disabled. Consumers would have the same “zero liability” for unauthorised transactions made with their phone as they would with their plastic cards.

Read the whole story via PayPal Sues Google Over Electronic Wallet – PSFK.

Written by Kees Winkel

May 30, 2011 at 18:28

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Google Wallet: How Google’s Going to Eat Your Real Wallet – Gizmodo

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Matt Buchanan — “Your phone will be your wallet.” That’s what Google’s promising with Google Wallet and Google Offers, which’ll combine payments and deals in one neat package. And it’s a pretty compelling little vision of the future of paying for stuff.

Google Wallet isn’t really one thing, so much as a bundle things tied together in one package. It’s an Android app. It’s a way for you to pay for things with your credit or debit cards, using your phone. It’s a coupon collector and loyalty card system. It’s another way for merchants to let you pay and offer up deals. It hooks into other Google services, like Shopper (which shows you nearby deals) and Google Offers. And Google is planning for it to eventually store everything you’d keep in a wallet.

via Google Wallet: How Google’s Going to Eat Your Real Wallet – Gizmodo.

Written by Kees Winkel

May 27, 2011 at 16:38

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Confirmed: Google Wallet NFC payment system launches tomorrow, retail partners in tow | This is my next…

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That is: today, May 26 2011!

We’d already guessed that tomorrow’s Google event would be all about contactless payments, and we can now confirm that the system will be called Google Wallet and launch later this summer. We can also confirm that Google’s lined up several retail partners including The Container Store to get things off the ground — it sounds like special NFC readers will arrive in stores sometime around September 1st, and customers will be able to pay just by tapping their phones against them. That’s all we know for sure right now — but we’re sure to find out far more about device support and additional retail partners tomorrow during our liveblog.

via Confirmed: Google Wallet NFC payment system launches tomorrow, retail partners in tow | This is my next….

Written by Kees Winkel

May 26, 2011 at 07:50

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