Mobile Payments: Much Hyped But Not Ready for Prime Time

Print
Email
Reprints
Comment
Twitter
LinkedIn
Facebook
Google+
Partner Insights

Mobile banking is the wave of the future. It's also the future of everything from Google's Wallet to Jack Dorsey's Square to eBay's PayPal. How long mobile payments will remain largely a technology of the future — and how quickly they'll become part-and-parcel of the here-and-now — depends largely on how quickly consumers make them their own.

The good news: The masses are pretty familiar with mobile banking itself. With the majority of adults packing iPhones, Android handsets and other smart mobile devices, they're also already equipped to become mobile banking customers.

The big challenge for banks, merchants and payments processors is to make the masses comfortable with less familiar technologies, like remote check deposit, pay by phone and the NFC chips (that's near-field communication) central to wireless tap-and-pay systems.

Doing that means making it easy and glitch-free to pay by phone. On that score, staffers at American Banker and PaymentsSource put on their regular-consumers hats and came away convinced that the industry has considerable work ahead of it.

JOIN THE DISCUSSION

SEE MORE IN

RELATED TAGS

'I Want a Tom O'Brien Action Figure Doll': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and from our social media platforms.

(Image: Bloomberg News)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.