Mobile Payments On Verge
PRINCETON, N.J.-The Smart Card Alliance has released a white paper that concludes that "proximity mobile payment" will become the mobile payment technology of choice for consumers using mobile phones for retail payment transactions in the United States.
The findings and conclusions, derived Smart Card Alliance Contactless Payments Council are presented in the white paper "Mobile Payments: Leveraging NFC and the Contactless Financial Payments Infrastructure." The white paper discusses what is necessary to implement and deploy proximity mobile payment systems, the relevant technical and business issues from the perspective of the various stakeholders (for example, mobile operators, the financial industry, end-users, providers and vendors) and outlines the potential opportunities and barriers that may impact its market adoption.
One forecast predicts mobile phone-based contactless payments will account for more than $36 billion of worldwide consumer spending by 2011, while another indicates that by 2012, some 292 million handsets- just over 20% of the global mobile handset market-will ship with built-in NFC capabilities, according to the SCA.
According to the paper, with proximity mobile payments, financial services providers can:
* Reach new customers and offer new, differentiated payment services to existing customers.
* Increase their credit and debit card transaction volume, replacing cash sales.
For info: www.smartcardalliance.org.
Arizona FCU CIO Recognized
NEW YORK-Arizona FCU chief information officer Jim Phillips was named one of six of Banking's Most Innovative CIOs for 2007 last month by Bank Systems and Technology (BS&T) here.
Phillips' "vision has guided a powerful transition in the organization's IT strategy," which includes readiness for growth, according to the publication.
BS&T's annual designation goes to CIOs who have used IT to help make their organizations more competitive, and who demonstrate equal amounts vision and technical expertise.
