Is Contactless the Key that Unlocks the Potential of Mobile Payments?

Is Contactless the Key that Unlocks the Potential of Mobile Payments? (Analyst Insight)

Card schemes and a minority of issuers are making concerted efforts to extol the virtues of contactless solutions in order to stimulate not only awareness and uptake among consumers, but to encourage implementation and promotion within retailers too.

Scope

*This brief provides an overview of the market for contactless mobile payments.

*Ovum assesses both card-based and mobile-based contactless payment mechanisms.

*The brief predominately focuses on the UK, but the conclusions are relevant to other countries.

Highlights

Trials are slowly giving way to the full roll-out of contactless payments using card technologies. However, contactless cards (and associated payment terminals) are a small proportion of the total market. Contactless-enabled mobile devices are equally rare at the present time.

Achieving détente between key parties in the value chain such as card networks, issuing banks, merchant service providers and retailers over the issue of commercial fee structures is a herculean task.

Contactless forms one pillar of mobile payments, but it is not the key one for banks to concentrate on in 2010. Instead, focus should be given to stimulating m-commerce activities.

Reasons to Purchase

*Understand the current and future development of contactless as a mobile payment mechanism.

*Gain insight into the barriers to the growth of contactless payments.

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