Mobile
technology is creating a major disruption in the way we shop.
mCOMMERCE, mPAYMENTS and mWALLETS are happening contactlesslly through
mobile apps, WEB and SMS/USSD. According
to Pyramid Research Global Telecom Insider, right now there are
approximately seven millions NFC-Enabled phones, by 2015 NFC-Enabled
phones expected to be around 203 millions. Consumers use digital
payments to buy almost everything, from entertainments
and electronics t o plane tickets and travel services, there is almost
no limits for the consumer using the phone to purchase. Its becoming
clear that mobile payments will radically change the way we spend.
mPAYMENTS
will transform customers lives! Providing a smarter, richer and more
rewording reality, and this new age of mPAYMENTS retailers, financial
institutions, technology
companies, and wireless providers will have the power to deliver it.
Future digital payments will generate a different world full with new
possibilities. With flexible payment options, customers will have the
opportunity to complete their purchase with many
different payment options, for example Visa, MasterCard, AMEX, PayPal
and even Facebook Credit, payment terms can be completely redefined.
Financial
institutions will have the ability to personalize terms for every
single purchase, for every single customer. Retailors and credit card
companies may just have to compete
for customers’ payment selection for every individual purchase. Now with
the absents of physical credit cards, card marketing as we know it may
have to evolve. Empowered by personal financial management, customers will have more control of their financial health.
Questions and concerns :
- What happens to the cash customers, the unbanked, and the non-smartphone users ?
- What happens to actual stores and bank spaces?
- Will ATMs even exists?
- Are we ready for the revelation ?