It is clear now that the development of payment via mobile phones are developing fast and at the same time developing in a fractious manner. Reported in the Bangkok Post recently, the developments on display at a recent mobile show underlined the position that the various players have taken in the competition for mobile payment dominance. While the many different services all have the same end goal, that is the payment for goods and services, the various manner at which they achieve the goal leaves many users confused at preferring to adopt a "wait and see" position. For example, currently the biggest battle is between the NFC technology and payments via internet services. Both have their exponents and equally important is the fact that both have their detractors. While NFC technology has the backing by various technology giants, notably Google with their Google Wallet, PayPal enjoy the traction that their 106 million active users are able to afford them.
Despite this, we are far from a situation where there is mass utilization by the average consumers. This is owing to various factors, chief among which is the lack mobile payment facilities at various merchants' point of sales. Therefore we see a hedging of sorts undertaken by the one party who stands to gain the most from a multi-platform payment system thriving, the credit card companies. On another note, a great deal of money have also been invested in the low technology option to be used in developing countries without the necessary infrastructure for mobile payments. For example, Orange has invested a considerable amount of money to make mobile payments via low technology phones available in various African and Middle Eastern countries.
If you would like to find out more about mobile payments and NFC technology adoption in Asia, join us at Cards & Payments Asia 2012 from 25 – 27 April in Singapore. Download our brochure to find out more!