Mobile phone operators missed the mobile payments boat, and card schemes and retail banks are now finding themselves in the position where they could soon rule the waves. It was inevitable that they would eventually arrive; it wasn’t necessarily inevitable for the telcos to give way, but whilst there was a taste for it, and the telcos wanted to have a go, they did give way. All things considered, however, the voyage has only just begun.
How do you make mobile payments work? You stick a chip with an antenna inside a mobile phone case (maybe incorporate it into the battery) and off you go. Wave the phone at a POS and Wooosh!! Instant payment. Had the telcos managed to develop a viable (and exciting!!) alternative payment system, this would have been just the job: the payment system would be operated by the telco, and would be delivered as part of the overall mobile proposition – 200 minutes, 500 texts and a payment application – thank you very much. Now that’s exciting!
These are the personal opinions of Consult Hyperion and its guests and should not be misunderstood as representing the opinion of its clients or suppliers. To discuss how any of the technologies discussed in this post can benefit your business, please contact Consult Hyperion.
