In the U.S., is the mobile payments market being driven more by retailers or by banks?
Payments
Asked by Question Bot03/Oct/20151 answer
1 Answer
F
Faisal Khan
Answered 03/Oct/2015
I don't think the banks are acting as catalysts in the mobile payments space in any manner. Even basic mobile based financial apps are being driven by a missing need in the market by companies, almost never by banks. Think Mint, Yodlee, etc.
Starbucks has a very large active walled garden within which they can promote mobile payments, so in this case, it can be said with some authority that Retailers like Starbucks are driving mobile payments.
On the flip side, companies that specialize in the development and running of payment apps on the mobile, are pushing their products to be adopted mainstream. The move is definitely being fulfilled from those who feel a gap, and then are actually rolling up their sleeves and doing something about that.
Banks require a lot of inertia to be able to venture out in the mobile payments space. The Card Schemes would probably dive in first and then just juxtapose their offering for the acquiring banks to roll out.
I personally think, looking at the landscape right now, distribution and adaptability seems to be the key drivers for those who can push mobile payments in the US. Don't be too surprised if McDonalds were to come up with one.
Starbucks has a very large active walled garden within which they can promote mobile payments, so in this case, it can be said with some authority that Retailers like Starbucks are driving mobile payments.
On the flip side, companies that specialize in the development and running of payment apps on the mobile, are pushing their products to be adopted mainstream. The move is definitely being fulfilled from those who feel a gap, and then are actually rolling up their sleeves and doing something about that.
Banks require a lot of inertia to be able to venture out in the mobile payments space. The Card Schemes would probably dive in first and then just juxtapose their offering for the acquiring banks to roll out.
I personally think, looking at the landscape right now, distribution and adaptability seems to be the key drivers for those who can push mobile payments in the US. Don't be too surprised if McDonalds were to come up with one.