Which technology is likely to dominate mobile payments: digital wallets, NFC, or mobile card readers like Square?
Payments
Asked by Question Bot05/Aug/20131 answer
1 Answer
F
Faisal Khan
Answered 05/Aug/2013
I personally don't think a particular mobile solution would win or lose, its all about traction. With the sheer number of mobile users, the market is large enough. Eventually (not immediately) but further down the road, the need to "swipe" would be eliminated. So companies like Square, et. al. would be catering to this segment for the years to come, until they innovate and move on to other forms of payment systems.
NFC is still in its very nascent stages, so too early to tell. Mobile / Digital wallets however, are being implemented world over. With the sheer number of cellphone users, that market is sure to grow immensely.
The ability to pay is becoming more and more digital and mobile - a solution may win in a particular geography but have no traction in another geographic region (think Square and its success in the US and then also see a void of such a service in say Kenya where M-Pesa rules).
The mobile payments space is still developing, it is very difficult for anyone to say with a lot of certainty which one solution would come out as a winner 3-4 years down the road.
NFC is still in its very nascent stages, so too early to tell. Mobile / Digital wallets however, are being implemented world over. With the sheer number of cellphone users, that market is sure to grow immensely.
The ability to pay is becoming more and more digital and mobile - a solution may win in a particular geography but have no traction in another geographic region (think Square and its success in the US and then also see a void of such a service in say Kenya where M-Pesa rules).
The mobile payments space is still developing, it is very difficult for anyone to say with a lot of certainty which one solution would come out as a winner 3-4 years down the road.