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Thursday, 26 September 2013 12:31

Mobile payments market is confused

Written by Nick Farrell



Ovum thinks take up will be slow

Financial services institutions must gain a better understanding of the mobile payments market, according to Ovum. Its research indicates that there is still confusion about how to proceed in the rapidly shifting mobile payments space and no one really has a clue what to do.

Gilles Ubaghs, senior analyst, financial services technology at Ovum warned that without a clear understanding of the relationship between mobile payments and the existing payments infrastructure, industry players will significantly miss out on the long-term potential of the market.

He said that with the market still in the early stages of development, consumer-facing mobile payments are tied to existing cards or current accounts, meaning that the payment infrastructure underneath the user interface remains the same.

“This has resulted in questions about the ability to generate revenue from mobile payment systems. Value-added services, such as targeted advertising, loyalty services, couponing, and ticketing will be key to ensuring profitability,” Ubaghs warned.

“The level of hyperbole and confusion in the market is increasing. Many existing payment providers and potential new entrants are unsure of how to proceed in an industry that is evolving almost daily,” he said.

As mobile banking continues to develop, more sophisticated payment functions are being added, ranging from peer-to-peer (P2P) to proximity-based contactless payment services. It may yet emerge as a central component in the mobile payments landscape

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