Mobile Payments? Not So Fast!

Note from the CEO: It looks like being amongst the first to offer mobile payment apps is not necessarily a great thing, as they are not taking off quite as rapidly as expected. Plastic still rules and looks like it will for a while.

“After all the hype, mobile payments have now taken a back seat, with several providers cancelling their mobile payment services. This is a strong indication that mobile payments won’t overtake payment cards as early as the market believes.

When mobile proximity payments were introduced just a few years ago, lots of publicity surrounded the topic. At the time, media attention kept circling around the new form of payment that would make cash and payment cards “obsolete”. Although this standpoint has merit, it seems the market has been too optimistic about the level of consumer adoption. So far, while cash use has been in decline, payment card use has been on the rise.”

Read Full Article at BankNxt