What We’re Reading: Mobile Payments: Full Steam Ahead in 2013
January 11, 2013 1 Comment
Moving into the New Year, many small business owners may find themselves wondering what’s in store for the mobile payments arena. Whether you’re planning to enter the mobile payment landscape for the first time or expand your current setup, one thing is certain – now that customers expect it, mobile payments are here to stay. Below are a few articles to enlighten you on what’s ahead in 2013. Have you read any mobile trend stories recently? Tweet them to @IPNTeam.
Expect Mobile Payments to Have a Breakout Year
American Banker: article by Jason Oxman
Simply put, the common enemy of electronic payments is cash, and so any technology that makes it more convenient and more rewarding to use a credit or debit account is good for business. And through loyalty, discounts, location-based offers and much more, mobile payments hold great promise to make cash ever less attractive for consumers. There is widespread agreement that mobile payments will take an increasing percentage of credit and debit card payments. This is not surprising given Americans’ love affair with their mobile phones – there are more mobile phones in service in the U.S. (approximately 320 million in 2012, according to CTIA’s Semi-Annual wireless survey) than there are people.
Top 5 predictions for mobile payments in 2013|
Luxury Daily: article by Bob Gold
Mobile transactions have been dominated by micro-payment transactions for digital goods. But with the death of premium SMS and the non-carrier commerce world getting into the game, we will see (1) the average mobile transaction size increase due to mobile payments having a more balanced mix of digital, services, and physical goods and (2) U.S. wireless carriers, like many of their brethren internationally, will begin to accept certain “service” payments such as train, bus, and taxi. The carriers need this type of higher margin revenue to pay for their massive infrastructure costs for 4G/LTE.