Shunned by telcos and banks alike, Google's effort to break into the mobile payments market is suffering further strife with the departure of its founding engineer, Jonathan Wall, and its product lead, Marc Freed-Finnegan, to set up their own payments start-up.
What we now see is a mobile payment bubble being inflated. Compare with the dot-com bubble in 1998 - 2000 and the similiarities are stunning. How many unique mob payments initiatives exist today? All expect to get the consumers to step over the learning
treshold and in most cases, deposit monies from their current account into apropritary "mobile payments" account held by the service provider... in order to pay with the mobile phone instead of with legacy means... with their universal debit card directly
connected to the current account. Can it be easier to insert your card in a payment terminal and key in 4 digit pin? Or pay for e commerce using card? What more than tech hype can mobile payments offer?
If this is the situation with giants like Google / Google Wallet and Nokia / Nokia Money, I fear for the hundreds of startups in this space. On second thoughts, maybe the market for mobile payments is only big enough for startups.
But Finextra Member raises a very valid point about how many people would feel comfortable about moving their money from their bank account to a startup's proprietary account. I would - about $20 at a time. Not sure how many startups can survive with such
to $150k base, bonus, benefitsNew York City, NY (USA)
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