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DIGITAL BANKING Tips - Tip 21: 360 degree Mobile Payments

“Mobile Payments” term may trigger different images in everyone’s mind: from Apple Pay to paying parking fee via SMS. Although some players fight for the market dominance, it is hard to guess which one is going to win at the end – if there would be an end. Another interesting thing about Mobile Payments is its potential of being one of the biggest banking disruption – in other words it is an area in which non-banking players direct involvement to banking industry took place to eat some portions (if not all) of “payment cake” of banking . So it might worth to deep analyse the topic a little bit more and see what it is in it for us.

The terminology used for Mobile Payments (MP) is quite large and it may also be called as: “mobile wallet, mobile money or P2P” – unlike terminology, what everyone has agreed is definition: “instead of paying cash or credit cards, customers pay with their mobile phones”. So technically anything you pay with your mobile phone is mobile payment. Of course, there is an account or credit card registration required at the backend as a funding.

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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