23 November 2017

44975

Retired Member

3,218Posts 11,670,803Views 3,480Comments
A post relating to this item from Finextra:

UK consumers shunning m-payments

21 May 2008  |  8295 views  |  0
2940.jpg
Just one per cent of UK adults use their mobile phones to conduct banking, bill payments or shopping transactions, according to research commissioned by IT services firm Unisys which found that a heft...

Re: Shunning mobile payments

22 May 2008  |  4053 views  |  0

It makes you wonder if we're all following a bit of a red herring with mobile phone payments and banking ?

 There seems to be so much money being poured into the solutions, but not enough 'Pervasive Relations' (http://www.thoughtden.co.uk/blog/2008/01/28/pr-pervasive-relations/) to back up people's security fears and knowledge.

Is it going to turn into another disaster like the 3g video calling, which led to billions of pounds being pumped into a service which never took off? Another fantastisy that just isn't practical?

 Personnaly, dispate all this current dis-belief, I believe it's all very close to getting uber fantastic, and with regards to both these spankingly clever ideas.

 The phone right now is a device clearly on the edge of a new era, with touch screen, wireless, Android (http://code.google.com/android/ - watch the vids) all making a break into the portable market.

These special technologies and keen interest by Google is going to turn the 'phone' much more into a 'phone wallet' type device. Paired with the fact all our real non-virtual money is quickly becoming digital, is it not just the natural step that my two pocket buddies join (That's my Pound coins & Phone, cheeky)?

 As Dan Harple the Netscape man said, "It's about waiting for that perfect pitch, then smacking it outta the park"

 Maybe the perfect pitch is next up & these guys are already set-up...

 

 

 Thought Dan : http://www.thoughtden.co.uk

 

Related post - http://www.thoughtden.co.uk/blog/2008/05/12/what-thought-den-are-reading/ - Money in your mobile

TagsPayments

Comments: (4)

A Finextra member
A Finextra member | 23 May, 2008, 01:16

You are right Dan, as you point out on your blog, security could be an issue. I assume your mates lock their phones when out drinking, otherwise they'd be always at home paying off their phone bills and lost phones.

"is it really a device that people want to have their full bank details".

No - it is not. I would not recommend that anyone adopt any solution which required that, the risk is unacceptable.

Certainly the risk of pumping a few billion pounds into new infrastructure has to be carefully considered, however in the case of the mobile phone, the infrastructure is already there, so infrastructure risk is very minimal.

A mobile solution potentially leads to less infrastructure and lower costs. Even with some mobile solutions where special readers are required, using a mobile would substitute for having at least 4 billion cards and sending them out in the post etc (with all that associated risk).

If your security concerns were satisfied would you have no objections to using your mobile as a stored value payment device or even your credit or debit card for instance?

Would you consider using your mobile as your driving licence if it can't be used by anyone else, even your biologically identical twin brother?

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 23 May, 2008, 07:09

I agree with the point that mobile payment carries lot of risk especially carrying full banking details as such, but as far as small ticket payments are concerned, it is still better and convenient option out of avialable one.

 Especially in emerging market area and some part of Europe and USA as well, mobile payment proved to be a very handy solution.

Again looking at risk perspective, information about money/trade location is always remained area of concerned since ages, but evolution and growth always enforces society to make these things flexible.

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 27 May, 2008, 16:50

I agree that a good kick-off for mobile payments lies strongly on small payments. One important thing to remember in terms of commercializing any payment solution is to find every which way to implement it without needing banks participation, i.e., find a way to disintermediate the banks and offer it directly to consumers. But let's not forget that consumer's confidence is paramount. Therefore, universal security is a must.

Let's face it, bankers aren't exactly innovators - unless you have someone like Richard Branson at the helm. They are bankers. Innovation is not their core competency.

I also understand a recent survey that says that most consumers are not interested in mobile banking. Personally, I don't feel secure using my mobile to do online banking.  

I don't feel the same with mobile payments (small payments). My limit for these small payments might even go up depending on the control given to me by the security that comes with the payment mechanism.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 28 May, 2008, 16:53

You're right, small payments first. People are paying for their parking by phone & text now and that's only going to ease the mind into feeling more secure with mobile payments.

 All that needs to follow is more widespread small services in other sectors like shops, stalls which will build up further confidence.

 Hopefully what will follow is people not really knowing how they bought things without their mobile device...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

Member since 2009
3157 posts3,480 comments
What Retired reads

Who's commenting on Retired's posts

Ketharaman Swaminathan
Dharmesh Mistry
David Andrzejek
Ralf Ohlhausen
Tom Hay
Nicola Cowburn
Michael Wright
Charmaine Oak
Francis Chlarie
Raymond Lee
Deepthi Rajan