Blog article
See all stories »

Object reference not set to an instance of an object.

Comments: (3)

A Finextra member
A Finextra member 27 September, 2012, 11:24Be the first to give this comment the thumbs up 0 likes

True on many facts, but I guess merchants need a proof of usage numbers before they make changes on their backbone merchant systems. For example average supermarket chain has 20 supermarkets in region with 40 cash registers. If new software costs about 100 €/ per register, just figure it out if merchant will make investment for m-payments if usage numbers are not attactive on day one.

A Finextra member
A Finextra member 27 September, 2012, 14:50Be the first to give this comment the thumbs up 0 likes

"They can save money and time that would be lost in queuing up at the ATM or the bank's cash counter."

We can have the same benefits with plastic cards now...

"If there's one barrier to success, it's the cost of setting up the infrastructure for NFC payments."

With the correct approach (protocol + architecture), secure POS terminals are not needed - that way we can deploy US$10 devices (including mobile- and tablet-based ones...)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 29 September, 2012, 12:17Be the first to give this comment the thumbs up 0 likes

Contactless cards, which use the same underlying RFID technology as NFC, have been around for close to a decade. If merchants haven't found a compelling reason to invest in contactless readers during this period, I'm not sure they'll find one now with NFC-based mobile wallets. 

IMO, the biggest barrier is lack of compelling reason for payers to adopt mobile wallets. All consumer-side benefits of mobile wallets are equally available with the plastic contact and contactless form factor of cards. As for usage, consumers have to take out their smartphones, hope there's enough battery, enter PIN or trace pattern on lockscreen to reach the home screen, locate the mobile wallet app, fire the app, enter mobile wallet PIN, hope that data plan works, select the appropriate card - before they can Tap, Pay and Go. With a plastic card, it's simply open wallet, take out appropriate card, Swipe / Tap, Pay and Go. Therefore, it's highly questionable whether mobile wallets deliver better CX compared to plastic cards.