Google is to launch field trials of its much anticipated Google Wallet NFC Android app in partnership with VeriFone, MasterCard, Citi, Sprint and First Data.
Mobile payments are growing more common by the day, as our research data clearly shows. To avoid missing immediate opportuniites industry leaders must avoid viewing mobile payments as some hopeful future "big bang theory", and rather take advantage of the
evolution that's quite well underway. It's interesting (yet unsurprising) that Citi is involved in mobile money pilots, because Javelin data show that their customers use e-money services such as third-party transfers and online P2P payments at far higher
rates than all their large-bank competitors. Citi is in strong position to build on such existing electronic payment methods when migrating customers to mobile payments at point of sale.
A review of my company's data causes me to predict that mobile POS payments adoption will be evolutionary rather than revolutionary. If true, those who wait idly for the big bang will be left behind.
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© Finextra Research 2014