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The recent launch of Barclays’ new Pingit app is another significant milestone on the road to true mobile money, taking consumers one step closer to using their phone as their wallet.
While many other banks are working on similar schemes, Barclays has taken the market by surprise with its timing. Going solo on a big innovation like this is a bold and decisive strategy but the bank stands to reap high rewards for delivering a new and valuable service to customers and non-customers alike.
In order to make the most of their first-mover advantage, Barclays will however need to address two key considerations:
Furthermore, the mobile operators are waiting in the wings to take a large slice of the mobile payments pie. According to news reports, the UK’s largest telecom companies, including O2, Orange, T-Mobile and Vodafone, have clubbed together to file an application to the European Commission in order to create a single platform on which mobile payments can run. The lack of standardisation has been a pivotal issue holding back the roll-out of mobile payments but progression on this issue could open the flood-gates for further mobile financial services. With such competition, Barclays and other banks will certainly need to make sure their mobile propositions offer genuine value-add to consumers and stand out amongst the burgeoning crowd.
James Richards - Director, Mobile - Intelligent Environments
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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