Is The Mobile Payments Industry Really The Next Big Tech Gold Mine?

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It is said that the mobile payments industry is the next big tech gold mine that is waiting to be exploited.

Today, a large number of smartphone owners find it convenient to use their mobile devices to log onto their banks and check their accounts. A research commissioned by UK-based mobile banking firm Monitise shows that smartphone owners check their bank accounts three times more frequently than those using internet banking.

“There’s a revolution taking place as people get turned on to mobile banking – valuing the ‘anytime, anywhere’ control it gives them over their money, as banks increase the range of services available,” said Alastair Lukies, CEO of Monitise.

Mobile Payments Awareness

But retailers must raise awareness of near field communications (NFC) mobile payments as a newly released survey by YouGov shows that majority of consumers have no idea what the mobile wallet is. YouGov surveyed 2085 people and out of those only 23% showed interested in paying for items using their cell phones.

Mobile PaymentsFindings of this report contrasts sharply with the prediction of Juniper Research that expects global NFC mobile contactless payment transactions to hit about $50bn (£31bn) worldwide by 2014. The research firm expects both North America and Western Europe to account for 50% of NFC payments.

NFC Mobile Payments Technology

For those unaware, NFC mobile payments technology allows you to use your phone just like swipe cards. NFC has given consumers the freedom of walking out of their homes without carrying wads of cash or an assortment of coins. All you just have to do is to wave your mobile in front of the sensor and the desired transaction will be done.

YouGov Consultant Russell Feldman has a suggestion to increase the popularity of NFC mobile payments: “Many consumers are attracted by the idea of paying for items via their mobile phone. But it is down to mobile operators and handset manufacturers to work with retailers to educate consumers about the real advantages of paying for items in this way. We believe once people have seen it in practice – and are reassured about the measures in place to protect their financial and personal security – they will be quick to adopt it and the industry will reap the rewards.”

“We believe once people have seen it in practice – and are reassured about the measures in place to protect their financial and personal security – they will be quick to adopt it and the industry will reap the rewards,” adds Feldman.

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