Mobile phones will replace physical wallets faster than anticipated, if companies collaborate effectively. Technology advances and changing user behaviour indicate that developed markets are ready for mobile commerce to take off.
Much broader than just a ‘new way to pay’, m-commerce will transform the customer experience of both online and high street shopping. Much suggests that it will follow a shorter adoption curve than e-commerce did a decade ago. The study, ‘mCommerce Comes of Age: Collaborate to Succeed’ by global management consultancy Booz & Company concludes that companies should collaborate in order to win in this rapidly developing market.
There has recently been a flurry of activity as companies recognise the potential benefits of providing m-commerce services. Many are looking to launch multi-functional ‘mobile wallets’ that combine payment solutions promotional offers and loyalty programmes.
The breadth of services being brought together is leading a diverse range of companies to bring mobile wallet propositions to market, including Google, eBay, Visa, Bank of America and many mobile operators such as Telef