Where do you think are the biggest threats to greater adoption of new mobile payment solutions? Would it be the lack of standards, lack of user knowledge, or lack of commitment from stakeholders like the retail industry to invest in new infrastructure?
The mobile payments infrastructure is complex due to the number of partners and corresponding business models involved. While we are at a point in many countries where the infrastructure is in place to move forward, it may be that the business model still needs to be determined.
Contactless payments are already a normal part of everyday life for consumers in countries such as Hong Kong, Australia and Singapore. The logical next step is mobile payments and this is something that Visa, along with financial institutions and manufacturers, is working on to make a reality in the near future. A great example of Visa's efforts in solving the ecosystem complexities is our recent alliance with Samsung, which enables us to make mobile payments a reality at point of sale.
Sign up for Computerworld eNewsletters.