According to many experts, when it comes to widespread adoption of mobile payment systems, the industry should not rely on the technology until it was more widely adopted.
Jason Kupferber, who works as an analyst at Jefferies, recently spoke to the International Business Times that more needed to be done by merchant service companies to help people adopt a near field communications (NFC) method rather than one that requires swiping a credit card.
“We recently attended a mobile payments conference and came away with three key conclusions: the industry now recognizes that simply replacing a card ‘swipe’ with a phone ‘wave’ is not a strong enough value proposition,” he said. “[T]he most likely way to drive consumer adoption of mobile is enhancement of the overall shopping/buying experience, mainstream adoption of mobile payments at the physical POS in the U.S. is likely three to five years away,” said Jason Kupferberg
One of the biggest brands to get into the mobile payment sector is Google. Through Google Wallet, the search engine giant is hoping to get more people to pay for items by using the software.Back To Blog