Are Mobile Payments Here to Stay?

Are Mobile Payments Here to StayFrom PayAnywhere to Square, there is a handful of well-respected and market leading mobile payments solutions available today to retailers large and small.

But while the mobile payments business is booming, the mobile wallet space is struggling to live up to the hype.

“Forget about cash or credit,” says Brett Nuckles of BusinessNewsDaily. In 2013, consumers can simply swipe or scan their smartphones at the checkout to pay — no fumbling with pocket change required. A huge array of mobile payment services have sprung up in recent years, urging customers to abandon their plastic credit cards for the “mobile wallet” revolution. But so far, adoption of mobile payment technology has been dismal. Here are the top 10 reasons mobile payments haven’t caught on — yet.”

With an impressive degree of detail, Nuckles outlined in a new report ten things that continue to cause the mobile wallet industry to lag behind expectations.

“Which to pick?” he asks, illustrating one of his argument’s strongest points. “Even curious consumers are confounded by the array of mobile payment options available. Google, Visa, MasterCard and even mobile carriers like Sprint and Verizon are among the heavy hitters on the mobile payment scene, each offering a discrete service with different apps — and different rules. Some rely on Near Field Communication (NFC) technology that lets users simply tap their smartphone against a special reader to pay, while others offer up scannable QR codes. Mobile payments may never take off until one company rises above the rest with a single killer service.”

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