Mobile Payment Technology And The Consumer 's Decision Process

1746 Words7 Pages
Mobile payment technology offers benefits to consumers and merchants by providing advanced payment control and convenience for consumers and an elevated output for merchants. There are many merchants competing for a portion of the mobile payment, but the lack of cooperation, standardization and lack of choices from the mobile industry has created the customer confusion that is associated to the actual technological changes and the evolving mobile competition. Banks and Mobile technology companies are contending for a part of the portable payment, and they face some challenges because of the lack of an agreement on the Mobile payment architecture. There is customer demand for mobile and contactless payments, but some banks and Mobile companies that want to decide the mobile architecture are affecting the consumer’s decision process . Mobile payments standards like NFC are credited with incorporating the best of Mobile and contactless payments which will increase the customer’s savings. Retailers will benefit from the price cutback in payment processing. Mobile carriers will also benefit from higher profits from new Mobile consumers and retailers. Introduction/Thesis Mobile and contactless technology had a big support from Asian countries like Japan and the Philippines, where mobile platforms were launched. In 2002, the European Telecom Standards Institute issued the first guidelines, “Mobile Commerce (M-Comm); Requirements for Payment Methods for Mobile Commerce”.
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