Event Impulse
Market drivers and key challenges for Mobile Payments in Europe:Emerging technologies, social media, mobility and access to the Internet are the top influencers of consumers’ everyday communication, transactions and information flow. Projections of mobile payments adoption are (emerging and) trying to forecast (the period) (of NFC mobile payments mass adaptation). Merchants are critical in the ''chicken-or-egg'' riddle of mobile payments: merchant POS deployment and consumer usage.
Challenges and Opportunities for Merchants:
Expanded POS solutions will include mobile apps, web apps, loyalty, coupons, form factors, and enterprise integration. NFC based mobile payments and bridging technologies (QR codes and barecodes) requires investment (to deploy) new POS terminals necessary to support wireless devices. Merchant business case for mobile could be substantially covered by endless marketing opportunities.
Battle for the POS Terminal:
New technologies for new channels have widened the playing field for electronic transaction acceptance and data giants like Google, PayPal, Apple, Amazon and Facebook are working on payment solutions. MNOs, application providers, handset makers, security providers, trusted service managers are seeking the way to expand into mobile payments. POS is turning into Point of Contact and Interaction.
Opportunities for Acquirers and PSP‘s:
There has never been a better time for acquirers and PSPs to foster the relationship with merchant industry and benefit from their position as payment gateways providers. Innovative terminal producers support both traditional and mobile POS solutions. This enables acquirers and PSPs to help merchants with building a new strategy for mobile payments and social media. Products that support mobile-based card acceptance enable acquirers to address even new segments, such as small businesses, freelancers and micro-merchants. Acquirers need to step in and educate merchants about the POS equipment needed to handle a payment initiated by a mobile device.
There are still key issues like missing sound business model for NFC, missing contactless infrastructure for mobile payments, security risks and standards, and the shift in consumer behavior, which have to be watched carefully by the whole acceptance value chain.