Consumer catalysts for mobile payments

A February 2012 white paper by research firm Park Associates estimated that all mobile payment technologies combined processed over $10 billion in transactions in North America in 2011. According to the paper Mobile Payment – Stepping into Uncharted Territory, 50 percent of U.S. households with broadband own smart phones, and just over 50 percent of those expressed interest in having mobile phones with bar code scanning functionality.

Park Associates also determined that 80 percent of current U.S. mobile phone users have web browsers on their mobile phones. Roughly 37 percent of those surveyed found the concept of a mobile wallet appealing, particularly among younger users and those owning smart phones.

"For consumers, the most attractive benefit of mobile payment apps is they reduce the number of credit cards they have to carry," stated Harry Wang, Director, Mobile and Health Research for Park Associates. "The mobile phone is the main device people use to organize their lives, and mobile payment solutions offer significant conveniences, including organizing receipts and eliminating the need to carry cash."

The white paper also explores new developments in mobile payment technologies and solutions, and analyzes current and future benefits to consumers, mobile carriers, small to midsize businesses, brick-and-mortar merchants, and mobile application and solution developers.

Topics covered in the paper include:

• Market segmentation and key players
• The consumer perspective
• Market growth projections
• U.S. market growth catalysts, prospects and potential leaders
• Mobile/digital wallets
• NFC solutions, bar code applications and other payment options

To download a copy of the Mobile Payment – Stepping into Uncharted Territory paper and to view other Park Associates white papers, visit www.parkassociates.com .

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.