2020 Foresight Report: Best Practices in Implementing Mobile Payments - New Study Released

The increased use of mobile devices to manage day-to-day activities and the rise in the use of social media has encouraged a number of organizations to build business and product strategies around mobile platforms. Banking institutions and non-banking startups are increasingly targeting consumers with new mobile payment solutions, allowing consumers to transfer funds and make payments at any time and in any location. Technological developments, changing consumer preferences and an increase in competition among stakeholders in the payments value chain have been the key drivers in the development of new platforms. To promote mobile payment products and services, financial institutions and payment companies are adopting multiple strategies, focusing on mapping changes in consumer behavior, applying the relevant technology and capitalizing on new trends.

Key Highlights

* Focus has increased on the convenience and speed of payments. As a result, mobile payments have received significant attention in recent years. Mobile payments are basically driven by four types of models: bank oriented, mobile operator driven, new payment companies and collaborative approach. The collaborative model involves co-ordination among two or more lead parties of the other models and displays strongest growth potential over the next five years.
* Regions dominated by emerging economies, such as Asia-Pacific, Africa and Latin America, exhibit high growth potential for mobile payment solutions, although most of the payment solutions currently tend to stem from North America and Europe. Europe, however, is expected to lose some momentum over the next five years, while North America is forecast to continue to impress with new mobile payment solutions, primarily led by developments in the US. Countries such as Turkey are also highly innovative in terms of payment products and services, with consumers showing a readiness to experiment, as are parts of the Middle East, as regulation can be scattered and consumer demand pushes for new payment options.
* Social media has become a mainstream channel to target consumers. Mobile payment solution providers are developing processes to respond to social media-oriented consumers, and are using the channel to promote new schemes and loyalty programs, and to identify customer needs through feedback. Payment solution providers are offering discounts on products purchased through partner merchants. Product giveaways and the use of advertising via social networks have become commonplace.

Full Report Details at
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