Mobile payment adoption hasn’t caught fire with consumers, despite several mobile payment options existing in the marketplace. Regardless, Forbes predicts mobile commerce to “explode” in the coming year for four reasons.
- Traction from tech majors - The big players (Apple, Samsung, Google) are in with their mobile payment solutions. In fact, Apple says it expects its app to be accepted at 1.5 million locations by the end of 2015 (more places to pay), the source writes.
- Deals and discounts – Consumers will be encouraged to use their mobile wallets because that’s where the best coupons, discounts and deals (and loyalty points) will appear.
- EMV deadline – Merchants who upgrade technology to meet new requirements will invest in terminals that support NFC systems.
- Enhanced security, increased trust – With the evolution of mobile payment technology comes enhanced security and (hopefully) more consumer trust.
