Archive for January, 2012

We are inundated by conferences, articles & blog discussions dedicated to mobile payments technology and the relationship dynamics between payment industry stakeholders. However, the customers’ value proposition dimensions remain relatively under-addressed.

I’m referring to ordinary customers. Those people who are completely out of the technology and finance domains. These people in their majority still use their phone to make and receive calls and in the best case surf the internet.

Relatively speaking, mobile payment services are still in a nascent stage and new in the payment space. All payment ecosystem stakeholders need to address the trust issues consumers have toward mobile payment services. Pushing out a digital mWallet is not enough to convince a customer to switch from their leather wallet to a mWallet.

Ordinary customers’ perception of mobile payments and mWallets need to be changed. Customers need to be assured that the new payment systems and mobile payment services are as secure as their current payment instruments. mWallets must become an everyday tool that will bring new benefits and purchasing experiences in addition to the dematerialisation of the leather wallet. The mWallet should become an everyday tool that will be seen as a lifestyle commodity and will influence the customer perception of value. Read the rest of this entry »