White Paper: Beyond Mobile Banking: It's Time to Stake the Claim for Mobile Payments
Rapid technology advances and consumers' growing desire to use their mobile phones for payments activities have set the stage for a shift in mobile financial services. The industry is in a period of transition during which consumers will move day-to-day financial activities to the mobile channel and the channel will mature from informational to transactional.
Financial institutions are well-positioned to capitalize on the promise of this transition – namely, more transactions, more revenue and more loyal and profitable customers. However, financial institutions have their work cut out for them as an increasing number of non-traditional players have entered the mobile payments game.
This paper outlines the reasons banks and credit unions are ideally suited to support mobile payments, detailing the four dimensions of mobile payments as well as how financial institutions can leverage existing resources to enter the space.