As mobile payments hit the mainstream, bankers should offer their customers a compelling proposition rather than wait for someone else to lure them away.
While start-ups and tech giants have piloted mobile payment solutions over the past few years, most banks have sat on the sidelines waiting to see which, if any,
of these efforts will gain traction. Until now, this may have been the prudent position: Only a fraction of bank customers have used the new mobile payment services, which are limited by the type of phone, telecom carrier and bank they use, and sometimes by the retailer’s point-of-sale machine. Although plenty of people see the potential in mobile payments, neither customers,
retailers, banks nor (least of all) credit card networks have pushed to speed their acceptance.