Though there were a number of missteps throughout 2012, many believe 2013 will turn things around.
Last year, many of the players in the mobile payments industry had expected the use of smartphone wallets and similar services to take off, but the actual figures fell far short of the mark.
This year, experts in the industry believe that 2013 will represent a major turnaround in this area.
That said, the experts don’t believe that it will be Google, Isis, and the other joint venture mobile payments wallets that will take off this year. Instead, the attention is turning toward the banks that have been lining up to make their own way into the world of smartphone transactions.
This opinion is shared among a panel of 200 mobile payments industry experts.
This panel is made up of industry executives, insiders, and developers, who all share the belief that 2013 will be the year that is the most compelling for consumer mobile payments applications. They also stated that social networking and location apps will play an important role in the industry as a whole.
The results of a recently conducted survey by Chetan Sharma Consulting have shown that mobile payments and mcommerce will not only take off, but the power behind them will not be the traditional internet players. Instead, it will be the traditional financial companies.
According to the participants in the survey, they feel that Google, carriers, and the various popular new startups such as Square have had their chance to appeal to consumers and make it big, but that as a whole, they failed to make the impact that they had been hoping to make. Instead, it is the turn of the large credit card companies (such as Visa and MasterCard) and the banks and other established financial companies (such as PayPal) to step in and clean up the damage that was left behind.
It is those companies, said the survey participants, who will make the largest difference in mobile payments, and that will offer consumers the mobile security level and the type of services that they have been waiting to see before taking part.
Lucy is a stay at home mom that loves to write. Mother of three, she keeps herself busy, between writing and playing taxi cab! She is originally from Los Angeles and keeps herself in the trend loop with many social networking groups she has formed. She attended UCLA and has found her home as a writer for now and in the future.