Mobile Payments. What Are the Implications for You and Your Business?

February 2011

Soon, more people will browse the Internet from mobile devices than from computers and in the US and overseas consumers are starting to make payments from their mobile phones and tablets. A recent FWA event about mobile payments, featuring an impressive panel of leaders in the mobile payment industry – including representatives of Wells Fargo, mFoundry, and Obopay – was moderated by FWA president-elect Erin McCune. Panelists described how improved customer experience is a key driver of consumer and re- tail demand for mobile payment schemes, such as the Starbucks Card Mobile App. Nevertheless, there are significant barriers in the U.S. to widespread adoption, including the prevalence of existing payment mechanisms and the friction between carriers, credit/debit card issuers, mobile handset manufacturers, technologists (Google, Apple), and other stakeholders. After an engaging discussion, audience members left the event reflecting on the opportunities and challenges of the mobile payment revolution.