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Contactless payments will languish without cell phones, researchers say
July 5, 2007
SAN FRANCISCO - In its latest Mobile Payments Forecast Report, Javelin Strategy & Research reveals how contactless cards and mobile phones will function together to change the way everyday Americans and retailers conduct purchase transactions.
Javelin predicts chips embedded in consumer mobile devices will replace payments cards and will spur 30 million additional users over the next 5 years. Javelin identifies the need for networks and issuers to motivate wireless carriers to support mobile proximity payments, in order to conveniently bring advanced payments capabilities into the mainstream.
"Bottom line, Javelin believes that these two separate business initiatives (contactless cards and mobile payments) must merge into one now, in order to make both a reality," said James Van Dyke, Javelin president and founder. Within the new report, Javelin identifies carrier revenue models for contactless implementation in order to spur carrier interest. Mobile payment platforms, consumer in-store cards and electronic payments growth are dependent on the continued availability of higher-functioning handsets that will allow consumers to adopt technology that replaces wallets with cell phones. As consumers begin to utilize their handsets for financial activity, FIs will be able to engage in more real-time, two-way communications with account holders.
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