Mobile Payments *slowly* gaining momentum. 2012 the year of mass acceptance?

If there is one thing people like, it is taking ten different objects and turning them into one multi-function power house.  For the digital minded, that is why we have smartphones.  Calendars, address books, web browsers, email, etc. are all at our finger tips meaning we don’t have to carry each one of the mentioned and unmentioned objects with us seperately.  Remember, there was a time when we did, but now with technology and mobile devices becoming so much more widespread, smaller, and more capable, it is almost hard to even remember back to that time, even though it was just a few short years ago.  Mobile payments have the ability to greatly shrink the size of our wallets and purses and make us overall lighter.  No longer will we have to fumble around with various pieces of plastic just to for our purchases, instead we’ll just wave our mobile device over a scanner of some sort and all will be taken care of.  Would you believe that technology has been around for years, hoever, the U.S. just might start seeing it in the near future. Excited?

Mobile payments are in fact nothing new.  In the linked article, it describes how the technology needed to bring mobile payments to market has been around for many years as it has been a big hit in Japan for the many years.  Heck, a a majority of Japanese cellphones have mobile payment features thanks in large to DoCoMo who pushed the technology early on.  So why didn’t the tech make it across the big blue pond to the states?  Money.  Artists, distributers, marketers, etc. can’t come together and agree on how profits should be split in regards to royalties and other money related issues.  Really it’s a shame.  However, with the sharply rising number of mobile internet users and even mobile users in general, those individuals are going to want to leave the plastic and cash at home and instead just have a do-it-all device in their phone.  Who can blame them?  I know I would.

A mobile payment report by Arthur D. Little highlights how as previously mentioned, the increase in mobile web use is going to be the big ticket to the widespread adoption of mobile payments.  People will want to do more with less.  They wont convenience that is pocketable and small.  Arther D. is so confident in the future of mobile payments that he speculates by 2012 over 65% of the transaction volume, or $250 million, of developing countries, fueled by their intense rush to become more prominent in the global market, will be carried out by mobile payments.  More developed countries won’t see as widespread adoption nor as quick of an uptake due to an already saturated market with many niche technologies.  However, before mobile payments can really take off, the technology, NFC (Near Field Technology), has to be adopted, hardware purchased, and software tweaked for each individual company that uses it before we can see any mass market adoption. 

Do you believe that mobile payments could become a “big thing” in your neck of the woods.  Again, with the increase in mobile web use, as well as the increases in funding and research in near field technologies (NFC), mobile payments have the ability to really take off.  Or, do you feel that mobile payments are in fact a niche technology that just won’t cater or capture a large part of the market?  Do you even feel safe keeping so much personal informaiton on one device?  Pick your brains and leave the remnants below.  Those interested in reading Arthur’s report can find it here.  *Warning, registration is required*

Source: Cellular News, Image Source: Smart Card Alliance

Author: Mike Norris

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Gadget lover, smartphone collector, and beer connoisseur. I've been writing about gadgets for three years now and loving every minute of it. Outside of the digital landscape, I enjoy being active outdoors. I'm always up for a good conversation, so feel free to drop me a line!