LIVE FROM CTIA WIRELESS 2012: John Partridge, president of payments giant Visa, today said that the time is right for mobile payments to move into the mainstream in developed markets, following the previous success of mobile money services offered in emerging countries.
Speaking in a keynote session, the executive said: “When will mobile money be a reality in the developed world? 2012 promises to be the year when it finally makes its stake here, in developed countries like America, the United States, Canada, Singapore, Malaysia, and across Europe.”
Driving adoption will be the arrival of important enabling technologies, such as NFC, claimed Partridge.
“After some false starts, NFC technology has been adopted as the global technology standard for transforming mobile phones into payment devices, and allows consumers to wave their smartphones over a payment terminal in order to make a purchase. NFC is aligned and interoperable with the global payment industry standard for chip payment cards. This is a critical step,” Partridge said.
Unsurprisingly, it was acknowledged that security will be a critical issue in supporting take-up. “If we are going to take this next step forward, and create a future in which mobile payments are part of everyday life, then we must address the fundamental requirements of security. When you pull out your card, or in future your phone, you expect your transaction to be secure, and your account to be protected from fraud. Frankly, you should expect nothing less,” he said.
The executive also highlighted the success of mobile money services in emerging territories, where they have been successful in extending banking to previously under-served consumers.
Partridge noted: “Today, more than 100 mobile money services are in operation in developing markets. This is an incredible achievement. And we applaud mobile network operators as pioneers in mobile money, for reaching so many people so quickly.”
“This opportunity in developing economies is not just a business opportunity. It is an opportunity to change people’s lives,” he continued.
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