Several markets may soon be adopting contactless payments for mobile due to the success and popularity of contactless debit and credit cards. The introduction and proliferation of contactless cards has also lead to an increase in Point of Sale (POS) terminals equipped with Near Field Communications meaning that the technology needed to facilitate Mobile point of sale mobile payments (mPOS) is already in place.
However, in order for the technology to become widely adopted the industry needs to work on its efforts to increase awareness among consumers regarding mobile contactless payments whilst properly explaining the potential benefits that mPOS transactions have.
Contactless payment technology is mainly being sold to retailers on the basis of faster transactions at the point of sale. However, the other opportunities offered by contactless payments, such as consumer engagement and product up-selling which in the long run present far more profitable ways of using the technology, are not being emphasised enough.
There could be as many as 300 million consumers worldwide who will make mobile contactless payments by the year 2017, this is a staggering figure and for this to happen we must extol all the virtues and uses of contactless payments for mobile.