Similar to the rise of the internet, the emergence and adoption of the mobile phone as a payment instrument will be the next big transformation in the payments industry provided that a working business model, healthy collaboration between industry participants, and convincing value proposition can be established.
There is a potential that the ability to use the mobile phone to initiate payments will forever change the way consumers approach commerce, particularly in underdeveloped countries where the application of the mobile phone provides significant ease, convenience, and safety compared to existing payment alternatives.
This whitepaper outlines the factors that will be necessary to bring the stakeholders together and enable them to seize the full potential of the marketplace.