Pilot or Progress: Exploring the Possibility of Bank-Initiated Mobile Payment Solutions
Financial institutions are increasingly eager to provide mobile payment capabilities to their customers, and consumers are enthusiastic about the potential of these new payment mechanisms. Non-traditional players and well-funded start-ups are also seeking to participate with new and exciting ways of directly enticing consumers to use their solutions.
Notably, there has been a recent surge in the number of banks seeking to gain traction in the mobile payments space without entering into potentially complex agreements with mobile network operators (MNOs). But is this approach viable? This paper will discuss the current state of mobile payments and explore several alternatives for a bank-led mobile payments revolution.