Insight
There are two major hurdles to m-commerce: persuading users to adopt the payment mecha- nism and persuading merchants to install NFC- enabled terminals to facilitate transactions. From the consumer perspective, adoption may be con- strained by the upper spending limits imposed by service providers and concerns about mobile phone security and reliability, prevent some peo- ple from making more frequent purchases with their mobile phones. On the other side, technol- ogy and service providers need to persuade the transacting parties of the efficacy, security and ease of the process under the new contactless sys- tem. Merchants have already invested in existing payment-enabling technology, and they need to be convinced of the need to pay for an additional or in some cases replacement mechanism. Apple could be a big catalyst for NFC and mobile payments if it embraced the technology, but the brand new iPhone 5 is not NFC enabled. Apple believes that its program Passbook is an equivalent to NFC in the wireless commerce market. Passbook is mainly used to store loyalty cards, gift cards and can be used instead of boarding passes and football tickets. Apple maintains that Passbook fulfils most of cus- tomers' current needs and works without any ex- isting merchant payment system.
Nonetheless, m-commerce is due to pick up steam in the coming years. A rapid rise in the number of smart-phones commercially avail- able as well as government-led initiatives and corporate-driven projects has given the concept momentum for mass adoption. The coun- try to watch for a sign of how things may develop is Canada. Canada may be the first country to implement the mo- bile wallet country-wide, as many retail- ers have al- ready adopted contactless pay- ment in their point-of-sale ter- minals. The country’s banking industry recently published a set of guidelines to sup- port open standards for mobile wallets. Moreover, the country’s largest wireless provider Rogers Communications and Canadian Imperial Bank of Commerce recently an- nounced plans to launch a mobile wallet by the end of 2012.
90 New European Economy
Every Olympic athlete was issued with a Galaxy S3 with in-built Visa PayWave and every Olympic venue was stocked with tills where payment was possible with just a flourish of the phone
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