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Mobile Payments Interest Rising: Report

The transition of payments from a piece of plastic to a Web-connected communications channel is opening a wealth of opportunities, says Aite Group.

Interest in mobile payments from merchants and payments providers is on the rise, according to a new report from Boston-based analyst form Aite Group.

Aite surveyed 44 payments acceptance executives in May, in conjunction with the Electronic Transactions Association, which provided the basis of the report. The report examines the evolving competitive dynamics associated with the creation and deployment of mobile payments.

Forty-one percent of those who responded to the survey said they "completely agree" with the statement: "Mobile business represents a great opportunity for my business." Thirty-four percent responded that they "mostly agree", while 16 percent were neutral, an 9 percent disagreed.

“With dollar signs in their sights, a strong belief in merchant interest, and limited concerns about risk, acquirers and mobile payments acceptance technology providers are moving to deploy solutions across their merchant locations,” says Rick Oglesby, senior analyst with Aite Group and author of the report. “While the momentum is building, deployment of mobile acceptance technology is not yet full-force. Many providers are working through preparatory activity, though are in some cases hesitant put their full weight behind their efforts."

[Related: 'Smartphonatics' Driving Mobile Payments.]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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