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Global payment market seeing smartphones and tablets uproot existing technologies

Industry Sector

Finance and Banking

Published

15 November 2012

Author

Mike King

Type of News

Market

The global payment market is nearing a tipping point with regard to whether new technologies, including mobile phones and tablet devices, could uproot the payment methods that have existed for decades.

Numerous companies from existing tech giants such as Google Inc, to fledging payment start-ups like Boston-based LevelUp, are introducing technological innovations that are causing great disruption to the payment industry.

These new ways of doing business are driving great change throughout the long-standing payment industry and are threatening the traditional payment business models.

New consumer products, such smartphones and tablets, as well as new ways of sharing information such as NFC chips, QR codes and cloud computing have spurred the payment industry's evolution.

The new alternative payment types include plug-in devices, QR code-based systems, mobile carrier-led systems, direct-carrier billing, EFT-funded payment systems, merchant-led networks, closed-loop payment systems and product innovations from existing tech giants.

While there is potential for great disruption across the global payment industry, many of the alternative payment systems in the market today layer over the existing payment rails and thus do not threaten mainstream financial providers.

In the developed world, paying via a mobile phone is ultimately about winning over the consumer through improved convenience, whereas in emerging markets m-payments are a way to reach the large unbanked population.

For more information on the global payment market, see the latest research: Global Payment Market

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