Dallas, Texas (PRWEB) November 27, 2013
The increased use of mobile devices to manage day-to-day activities and the rise in the use of social media has encouraged a number of organizations to build business and product strategies around mobile platforms. Banking institutions and non-banking startups are increasingly targeting consumers with new mobile payment solutions, allowing consumers to transfer funds and make payments at any time and in any location. Technological developments, changing consumer preferences and an increase in competition among stakeholders in the payments value chain have been the key drivers in the development of new platforms.
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To promote mobile payment products and services, financial institutions and payment companies are adopting multiple strategies, focusing on mapping changes in consumer behavior, applying the relevant technology and capitalizing on new trends.
Service providers are promoting mobile payment solutions through existing relationships with consumers, especially in the case of banks and mobile network operators which have the advantage of a ready market built from their existing product offerings. Encouraging loyal customers to adopt new payment solutions has turned out to be a rewarding strategy due to its relatively low cost and higher probability of adoption. One of the key success factors for M-Pesa, a mobile payment service offered by Safaricom in Kenya can be attributed to its strong presence in the country’s telecommunications industry. As well as banks and mobile networks operators, merchants with strong and loyal consumer bases such as Starbucks are also capitalizing on this strategy.
With more competitors entering the mobile payment arena, there is an increasing trend to commoditize products and services. This erodes the comparative advantage of an existing service provider and requires extra effort to acquire customers. To overcome this issue, both banks and non-bank payment companies are concentrating on exploiting gaps in the value chain through new product offerings. The desire for innovative services has resulted in the introduction of services such as smartphone- and tablet-based mobile point-of-sale (MPOS) terminals, contactless payment technology, mobile wallets and remittances by mobile phone numbers, all of which have the potential to disrupt the current payment ecosystem. Geographical diversity in economic conditions has prompted service providers to offer a variety of products and services.
Social media has become a mainstream channel to target consumers. Mobile payment solution providers are developing processes to respond to social media-oriented consumers, and are using the channel to promote new schemes and loyalty programs, and to identify customer needs through feedback. Payment solution providers are offering discounts on products purchased through partner merchants. Product giveaways and the use of advertising via social networks have become commonplace.
Developments in cloud technology and the increasing use of open application program interfaces (APIs) have provided powerful tools for payment companies to develop new solutions with enhanced security features. Cloud technology and open APIs offer cost savings and flexibility to developers, significantly increasing the functionality of available resources. In addition, data analytics, combined with the cloud and the large pool of data available on social networks and mobile devices, is attracting attention in the area of predictive analytics. This improved efficiency of predictive analysis is allowing payment operators to streamline their strategies.
Reasons to buy
- Increase your knowledge of the best practices in implementing mobile payments.
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- Obtain a clear understanding of market opportunities and entry strategies as well as trends in consumer technologies driving mobile payments.
- Receive the information needed to gain a greater understanding of the strategies adopted by the main players in the market.
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