Cell me the Money: Unlocking the value in the mobile payment ecosystem
Innovation continues to transform the mobile phone market at a staggering pace. Faster processing speeds and better connectivity have turned mobile devices into multi-utility pocket PCs. Now, a new target has emerged: credit cards. Swiping a phone to pay for everyday purchases is a common occurrence in many overseas mobile commerce markets already, and the United States is looking to catch up.
A new Deloitte Research study, Cell me the Money: Unlocking the value in the mobile payment ecosystem, examines the challenges and benefits of mobile commerce. The report is based on a survey of senior executives from the mobile payment value chain. Survey results shed light on the key barriers that have traditionally challenged the mobile payment market in the United States, including the lack of revenue-sharing agreements, a dearth of consumer knowledge, low levels of demand and competing platforms in a fragmented market.
Getting ahead of the curve will require Australian companies to develop mutually beneficial business models and take advantage of further innovations made on the mobile platform. Ultimately, mobile carriers and financial institutions must come to the table and sacrifice in the short-term to create an opportunity to win big down the road.