Business Strategy: Mobile Payments at the Point of Sale in Canada -- Status and Future Directions
LONDON, July 29, 2014 /PRNewswire/ -- Reportbuyer.com has added a new market research report:
Business Strategy: Mobile Payments at the Point of Sale in Canada -- Status and Future Directions
https://www.reportbuyer.com/product/2114297/Business-Strategy-Mobile-Payments-at-the-Point-of-Sale- in-Canada----Status-and-Future-Directions.html
This IDC Financial Insights report examines the current status of mobile payments in Canada and how they may evolve in the future. The report contains input obtained from interviews of 17 executives and senior managers in financial institutions, payment networks, mobile networks operators, and associations representing payment technology organizations. It also provides detailed information on mobile payment initiatives, processes, and technology that resulted from an extensive analysis of available information on mobile payments.
Predictions are made on which technologies and mobile payment participants are most likely to succeed. Factors that may inhibit the growth of mobile payments are also identified. Recommendations on approaches that mobile payment stakeholders should consider as they proceed with mobile payment implementations are included.
A review of mobile payment solutions being implemented in the United Kingdom was made as there are very few mobile payment solutions implemented in Canada at this time. This analysis provides some insight on the potential solutions that may be attempted in Canada.
Payment processes in Canada are heavily regulated. This along with the entrenched positions of the major banks results in significant barriers for new entrants. The Canadian government has stated that it will be reviewing payment processes. Some potential impacts on mobile payments resulting from this review have been identified.
It is anticipated that it will take about three years for mobile payments to reach a state of maturity where consumers become comfortable with using their mobile phones for payments at the point of sale, preferred solutions are established, and the dominant providers of payments services are identified.
"The transition to mobile payments is part of a much larger transition where the lives of individuals are becoming entwined with their mobile devices. Mobile payment providers that do not become a central part of this mobile ecosystem risk becoming an irrelevant part their clients' mobile world," says Robert Smythe, research associate, IDC Financial Insights.
Table of Contents
IDC Financial Insights Opinion
In This Study
Scope
Mobile Payment Participants
Situation Overview
Need for Ubiquity and Ease of Use
Mobile Payment Participant Needs
Organizations Driving Mobile Payment Implementation
Technology Considerations
Security and Privacy Considerations
Mobile Payment Approaches
Mobile Wallets
Loyalty Solutions
The Approach
Framing the Alternatives
Current State of Mobile Payments
Consumer Needs
Merchant Needs
Technology Options
Companies Advancing Mobile Payments
Mobile Payments Drivers
Mobile Payment Barriers
Key Strategic Elements
Ubiquity
Standards
Security
Future Outlook
Assessment of Mobile Payments at the Point of Sale in Canada
Evolution of Mobile Payments in Canada
Essential Guidance
Actions to Consider
FIs
MNOs
Payment Networks
Merchants
New Entrants
Actions for Vendors
Learn More
Appendix
Mobile Payment Recent Implementation Trends
Canadian Initiatives
CIBC
RBC
TD
BMO
Desjardins
Rogers
EnStream
Merchants
U.S. Mobile Payment Initiatives
FIs
MNOs
Merchants
New Entrants
U.K. Mobile Payment Initiatives
Zapp
Weve
Telef?nica O2
Potential Mobile Payment Strategies
Participants Developing Mobile Payment Strategies
Mobile Payment Implementation Considerations
Key Success Factors
Address Concerns
Mobile Payment Requirements
Trust Is Key
Experience Is Vital
Usability Is Critical
Perceived Value for All Parties Is Essential
Collaboration Is Needed
Technology Is Evolving Quickly
In the Phone
Using an External NFC Chip
Pure Cloud Solution
Hybrid NFC and Cloud Solution
Payment Alternatives Will Evolve
Key Mobile Payment Characteristics
FI Approach to Mobile Payments
MNO Approach to Mobile Payments
Mobile Wallets
Related Research
Synopsis
Table: Impact of Mobile Payment Participants
Table: Google Services with Mobile Payment Potential
Figure: Mobile POS Payment Participants
Figure: Mobile Payment Participation Drivers
Figure: Degree of Influence on the Evolution of Mobile POS Payments in Canada
Figure: Mobile Device Payment Technology
Figure: Mobile Device Communication Technology
Figure: Technology Options and Directions
Figure: Risk and Security Concerns
Figure: Risk and Security POS Payment Implementation Inhibitors
Figure: Mobile Payment Participant Inhibitors
Figure: POS Payment Approaches
Figure: Mobile Wallet Providers
Figure: Importance of Wallet Features
Figure: Apple Mobile Payments Patent Application Image
Figure: Migration of U.S. Payment Services into Canada
Figure: Mobile Wallets and Payments
Read the full report:
Business Strategy: Mobile Payments at the Point of Sale in Canada -- Status and Future Directions
https://www.reportbuyer.com/product/2114297/Business-Strategy-Mobile-Payments-at-the-Point-of-Sale- in-Canada----Status-and-Future-Directions.html
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