Thursday, July 28, 2011

The growing mobile payment divide

"Mobile payments and the mobile wallet are turning out to be completely different things," says David Schropfer, consultant and author of "The SmartPhone Wallet."

The mobile wallet, which allows a user to store and access a number of accounts and credit cards linked to loyalty programs and offers, all from a mobile device, is developing in the U.S. mainly as a way to attract consumers with plenty of other payment options. "I don't think there will be much market adoption of the mobile wallet without it being attached to other options."

In the developing world, the focus is more directly on enabling people to send money to each other, and other institutions, directly from a mobile phone, because the banking infrastructure is undeveloped.

Mobile payment analyst Bruce Burke argues that a variety of "front ends" will develop, using multiple brand ecosystems, devices and mobile service providers, typically using established transactions networks.

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