As mobile phones become as indispensable as credit cards for purchasing goods
and services, mobile payment developments are quickly gaining pace. Many
different service providers are competing for their piece of the action.
Within the last year, we have witnessed the arrival of mobile payment
solutions such as MasterCard's PayPass, Google's Android-based eWallet scheme
and Starbucks' emerging Quick Tap PayPass service.
A study from Juniper Research predicts that mobile contactless payment
transactions are to reach nearly $50 billion worldwide in 2014 and NFC
solutions will be used in 20 countries within the next 18 months.
However, with the widespread adoption of this technology, there is a need to
debate which type of scheme works best and is the most robust.
Setting the Standard
As with traditional payments, standardization is vital. Several effective
standards ar... (more)