The value proposition for using mobile payments must be clearly stated to customers in order to change their behaviour from using plastic cards to mobile phones, says the Federal Reserve Bank of Boston following the completion of a research project that tested four mobile wallet models including NFC and QR codes. “While security issues remain a major barrier to mass mobile payment adoption and are being addressed by the industry, general consumer adoption is the real hurdle,” the bank says.
- Mastercard demos payments in augmented reality
- Pay with Google goes live on Android devices
- Apple Pay reaches 20 countries, representing 70% of the world’s card transaction volume
- Amex applies for personalized blockchain rewards patent
- Chase lets customers use their mobile phone to open a bank account