The growth of the Mobonomy
Maybe it’s better known as the mobile economy...but either way I was fascinated to read a piece in the UK’s Guardian newspaper this last week about the growth of mobile payments. So why was I fascinated? Because this is a sure sign that mobile payments are going mainstream and it’s very encouraging.
Was I surprised? Well...no! After all as an analyst in this area I’ve been forecasting big things for mobile commerce.
I completely agree with the Guardian article. It’s so obvious after all – the device we all have, the one we won’t leave home without – can easily become our mobile wallet too.
As an analyst in a technology market, I can see it...as John Doe in the street though how real is it, and what are the hurdles to mass take-up? After all some of my friends who are right up there with the latest and greatest phones, and whose lives revolve around their phones, have a sharp intake of breath when I suggest to them they can pay by phone in future! Steady on Howard!!
The top three hurdles for the average person? Well they’re security, security and security – in that order! What if I lose my phone...etc etc.
Yes there are many technical explanations of how secure your phone can be, how you can bank by phone, PIN numbers, encryption, how no personal information is left on the phone and so on...but let’s think about this – what could be LESS secure that your wallet falling out of your pocket or being stolen? Someone else has immediate and direct access to your cards.
So, to quote the Guardian: “If this doesn't turn out to be one of the biggest marketplaces ever known, why, I'll eat my mobile.”