The world is on the brink of a new era in mobile payments, which could revolutionise the way businesses operate, particularly in business-to-business (B2B) payments.
For several years, mobile contactless payments were trapped in a scenario from the film “Groundhog Day”, in as much as next year was always going to be The Year of Near Field Communication (NFC). Suddenly, two major developments have put an end to the inertia.
With the proliferation of mobile devices worldwide, consumers are becoming more comfortable using them to complete financial transactions. Retailers, financial institutions and telecommunications companies need to focus on these immediate opportunities to cater to the increasingly sophisticated demands of their customers.
Mobile payments are now coming of age in a big way, with mobile usage continuing its growing dominance in business-to-consumer (B2C) retail and the global cross-border business-to-business (B2B) payments industry.