Customer Desire Will Drive Mobile Payment, Mobile Wallet Innovation

Mobile payments are still a fairly young technology, but with developments like the various phone-based payment systems, the Europay / MasterCard / Visa (EMV) shift, and a host of private dealer developments afoot, it’s easy to think that everyone who’s interested is already in.

That’s not what a new report from Transparency Market Research had to say about it, though, and the report revealed that there would be a lot of new development in the mobile wallet market thanks to increasing customer support for mobile payments.

Smartphones are a common delivery vector for mobile wallet systems, and users are increasingly putting this technology to use as the field develops.

There’s still plenty of room for new users, however, and that’s leading to a lot more development to both address some of the problems emerging in the market and, in turn, draw new users into the fold.

One of the biggest issues is battery consumption, and some are concerned that a mobile wallet system might pull too much juice.

There are other issues, of course; security is still a front-of-mind concern for users, as is ease of use, and the other various parts of that. It really doesn’t matter how safe it is to use a certain mobile payments platform, or how easy it is to use, if no one will take it.

Worse, if no one will take it in an area near the shopper. These are all points rapidly being addressed by mobile wallet offering firms, and with these challenges come new technologies; interaction by text message, biometric security tools that turn to various body parts as an authentication measure, storing personal information to make check-outs faster, and so on.

The increasing array of new technologies being developed to address mobile payment users’ interests and desires is making the mobile wallet and mobile payment fields more attractive.

Further development is sure to follow, and with it, a whole slate of new reasons to put this technology to use in everyday applications.