Research: FIs Don’t Need to Wait to Capitalize on M-Payments (July 31, 2014)
Financial institutions can capitalize now on mobile payments opportunities until the market for mobile payments at the POS matures, according to a white paper by Fiserv Inc., a Brookfield, Wis.-based financial services technology provider. The white paper, “The Four Pillars of Mobile Payments: Immediate Opportunities,” outlines how a strategic approach to mobile payments starts with the services consumers are using today.
To capitalize on the current market opportunity, the report suggests that financial institutions consider a strategy that encompasses four pillars of mobile payments: Paying Self (transfers and deposits into a personal bank account through mobile deposit and funds transfer capabilities), Paying Other People (P2P payments to individuals and groups), Paying Billers (payments to a biller through a financial institution or biller) and Paying Merchants/Retailers (purchases via mobile proximity payments, cloud or online via apps and mobile Websites).
Focusing on these pillars until mobile proximity payment offerings mature will enable banks and credit unions to attract, retain and strengthen relationships with key customer segments already heavily using the mobile channel, such as Gen Y, according to Fiserv.
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