The age of mobile payments is certainly approaching, although this article’s title is a bit aspirational and certainly extends beyond credit cards exclusively. Mobile handset technology is definitely moving in the direction of mobile payments capabilities, but with significant business model issues to be worked out among payments stakeholders.
“Mobile payment is going to get really interesting and is going to see a lot of activity in 2011,” said George Peabody, director of emerging technologies at Mercator Advisory Group. “We’re going to start seeing more and more people leaving their homes without their wallets.”
As George has written in Mercator Publications, challenges include issues beyond technologies and business models, most notably basic subscriber support services. Which would you prefer to replace in 24 hours; a lost credit card or a lost smartphone with all your personal credentials embedded?
Read more here: http://money.cnn.com/2011/01/24/pf/end_of_credit_cards/