13 January 2016 – Mobey Forum, the global industry association empowering banks and other financial institutions to lead in the future of mobile financial services, has today published its latest report, which investigates the fierce power plays between banks and the ‘Pay’ models of the original equipment manufacturer (OEM) tech giants. The report is a compilation of insights and analysis from experts’ discussions at Mobey Forum’s HCE (Host Card Emulation) Workgroup.
The report entitled, ‘Game of Phones: The Giants’ Power Plays in Mobile Payments’ examines the current state of play in mobile payments and draws out the most significant factors for banks to consider when defining their mobile payments strategy. It investigates possible steps that the banks can take to stay relevant to customers, and explores why it is important for banks to remain vigilant relative to what Apple, Samsung and Google are doing in this space.
“At the heart of this debate lies a decision that, sooner or later, every bank will have to take: play the mobile payments game fully and retain a day-to-day interface with their customers, or accept an almost inevitable future as a back office utility,” comments Sirpa Nordlund, Executive Director of Mobey Forum. “Banks that continue to defer their decision will have it made for them. Their reluctance to invest in this space, combined with the technical complexities of mobile payments, has cleared the way for the likes of Apple, Samsung and Google to make their mark. It’s time for banks to stop looking for short-term profitability and accept mobile payments as the cost of keeping them in the game.”
Within the report, Mobey Forum investigates the current state of play in OEM mobile payments and analyses their points of control in devices and now, increasingly, also in commerce. It evaluates a number of hypothetical scenarios that banks may face in the future and explores the potential impact they may have on the strategic options available to them.
‘Game of Phones: The Giants’ Power Play in Mobile Payments’ will be of interest to banks and other financial institutions, together with mobile payment solution developers and vendors serving the banking sector. The report can be downloaded free of charge from the Mobey Forum website.