The August edition of Bank Technology News quotes Javelin Research's James Van Dyke on mobile and contactless payments. His view is that contactless cards and instore mobile payments will be held back until chips are embedded in mobile devices, counter to the prevailing industry thought that contactless is a payment method in and of itself (albeit a transitional one).
Javelin Research's president and founder James
Van Dyke says both contactless cards and mobile payments initiatives
will languish until chips are embedded in mobile devices.
Van Dyke is right that means is that institutions planning to make
heavy bets on contactless cards need to view them as a landmark on the
road to a world where mobile devices replace wallets altogether.
we're saying is contactless payments are at best a interesting stop
over point, but the only significance is it prepares us for mobile
payments," he says.
Payments: For Time Being, Mobile Payments are Grounded
Bank Technology News