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Industry Poised For Mobile Payment Strategies
Barbara Grondin Francella

Wednesday, February 3, 2010 - 18:42

February 03, 2010 - NEW YORK -- With four in 10 Americans saying they "cannot live without" them, cell phones are quickly becoming key components of retailing. The thinking is that convenience store customers will soon prefer the convenience of paying via an electronic wallet in their handsets, rather than cash or plastic.

With smartphone ownership expected to grow, mobile industry players foresee a day in the near future when retailers -- equipped with near-field-communication (NFC) terminals like those used now to accept contactless card payments -- will serve customers who keep their cash, debit, credit and loyalty cards in their phone applications.

"In the long term, I think NFC will be rolled out into the retail/convenience channel," said C. Red Gillen, senior analyst for Celent, a financial services consulting firm focused on the application of information technology. "However, this will not be overnight. Rather, it will be an organic process as merchants replace older card terminals with new card terminals that have an added NFC functionality."

The c-store channel already is dabbling in contactless payment, perhaps the first step toward mobile payment. As CSNews reported last June, Sheetz rolled out First Data's GO-Tag solution, which is packaged with a prepaid card and a small sticky-backed plastic RFID tag that can be affixed to a handset. Customers may purchase the $50 or $100 GO-Tag reloadable Visa payWave card/tag combination, activate them and use either to pay for transactions wherever Visa payWave is accepted. Customers also may transfer funds to the card/tag via a phone call.
Read the full story by clicking the link below
http://www.csnews.com/csn/news/article_display.jsp?vnu_content_id=1004065024
 
Tags: NFC, Contactless Payments, Mobile Payments, Americas
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