Payments: Going Mobile?

The digital wallet and other forms of mobile payment may be on their way to replacing credit cards, but today the segment is characterized by a lack of standards, security concerns and competing platforms. Despite these challenges – or perhaps because of them – the mobile payments space is rapidly heating up. Retailers, wireless carriers, banks, credit card companies, smartphone makers and a slew of others are all angling for a piece of the mobile payments action. And it's not difficult to see why.

Consider:

  • According to a new report from Juniper Research, global mobile payment transactions will skyrocket over the next five years, surpassing US$1.3 trillion by 2017.

  • In August 2012, more than a dozen leading U.S. retailers – Target, Wal-Mart, Sears, 7-Eleven and others – teamed up to develop a mobile application that will enable consumers to make purchases through their smartphones. With combined annual sales of about $1 trillion, the group looks to challenge Google's digital wallet and other mobile payment solutions.

  • While it may be a stretch to compare buying a cup of coffee with booking a trip, mobile payments in the travel space are quickly becoming commonplace. A recent PhoCusWright report found that more than one fourth of leisure travelers and one third of business travelers use their mobile phone to book travel products such as flights or hotel rooms.

  • And one more thing… Apple's plan to acquire AuthenTec, a provider of mobile payment security solutions, is fueling speculation that the world's largest company may finally be ready to jump full-on into mobile payments. Clearly, Apple getting into mobile payments is a "when," not "if" scenario, and when the time comes it will surely shake up the space.


For more on the increasing importance of mobile payments and Near Field Communications (NFC) in travel, download our free white paper – The Mobile Wallet Becomes Reality: How M-Payments and NFC Will Change the Travel Experience.

Dig Deeper Into Travel Payments

PhoCusWright is targeting the travel payments segment in a groundbreaking Special Project. Unsettled: Travel Payments and the Cost of Getting Paid will deliver a comprehensive assessment of the global payments landscape, so that travel companies can tackle key challenges and approach the space with clarity and confidence. To enhance its broad analysis of this complex segment, PhoCusWright has partnered with some of the worlds leading travel industry associations, encompassing both the leisure and corporate sides of the industry. Sponsors of the study are uniquely positioned to gain strategic insight into global payment methods, technologies and trends, and can establish themselves as thought leaders in the dynamic travel payments category.

Find out more about this exciting opportunity.

PROJECT SPONSORS AND PARTNERS

Special Project Partners Include

  • African Business Travel Association (ABTA)
  • Association of Corporate Travel Executives (ACTE Global)
  • Hotel Electronic Distribution Network Association (HEDNA)
  • International Air Transport Association (IATA)
  • Pacific Asia Travel Association (PATA)
  • Tnooz
  • Travel Trade Gazette (TTG)
  • SHY Ventures Pte Ltd

Special Project Sponsors Include

  • CyberSource
  • eNett International Pty Ltd.
  • Global Collect International Payment Services
  • Ixaris Systems Ltd
  • MasterCard Worldwide
  • PayPal Inc.
  • Universal Air Travel Plan
  • U.S. Bank Corporate Payment Systems