To attract and retain customers, banks need to fully embrace mobile payments into their business. In the most recent payment study from the US Federal Reserve, each year nearly half of the 3.4 billion checks deposited and over 132 million bill-payments involving US banks are completed through a mobile device. For some, mobile payment systems are becoming a ubiquitous part of everyday life and the preferred method of buying and selling.
A multitude of mobile payment systems have been introduced into the market. For a bank to integrate one or more of these systems into their operations, they need to determine which platform best suits their customers and prospects.
A new white paper from Director Sarah Beth Morton, PMP discusses four factors that affect mobile payment adoption.