"Paying in-store with smartphones will gain significant momentum through mediums such as near field communication (NFC) mobile contactless, visual (e.g. QR codes / barcodes) and plastic tags, but it will take time to see which mode will become ubiquitous.
Accepting payments with smartphones will continue its explosive growth with the ‘atomisation’ of the point of sale (POS) infrastructure onto mobiles and tablets. Banks will look to join the fray by distributing their own, or others’, mobile point of sale (mPOS) solutions.
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Retailers and merchants will become more involved in the mobile payment ecosystem as they seize the opportunity to drive loyalty and offer value-added services to their customers. This jockeying for position in the ecosystem will result in movement all the way down the commercial value chain, forcing the different players – such as merchants and banks – to rethink their positioning.
Mobile money will become mainstream. Person-to-person, person-to-business and business-to-person payments will become more aligned with traditional payment methods as customers’ and business’ confidence in the transfer of electronic funds via a mobile phone number increases."
