Can mobile eco-systems for technical innovations be standardized? The case of mobile wallets and contactless communication

This paper puts focus on the application of Near Field Communication technology (NFC) to mobile payments. Uncertainties about global policies open for a variety of local business policies. Taking into account different representations of actor interaction as described by different eco-systems by different policy forums the main research question to be discussed in the paper is: Can policies or standards describing actor roles and responsibilities for technical innovations like mobile payments remove obstacles for introduction of the innovation? Different types of industry forums are not only involved in strictly technical matters but also discuss and describe visions about how a new technique might be applied in business life. They suggest different business architectures, (not only a technical architecture), where roles of different type of actors and relations between actors are outlined based on ideas about so called eco-systems. Against this background the paper first discusses how NFC enabled mobile payments currently attracts a lot of attention and identifies four possible development paths making it happen. The paper discusses and compares how global policy networks describe the technical and business architectures for mobile payments. The paper uses a business practice analytical framework and an industrial network framework to identify major problems in connecting global and local policies. Some comments on further research finalize the paper. --Near Field Communication,mobile payments,global policy,business architecture,policy forum,industrial networks,practice

Trust Building in Consumer Learning Process and Its Effect on Consumers’ Behavioral Intention toward Mobile Payments

The era of mobile commerce is coming, and mobile payments will become an important channel for conducting transactions, especially concerning mobile commerce. However, we are still in the early days for global adoption of mobile payments. This research explores consumers’ trust building in the consumer learning process and its effect on consumers’ behavioral intention toward mobile payments. Results indicate that exposure to mobile payments has a positive relationship with consumers’ information searching and trust in mobile payments, which in turn affect their behavioral intention. When we compared our results across the user and the non-user groups, the similarities and differences in the cognitive processes involved for adoption and post adoption become apparent. Theoretical and practical implications of the findings are also presented._x000D_ _x000D_ Key words: Consumer learning, Trust, Information Searching, Mobile Payments, Adoption, and Post Adoption_x000D

Mobile Payments in the United States: How Disintermediation May Affect Delivery of Payment Functions, Financial Inclusion and Anti-Money Laundering Issues

Mobile banking and mobile payments in the United States have evolved differently than in other developed and developing countries. The current fervor for mobile payments in the United States is more about chasing affluence and advertising than creating access for the unbanked and underbanked. However, those individuals may eventually gain access to a broader range of financial services at lower costs depending on how the mobile payments ecosystem evolves in the United States. U.S. regulators have made it clear that existing financial services regulations apply to mobile banking and mobile payments, and the Consumer Financial Protection Bureau (CFPB) is poised to take a lead role in examining and regulating non-financial institutions in the mobile payments space. Finally, the U.S. Treasury Department and the Financial Crimes Enforcement Network (FinCEN) have stated that the United States will follow the revised Financial Action Task Force (FATF) Recommendations. This could have an impact on who is eligible to participate in mobile payments, particularly the revised FATF Recommendations on transparency, customer due diligence and new technology

Exploring Consumer Adoption of Mobile Payments - A Qualitative Study

This paper examines consumer adoption of a new electronic payment service, mobile payments. The empirical data for the explorative study was collected by establishing six focus group sessions. The results suggest that the relative advantages of mobile payments include time and place independence, availability, possibilities for remote purchases, and queue avoidance. The interviewees found mobile payments to be mostly compatible with digital content and service purchases and to complement small value cash payments. Interestingly, the findings suggest that the relative advantages of mobile payments depend on certain situational factors such as lack of other payment methods or urgency. There are, however, several barriers to the adoption of mobile payments, including premium pricing of the payments, complexity of payment procedures, a lack of widespread merchant acceptance, and perceived risks

Millennium bcp´s role in the mobile payments environment

CEMSMobile is increasingly becoming a centrepiece of the bank’s channel strategy. The rise of mobile payments initiatives in Portugal is an indicator for the sustained interest of this channel’s potential. In this paper, “Millennium bcp’s role in the mobile payments environment”, an overview of the mobile payments market attractiveness is provided, as well as the different trends in business models and technologies that are shaping the evolution of this market. These insights were used to develop an actionable entry strategy for Millennium bcp to seize the mobile payments opportunity

Customer satisfaction with mobile payments

The purpose of this research is to investigate customer experiences with mobile payments. In particular, the study identifies and classifies common sources of satisfaction and dissatisfaction associated with the use of mobile payments, and compares them to the determinants of satisfaction with technology-based services. The critical incident technique was applied to identify and classify the most common sources of satisfaction and dissatisfaction with mobile payments. Data was collected using an online survey, which combined multiple-choice and open-ended questions. The multiple-choice questions allowed examining the respondents’ relationship with mobile payments, while the open-ended questions provided insights into the nature of these relationships. In particular, the study participants were asked to describe their satisfying or dissatisfying experiences with mobile payments. The collected information was analysed using the constant comparative method. Data was coded, and each response was compared to the existing codes. Significantly more respondents were able to recall and describe a satisfactory rather than a dissatisfactory mobile payment experience, suggesting that the overall perception of mobile payment applications is favourable. The main sources of satisfaction reported are convenience, problem-solving, efficacy and security. Satisfaction results from the ability of mobile payments to quickly and safely deliver money and perform swift and easy transactions regardless of one’s location and possession of physical tokens such as cash or credit cards. Thanks to their high accessibility and flexibility, mobile payments also allow making transactions during the absence or failure of alternative payment options. Most dissatisfaction sources that emerged from the data analysis are opposite to the satisfaction sources, falling into the umbrellas of complexity and inefficacy. The contrasting satisfaction/dissatisfaction sources demonstrate the mobile payment technology paradox. The positive perception of mobile payments should motivate greater merchant acceptance. The knowledge of customer satisfaction sources can help companies in designing, improving, and marketing mobile payments. Further research is recommended to examine customer experience with mobile payments in more details, with different consumer groups, and at different stages of the payment process

Mobile payments, social money : everyday politics of the consumer subject

How should we think about mobile payments systems such as Apple and Android Pay? We argue that mobile payments should be understood in the context of changing consumption practices and the wider problematic of the consumer subject in International Political Economy. One (managerialist) view of these changes suggests that certain ‘immaterial’ values in brands, logos or networks can become an important element in economic growth. Thus, businesses increasingly craft user experiences to realise brand value as the indicator of future consumption, for example, Facebook, Netflix. Against this view, the critical literature has underlined how the customer relationship should be understood as an element in corporate power; enticing consumer subjects to dedicate their social lives to the task of monetisation. Rather than choose between sides of this dichotomy, we suggest it may be more fruitful to reflect upon the unanticipated potentialities of mobile payments. By reflecting on the sociality of money, we move beyond a simple cost-benefit analysis, or a structural determinism, to emphasise the contingency of market subjects, questioning how to think about the relationship between consumer subjects, on the one hand, and and a putatively impersonal (yet palpable) global economy, on the other

Card, Internet and mobile payments in Finland

Retail payment methods are in a stage of rapid development. New service providers and technological developments enable new payment services through a variety of channels. Payment solutions are being developed based eg on the Internet and on mobile phones. Presumably, the use of paper-based payment instruments will decrease further in the future thanks to electronification in the retail payment area. In this paper we focus on card payments in Finland and certain other countries. We also look at Internet- and mobile-based payments and discuss some of the challenges related to the new solutions. The paper ends with a brief discussion of recent changes in Finnish legislation in connection with retail payments.retail payments; payment cards; Internet payments; mobile payments

User Acceptance of Mobile Payments: A Theoretical Model for Mobile Payments

Mobile payment refers to the use of mobile devices to conduct payment transactions. Users can use mobile devices for remote and proximity payments; moreover, they can purchase digital contents and physical goods and services. It offers an alternative payment method for consumers. However, there are relative low adoption rates in this payment method. This research aims to identify and explore key factors that affect the decision of whether to use mobile payments. Two well-established theories, the Technology Acceptance Model (TAM) and the Innovation Diffusion Theory (IDT), are applied to investigate user acceptance of mobile payments. Survey data from mobile payments users will be used to test the proposed hypothesis and the model

Consumer Propensity to Pay Mobile Service Fees

Numerous studies have explored consumer adoption of mobile payments from a variety of perspectives – security, convenience, and perceived ease of use and usefulness. A few studies have concluded that cost contributes to consumer adoption of m-payments, but not explored this factor in any detail. This study (a) offers exploratory research on specific reasons why consumers do or don\u27t use mobile payments and (b) examines the propensity of consumers to pay mobile service fees under a variety of realistic scenarios. The study finds that the top reason why consumers don\u27t use mobile payments is dislike for paying service fees. Research results also show that consumers are quite price sensitive to making mobile payments when a service fee is charged, except when urgent or when no alternative payment method exists