Monday , October 22, 2018

Could Consumers Finally Embrace Mobile Payments ‘In a Big Way’ in 2017?

It’s been said for years, but 2017 finally could be the year for mobile payments, according to Chetan Sharma, a prominent consultant in the mobile-technology space.

“Fueled by demonetization in India and the rise of viable mobile-payment solutions worldwide, we expect mobile payments to enter the consumer consciousness in a big way in 2017,” Issaquah, Wash.-based Charma wrote in a blog post listing his latest annual predictions for mobile technology. The India reference noted the effort by India’s government to encourage electronic payments by withdrawing two commonly used denominations of paper currency in late 2016, fueling a run on cash withdrawals at ATMs.

Based on global reader feedback for his 10th annual mobile predictions survey, Sharma said survey participants believe mobile payments and commerce will be the most popular consumer application 2017 in the developing world while the Internet of Things and connected cars will dominate the developed markets.

“Financial institutions have cornered the payments/commerce market for a long time, but Apple, Amazon, and startups are making inroads,” Sharma wrote. “The financial networks haven’t been disrupted in decades, and the time seems ripe, though the level of difficulty is the highest. Facebook has so far sat on the sidelines with only minor half-hearted initiatives. Perhaps it along with some of the other tech players can reinvent the sector. It needs a breath of fresh air.”

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