Are you on board with the mobile payment revolution?

Barely a week goes by without a press release appearing in my inbox telling me about mobile payment predictions.

Just today, Juniper Research released details of a new study, which finds that the number of mobile wallets using contactless technology is expected to reach 200 million by the end of 2016.

With the news that the limit on contactless payments has risen in the UK from £20 to £30, there’s clearly a lot of attention on the mobile payments industry right now.

It feels like we’re not far away from the attitude of ‘go mobile or go home’. But what if you don’t want to use contactless payment as a customer and/or a retailer?

While the mobile method of payment seems to be viewed very positively, there is still quite a lot of confusion about the different payment options out there and their security risks. There are even some alternative payment methods you may not even be fully aware of.

“The payments industry seems to be in a constant state?of ‘innovation’. New payment methods and technology claim to be disruptive. Yet, innovation in payments is not so much an overused term, but rather, it is an inaccurate term,” says the firm in its white paper ‘Simplicity transparency automation’, which aims to make all payments truly accessible around the globe.

“Innovation should be about simplification. It is no secret that, through increasing numbers of multiple payment options and technologies and a lack of compatibility, the payments industry is complex and fragmented.”

In the white paper, Onpex discusses why the industry must improve, why more transparency is needed and most importantly, why customers should be able to pay they way they want, not be forced into payment options they do not like.

Read the full white paper over at our sister site, IT Channel Expert.

Image source: Shutterstock

Check Also

Geek Retreat reports strong growth in revenue thanks to Disney’s Lorcana

Geek Retreat, the geek culture retailer, gaming café, community hub and events venue, has enjoyed …