Despite the intense publicity about mobile payments, the main issue that mobile phone payments still faces is universal overall acceptability. A lot of people are quite comfortable using credit cards and cash. Despite this hesitation, many technologies such as Google and Pay Pal have big plans to get into this very lucrative future market, along with most of the mobile phone companies. Even superstores like Wal-Mart and Target eager for a piece of this market. The benefits for Google would be suitable for its advertising and local deals business. The mobile phone company showed their interest because that opened up doors for an increase in their billings and revenues.
The larger stores are interested because they could avoid paying interchange fees that are charged by credit card companies. Banks see this way to eliminate credit card middlemen and get a larger percent of the profits plus protect themselves against losses by credit theft and fraud and facilitate more transaction through smartphones. Obviously, there are inherent benefits in mobile phone payments since everyone is taking such interest in it. All the companies who have an interest in mobile phone payments are stepping up efforts to convince consumers to change their attitudes about changing their perceptions of spending money because of the benefits to consumers and the ease of handling transactions.
The best way to succeed in all this is to keep the interest of the consumers foremost. Currently, the consumers are not at all in a hurry to adapt to mobile phone banking unless they are sure that this will benefit as much as possible. For quite some time now, mobile phone payment service which was available from one mobile phone operator has suddenly stirred interest from some very large companies. The reason for this is that experts think that a mobile phone explosion will take place very soon, and eventually be around $63 billion annually and could be much more when more people take to mobile banking.
That is a lot of money and companies are just not going to let such a lucrative sources of income go by. This is really revolutionary that instead of carrying a wallet full of cash, you just need one mobile phone for all your transaction. Customers are really looking for a way to shop easily and securely via the Internet. However, there are some inherent risks involved in mobile banking regarding the use of store apps. So people should check out the app before making any transactions. They could opt for native apps which are more secure than mobile websites.