Wednesday, 18 November 2015

Should banks build or buy their payment apps?

Banks at a crossroads: Build or buy mobile payment apps

From Mobile Payments Today –

“Commerce has evolved over the 10,000-plus year history of society. The Internet age introduced online banking 20 years ago and now 80 percent of bank consumers in the developed world are using it. In addition, in the span of just the past four years or so, mobile banking has grown to 52 percent of smartphone owners. And now, mobile payment applications have taken the market by storm and are the hottest area in commerce today.

Today, most bank and major card issuers are at a crossroads and asking themselves a question, whether to launch a standalone payment app or add mobile HCE payment capabilities to an existing bank-branded app. Although this integration may not necessarily bring instant success for mobile payments, it does offer some indication as to how mobile payments are evolving. In the midst of all this mobile-banking hoopla, some of the banks are contemplating whether they have to participate in third-party wallets such as Apple Pay, Android Pay, Samsung Pay and CurrentC.”

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