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NRF Big Show: Payment Showdown AheadSusan Nunziata, Director of Editorial | 1/17/2013 |
The National Retail Federation's Big Show 2013 should serve as a wake-up call to banks, credit card companies, and other financial service providers. A payment technology showdown is brewing.
![]() A number of competing ways to pay for goods and services were announced during the NRF Big Show 2013, held January 13 through 16 in New York City. While some of these solutions will work hand-in-glove with established payment-processing options, others are looking to shake up the status quo. Frankly, it's too soon to tell what this will mean for CIOs and other leaders working in finance and retail IT. At this stage, the best you can do is gather information and keep abreast of the latest trends. That way, when your CEO, CMO, or CFO comes strolling in asking questions you can be armed with knowledge of the latest developments. That's the hard work that will await you, once the market settles down and some standards emerge. Meanwhile, here's a rundown of some of the payment technology news out of the NRF Big Show:
Mobile payments reel in the big bucks While shakeout is inevitable, as a whole the mobile payments market is definitely heating up. In the US, Forrester Research predicts that mobile payments will reach $90 billion in 2017, representing a compound annual growth rate of 48 percent from the $12 billion spent in 2012. Yankee Group forecasts that what it calls "the mobile money marketplace" will account for $1 trillion in revenue by 2015. The mobile money marketplace encompasses mobile banking, payments and coupons, loyalty programs and connected retail devices, according to Yankee Group. What about those pesky consumers? In a blog announcing her latest research, US Mobile Payments Forecast 2013 to 2017, Forrester analyst Denee Carrington notes: The reality is that changing consumer behavior isn’t easy, and merchants have many competing investment priorities. Mobile payment and digital wallet providers face significant hurdles to achieving adoption at scale, and 2013 will be a pivotal year in that quest. Another analyst firm, VDC Research, is also predicting a slow uptake for mobile payments, particularly NFC-based solutions. According to a statement released by VDC on January 15, "The complexity of the ecosystem that must take shape for NFC to become the payment processing standard of the future is just too great, and without a strong leader or catalyst with NFC continuing to move forward in fits and starts." Stay tuned. We'll keep a close eye on these developments in the months ahead. Related posts: The blogs and comments posted on EnterpriseEfficiency.com do not reflect the views of TechWeb, EnterpriseEfficiency.com, or its sponsors. EnterpriseEfficiency.com, TechWeb, and its sponsors do not assume responsibility for any comments, claims, or opinions made by authors and bloggers. They are no substitute for your own research and should not be relied upon for trading or any other purpose. |
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