Why do we still have credit cards (or cash)? The future of mobile payments

By Juma Weeks

Many technology companies are considering how to enter the mobile payment market. Credit cards will, in a few years, be a thing of the past as mobile phones become the primary way to pay for goods and services. This article considers the key competing technologies and the legal risks, and how the adoption of these technologies may shape the payments market of tomorrow.

The need to consider mobile payments becomes clear as payments using mobile smartphones have increased exponentially year on year. Some reports claim that such payments now account for almost 20 per cent of all consumer transactions processed worldwide (Adyen, Mobile Payment Index, 30 January 2014). While the exact number of mobile payments remains uncertain, Capgemini and the Royal Bank of Scotland estimate that mobile payments — or ‘m-payments’ as they are known in the industry — will grow at a rate of 58.5 per cent annually, reaching 28.9 billion transactions in 2014 (World Payments Report, 2013). These figures clearly demonstrate that consumer appetite is high. What is yet to be determined is which technology will lead the way and therefore which provider(s) will benefit.

There are several primary choices emerging in m-payment technologies…

Click on the link below to read the rest of the Nabarro briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

Lacon House
84 Theobald's Road
London
WC1X 8RW
UK
http://www.nabarro.com

Turnover (£m): 116.70
No. of lawyers: 405