Brett King: Mobile Payment

Brett King, our renowned banking futurist predicts that younger consumers who grew up using digital devices will be the main drivers behind mobile payments using NFC technology.

Long lines at banks and stores will soon disappear with the new NFC mobile payments technology.

mobile payment

Photo above shows that from Google to Starbucks to grocery stores, NFC-enabled mobile phones will soon allow users to pay by swiping their smartphones.

Below please find the interview with Brett at Bangkok Post:

TECHNOLOGY: Younger consumers who grew up using digital devices will be the main drivers behind mobile payments using NFC technology by Suchit Leesa-nguansuk

Someday soon, consumers will use their smartphones to buy a car as well as receive special low-interest financing on the deal thanks to remote mobile payment services…

“By 2015, mobile phones will have become the primary banking channel, followed by the internet, ATMs, call centres and branches,” said Brett King, author of the best-seller Bank 2.0: How Customer Behaviour and Technology Will Change the Future of Financial Services.

Bank branches will no longer be the core service centres for customers.

He said banks will continuously reduce the extent of office operations until they become more for back-end services

…banks’ mobile banking services are limited largely to basic balance checks.

But this means banks have been missing out on opportunities to sell cross-services and seek new revenue

…He said near field communication (NFC) technology will turn smartphones into mobile wallets, boosting mobile banking payments in turn.

Shoppers with credit or debit information stored in their NFC-embedded smartphones will pay for purchases by waving the handset past a card reader or tapping it.

Mr King said central ID repositories or even biometrics could be used for fraud prevention.

Many global players have started jumping on the NFC mobile payment bandwagon including PayPal, Google Wallet, payment system provider Verifone and credit card issuers Visa and MasterCard.

“In the Asia-Pacific, more than 2 billion mobile users still have no bank account. That’s a significant number for the technology to tap into potentially,” said Mr King.

He said Thailand should begin with a prepaid phone and debit card account as primary tools for mobile payments.

The global research firm Gartner Inc said the number of mobile payment users worldwide is expected to reach 141 million this year, up by 38.2% from last year

The value of mobile payments will amount to US$86.1 billion, up by 76% from last year.

“We believe mass-market adoption of NFC payments is at least four years away,” Sandy Shen, Gartner’s research director, told the seminar…

…To reach mass adoption, NFC smartphones will have make up at least 20-30% of the units in service, he said.

Mobile payment is popular now in Japan, South Korea and Hong Kong.

But while NFC technology deducts amounts straight from customers’ bank accounts, the mobile system still used in most places involves topping up a SIM card, then sending an SMS and maybe following more steps.

Mr Pratthana said NFC in Thailand will initially focus on niche segments, with mobile payments made in small amounts for everyday products such as coffee or mass-transit fare

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