Mobile Payments: A Framework for Success

Description

Paying for your coffee, getting on the subway or splitting dinner with friends are everyday actions that can now be done using a mobile phone. But there is a lot more to mobile payments than merely substituting a phone for a card when performing a financial transaction. Managers need to think less about the technology per se and more about how the new functionalities of m-payments can enable superior value propositions for their customers. Doing that successfully, however, is no easy task. It requires aligning many players from a populated and diverse business ecosystem. This article outlines a simple framework with three key success factors that may help when assessing prospective m-payment solutions.