Who will dominate the market for mobile payments? The race is on and according to CEO Mark Stewart Pedersen from NaviPartner, it is an exciting development that primarily brings real benefits – regardless of which one of the major players ends up taking the lead.
In Denmark, mobile payments are already to a large extent taking over from credit cards. Young consumers expect to be able to pay via their mobiles when they enter a shop or supermarket.
“Mobile payments are definitely happening, however, it will be a transition that can take a bit of time, so I don’t think we will completely lose the credit cards anytime soon. Retailers need to convert their payment set-up and implement new systems, so we need to have a bit of patience for this roll-up to happen everywhere”, says Mark Stewart Pedersen.
Mobile payments are cheaper, easier and less risky
Mark Stewart Pedersen emphasises that mobile payments have many advantages. “If all transactions could take place via the mobile phone, life would become easier for both retailers and shoppers. The retailers could save the cost of card scanners and expensive hardware that are related to credit card payments today. It would also become much cheaper to create self-service machines for ticket purchase at museums and the like if the guests could simply scan a QR code and pay with a swipe. So all in all, I mainly see a lot of advantages with this development that is going on at the moment”, says Mark Stewart Pedersen.
Here are some further advantages of mobile payments:
- The payment can to a large extent be moved to the floor of the stores, as you know from the Apple stores around the world today.
- It will be easier to identify the customers when the payment solution happens via an app – i.e. the customers can integrate their payment app with various membership accounts. This means they don’t have to give their credit card information for each payment, and the retailers can invoice via the app.
- There is no risk that the credit card system will overload and break down during the Christmas sales.
NaviPartner is part of the race
You have to stay on your toes to keep up with the development these days, as the scenarios for the future of mobile payment change day by day. In each market, there are many major players battling for the market share these being independent apps, banks, payment systems etc.
“At NaviPartner we also taking part in this race. We are constantly working hard to stay on top of developments. We have an integration with Adyen, a major international player, and we also have solutions that support Apple Pay and Google Wallet,” says Mark Stewart Pedersen.