A study by the Mobey Forum, a group championing the mobile financial services industry, showed that consumers are now ready and willing to make payments using their smartphone devices.
However, although much of the financial technology is ready, it is at an early stage in terms of both devices and the availability of terminals, the report said.
Jordi Guaus, chair of the Mobey Forum Business Workgroup and head of Mobile Payments at âla Caixaâ, said that despite this, consumer demand for NFC solutions will rise rapidly in the short to mid-term.
As such, mobile payment service providers should prepare for implementation as time to market could be crucial in achieving a competitive advantage over rival firms.
âThe marketplace â¦ still has a lot to do to ensure NFC payment reaches its potential. There are many implementation models to choose from requiring payment service providers and other stakeholders to make significant business decisions today about an emerging ecosystem that is evolving rapidly,â he explained.
The document recommended that mobile solution providers should look to synchronise the roll-out of these services in territories where a suitable environment for deployment has been created.
Royal Bank of Scotland, Visa Inc and the European Payments Council were among the participants in the white paper.
By Jim Ottewill