Mobile market needs stabilising
The mobile payments market needs stabilising according to Mike Orlando, Chief Sales Officer of payments start-up Jumio. Orlando believes that the growing number of mobile payment firms battling for consumer and merchant attention in the mobile market could have a negative effect and that consumers are yet to regard mobile payments as indispensable, reports StrategyEye.
He said: “There has to be some stabilisation and validity in the marketplace to get consumers to adopt. You also have to give them a reason to want to do it – utility and accessibility. As companies try to move web traffic to their mobile apps you’re going to have transactions happen within the mobile environment.”
Jumio provides online retailers and app developers with the technology to enable consumers to pay for goods by using their camera to scan their credit or debit card in real-time, on both desktop and mobile, and Orlando predicts that more companies will enter the mobile market in 2013 before bit-part players are snatched up by bigger companies.
“You’re going to see a lot more entrants because where there’s a lot of excitement, people tend to jump in. As more entrants come in you’ll see some consolidation, with companies getting acquired or embedded in applications. Whether that’s in the next six months or a year, you’re definitely going to see that,” said Orlando.
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