NRF: The Current Landscape Of Mobile Payments And Where It’s Headed

One-in-five consumers have had a bad retail experience, according to a Temkin Group report on customer experiences. But mobile devices — such as smartphones and tablets — can combat that statistic and improve the omnichannel customer experience.

“Mobile payment focuses on two areas,” noted Andrew Morris, Principal at inCode Consulting, in an NRF panel discussion, titled: The Landscape Of Mobile Payments—What Are the Options For Retailers? “Online payments via a mobile device and payments conducted in physical stores using a mobile device.” Moderated by Morris, the NRF BIG Show session covered issues around payments conducted in physical stores through a mobile device.

“There are a lot more mobile transactions than there are U.S. consumers craving [mobile wallets],” said panelist Craig Vosburg, Group Executive of U.S. Market Development for Mastercard Worldwide. “If you mention ‘mobile wallet,’ there still are consumers who are not familiar with the term. It is up to the solution provider to offer consumers what they want.”


John Stapleton, Chief Sales Officer for Isis, added that vendors are helping retailers meet customer demands with customer data. “In our research with consumers and experience with pilots, we found that focusing on the customer is broader than payments,” he explained. “It is the ‘cocktail’ of offers, loyalty cards and payment cards to optimize your wallet. At Isis, we focus on mobile personalization through the use of consumers’ credentials. We take these credentials and personalize them on their mobile device.”

What’s in it for both the retailer and the consumer is the ability to engage, Stapleton said.

Digging Into The Future Of Payments

Mobile transaction volume is expected to triple to $730 billion by 2017, according to Adobe Marketing. In 2012 alone, 20% of global online spend originated from mobile and increased to 25% on Black Friday in the U.S.

Although many age groups are actively engaged in mobile commerce, the majority of the mobile shoppers is made up of consumers under the age of 45, who spend more frequently on mobile and are more likely to switch brand loyalty.

To help consumers efficiently engage with shoppers, Suzanne Kereere, SVP and GM of Global Network Business for American Express, advised retailers to make their content personal during an NRF BIG Show session titled: The Future Of Payments: How Retailers Can Prepare For Mobile Commerce Revolution. “Keep in mind that more than half of active mobile consumers are willing to share their location in exchange for real-time offers and retailers must make it easy for customer to tell them when they have met the consumer’s needs.”

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