Mobile Payments Leap Ahead, But Consumers May Not Be Ready – Article Example

Article Critique: “Mobile Payments Leap Ahead, but Consumers may not be Ready.” Matt Hamblen’s article, “Mobile Payments Leap Ahead, but Consumers may not be Ready,” discusses the accelerating advance in mobile payment technology at present. Analysts predict slow consumer adoption of this new technology.
Article Critique: “Mobile Payments Leap Ahead, but Consumers may not be Ready.”
Matt Hamblen’s article discusses the accelerating advance in mobile payment technology. Several corporate behemoths, such as Google, and Apple, are adopting mobile payment schemes. The various approaches are based on smartphones, credit card readers, the Merchant Customer Exchange, and cloud computing. Retailers favor mobile payment methods, because these will lower the prevailing high transaction costs imposed by banks and credit card companies. Credit card companies, on their part, support this technology as they perceive the merchants and wireless carriers to be potential competitors. However, consumers may hesitate to adopt mobile payment systems because: they cause confusion and a surfeit of choice; the available credit card options negate the need for mobile payment systems; the consumer needs to build up trust in mobile credit card services; the use of a smartphone is not significantly easier, or faster, than the use of a credit card. Analysts predict that mobile payment systems will pick up only gradually over the coming years.
In my opinion, mobile payment systems will be the preferred payment options of the near future. After all, the smartphone is now the all-in-one means of communication, and the one-stop gadget for everything from shopping to reading. Most consumer preferences are influenced by peer pressure and social trends. The current astounding success of Apple’s IPhone is proof of this trend. I predict that mobile payment systems will find ready consumers within a year.
Matt Hamblen’s article “Mobile Payments Leap Ahead, but Consumers may not be Ready,” gives a very clear analysis of the entry of mobile payment systems into the market, and the hurdles to be overcome. However, his prediction that consumers will be slow in their acceptance of this technology is debatable. It is only a matter of time before these systems become a routine means of payment.
References.
Hamblen, Matt. (2012). Mobile Payments Leap Ahead, but Consumers may not be Ready.
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