At a conference I attended in Chicago a group of panelists discussed Mobile Wallets and Emerging Payment Platforms.
Companies like Mozido, C-SAM, MCX, Swift Exchange and Seamless were discussed. Each of these companies are involved in mobile payments and each of them have different philosophies and beliefs in terms of what the adoption rate will be and whether or not retailers should have their own app or partner with a vendor who also supports other retailers.
In terms of adoption rates, one panelist says consumers are already adapting to mobile payments. Another says they are still 5-10 years away from full adoption. The evolution from paper money to plastic to digital might just be too intimidating to some people. My own feeling is that rapid adoption is already occurring.
Consumer goods manufacturers expressed concern for mobile payments as it pertained to the Omni-Channel. The most notable concern was customer perception. This seemed to stem mainly from the fact that a customer can go into a retailer and purchase a product for one price, go on-line to the retailer’s web site and find it available at another price and possibly even go to a completely different site and get yet another price. This is leading some consumers to distrust the retailer and manufacturer. They are also getting annoyed by the amount of time spent looking for the best price. Some of the biggest hurdles retailers face when trying to present a single image to the consumer includes getting their internal mobile and retail teams working together on pricing and marketing strategies. Other issues include competition from other retailers on-line. Higher costs associated with selling through brick and mortar stores. These are just a few examples of issues facing retailers today. Other issues exist for CPG Manufacturers and consumers.