Industry experts speaking at a panel about the future of mobile payment technology recently agreed that ubiquitous use of these systems in consumers' everyday lives may be just a few short years away.
Major corporations are now making significant efforts to simultaneously develop, promote and incentivize consumer adoption of mobile payment systems and digital wallet programs and that will likely pay off within the next few years, according to a report from Computer World. Millions of consumers across the country already have smartphones, and research indicates many already use these devices to guide their in-store purchasing decisions, and thus, experts believe digital wallet adoption cannot be far behind.
Experts speaking on a panel at the South by Southwest festival in Austin, Texas, say another reason for the expected spread of use for these systems is that companies are working to increase their convenience, the report said. Because of improving software options, companies can now allow users to tie their credit card account to coupons they find online, store loyalty rewards programs and more.
"The card form is limited," consultant Toni Merschen said, according to the site. "There's no such limit with mobile [because of the] software mechanism to put all these things in."
Perhaps the most significant concerted effort on the part of any industry is Isis, which is being put together by AT&T, T-Mobile and Verizon Wireless, and already has several major partnerships with credit card lenders, the report said. That system will be pilot tested this summer in Salt Lake City, Utah, and Austin.
Recent estimates for the annual value of the mobile payment industry once widespread adoption takes hold show it could be worth as much as tens of billions per year or more.
