Banks may indeed become the dominant leaders
in the mobile payments space, a study by Fiserv found.
Fiserv said that the findings of an “extensive
consumer research” indicated that banks were positioning themselves
as the key players for mobile payments solutions.
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Fiserv identified five areas in which
consumers said banks outperformed the mobile payment propositions
by payment providers and card schemes:
- Consumers said that in terms of security,
they trusted banks and credit unions. - The existing relationship with consumers
enables banks to fund mobile payments. - The existing customer relationship also gives
banks an advantage because they have the practical knowledge to
launch secure and reliable payment services. - Banks and other financial institutions also
have access to assets, infrastructure, technology and
customer service capabilities. - Customer relationship aside, financial
institutions also already have direct and indirect commercial or
merchant relationships that helps them roll out efficient mobile
payments.
Erich Litch, division president, digital
channels, Fiserv, saud:
“There is currently a window of opportunity
during which financial institutions can introduce consumers to
mobile payments, starting with mobile bill payments and P2P
payments, establishing themselves as providers of choice so they
can retain the full range of mobile transactions as the space grows
to include more payments at the point-of-sale.”
Fiserv made the announcement at Sibos in
Toronto.
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