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Mobile wallets to replace payment cards

Contactless cards and mobile phones will merge to change the way consumers and retailers conduct purchase transactions, says analyst group Javelin Strategy & Research.

Chips embedded in consumer mobile devices will eventually replace payments cards and will spur 30 million additional users in the US over the next five years, says Javelin.

Javelin sees enhanced mobile phones as the way to introduce electronic payments capability to a larger number of consumers, by integrating new contactless capabilities to provide increased control and convenience.

Javelin says networks and issuers need to motivate wireless carriers to support mobile proximity payments in order to bring advanced payments technology into the mainstream.

Javelin president James Van Dyke, said, “Banks and technology companies are working hard to make contactless cards available now, but contactless in card form is an insignificant train stop en route to the important destination of mobile payments.

“The bottom line is that these two separate business initiatives - contactless cards and mobile payments - must merge into one now, in order to make both a reality,” he said.

More on Javelin’s mobile research >>

Westminster Council scraps parking meters for mobile payment >>

Contactless card trial gets wide approval >>

NCP upgrades central IT systems >>

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