This IDC Retail Insights Perspective reviews the proximity mobile payment (mPayment) market, with specific attention paid to players in Asia/pacific. The mPayment market is now entering into a new phase, one with increased competition, changing customer expectations, and shifting technologies such as RFID and NFC. Ubiquitous mobile devices are driving merchants, especially small retailers, to adopt remote payment as an alternative to proximity mPayment. However, as the market continues to evolve it is likely that many mPayment service providers will lose competitiveness unless they adopt a collaborative strategy.”The mobile payment technology has shifted the retail payment space and disrupted the traditional banking retail payment model, bringing smoother and more convenient transactions to both consumers and merchants. Now, the mPayment is part of every retailer’s payment processing model and the future belongs to those players who imagine the future possibilities, win the customer’s heart, and offer choices to merchants, providing unified and regionally accepted mobile payment services,” said Mike Ghasemi, Research Director, IDC Retail Insights Asia/Pacific.
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