Mobile Payments: Who Owns the Customer?

Abstract

This Financial Insights report looks at the development of mobile payments in the United States and Europe, which is being hindered by battles between mobile telecommunications carriers, financial institutions, device manufacturers, and software vendors over "who owns the customer."

Mobile payments have generated a great deal of discussion for the past few years, but according to Dana Gould, senior research analyst at Financial Insights, "the United States is far from implementing a mobile payments system. The market is in turmoil, standards are lacking, and lack of cooperation among the stakeholders is preventing significant progress from being made. Time may be running out for financial institutions to realize the implementation of such a system in the near future."