MOBILE PAYMENTS
“ Identity validation methods like one-time passcodes or two-factor authentication can also be integrated to ensure the correct customer completes the transaction .”
Kevin Carson , Senior Vice President at FreedomPay , continues : “ Digital wallets not only make for quick , contactless payments but also provide businesses with a route to ethically collect customer data to personalise their customers ’ payment experiences .”
Global variation in mobile payment adoption The foundation of mobile payment systems is the technological infrastructure available in a region . Countries with advanced telecommunications networks , high smartphone penetration , and widespread internet access , such as South Korea , China and the United States , have seen rapid adoption of mobile payments .
In contrast , regions with limited access to reliable internet or lower smartphone penetration , such as parts of Sub-Saharan Africa , face challenges in widespread mobile payment adoption .
However , innovative solutions like USSD-based mobile money services , exemplified by Kenya ’ s M-Pesa , have overcome these barriers to some extent .
Dan Knight , Vertical Lead at Mindera comments , “ The mobile payment landscape is varied globally . Tech giants like Apple and Google lead in most countries , but in markets like China , Alipay and WeChat Pay are more common .
106 July 2024