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Financial institutions are looking to mobile payment devices both for a revenue boost and to solidify relationships with merchant customers.
Banking will be revolutionized as billions of tiny Internet-based transactions take place every second – all of them requiring aggregating, accounting, clearing and settling.
Once heralded as the future of mobile payments, near field communication (NFC) increasingly appears headed for the technology graveyard.
Mobile wallets can provide a big win for banks if they base their offerings on the key principles of utility, partnerships and the customer relationship.
For an enthusiastic but still-small segment of customers, mobile check deposit is a winning innovation.
As the mobile wallet train leaves the station, banks will discover that a ‘fast follower’ strategy risks leaving them behind.