Looking for Strategies to Re-launch Retail Banking: The Mobile Payment Ecosystem

Abstract

The mobile payments service includes all the
initiatives that enable payments or money transfer by cellular
phone, regardless of the means of payment used (credit-debitprepaid
cards, phone bill) and the technology involved (remote
payment via internet, contactless payments at a POS or direct
remittance by cellphones). The industry of mobile payments
today is still in a start-up phase and the nature and extend of
approaches to these innovations are not uniform around the
world and inside the same countries. The way and the intensity it
will be widespread in the market is going to depend on the
ecosystems that would be designed and developed. As for this
purpose, the scope of the article is first to highlight the main
variables enabling or limiting its diffusion in the market. And
secondly it is to highlight why retail banks should enter the
mobile ecosystem mainly to regain their key role in the market as
they had in the past.