Mastercard is predicting mobile payments hitting the mainstream within five years, as it unveiled its new Masterpass product at MWC.
The product will launch later this year and allows consumers to click, tap and touch to make payments using their handsets. It supports NFC-enabled phones, QR codes, tags and mobile checkouts in store.
After years of false starts, Jorn Lambert, group head for emerging payments for Mastercard Europe, said he felt changing consumer habits would mean 2013 would be the year payments catch on. He said: ‘For me, the train has left the station on this. Consumer behaviour around tagging and the like is becoming more and more mainstream.’
It is working with EE on developing a mobile payments service for launch later this year. He said: ‘Within three to five years, this is how people will expect to be paying. They will do this with or without us so Masterpass is central to what we do.’
Lambert said he felt Google and Apple’s long-rumoured entrance into the European mobile payments space would speed up adoption. He said: ‘I’d be extremely surprised if Apple or Google decided to have its own acceptance brand and create structures to manage the credit risk that our industry does. But we hope they do move into mobile payments because they would serve as a catalyst. Tackling fraud and credit risk is not their business but they would improve the UI and customer journey, which would be great news for all of us.’
Author: Graeme Neill