Improving the Mobile Payment Experience and Removing the Barriers

Sitting in the intersection of commerce, banks and mobile revolution, mobile payments are expected to grow by double-digits in the forthcoming years. There has been an increasing and intensive interest in mobile payments domain from banks, telecom companies and technology giants. Notwithstanding the introduction of numerous innovative mobile payment solutions, mobile payment experience is still frictional and restricting. This paper analyses the current mobile payment market starting with a historical development perspective and proposes a new solution to improve the mobile payment experience. The advantages of proposed solution for customers, merchants and banks are discussed in detail and compared with existing solutions.