The key elements for an effective mobile payments scheme is a strong focus on the benefits to the end-user, value-added merchant models and continuous use case innovation through collaborate cross-sector relationships.

To help build the adoption of mobile payments, customers need to be assured of their security and privacy while systems must provide simplicity. From the merchant point of view though, a preference for a flexible and affordable system that will help convert more users is key.

Mobile wallet/payment applications have flooded the market recently, which has created a diversity of payment processing technologies in the POS realm. However, Pyramid Intelligence point to Magnetic Secure Transmission as the latest and most disruptive technology.

Read more, via Computer Business Review