Mobile payments - the big picture

Apple Pay's release has given the mobile payments industry a new lease of life in the last month. Discussion and interest in mobile payments has certainly dipped its toes into the mainstream. Then MCX's response to Apple Pay, did more good PR for Apple's mobile payment solution than they ever could have hoped for. Tell someone they can't do something and the desire to do so will almost certainly double. The stories in the last fortnight have focused largely on the rivalry between Apple Pay and MCX's CurrentC (including ours), but in reality, the mobile payments market has a far longer list of players and movers in the space. This info-graphic created by Mef Minute and published last week does a great job of showing just how complex the 'mobile money landscape' is:

mef_global_mobile_money_landscape

MEF plan to keep the info-graphic updated with the latest changes in the fast paced market - they will need to. There are so many players in the space and the market is big enough that plenty of them will carve themselves out a successful sector. Start-ups, established payment companies, MNO's, banks, merchants and device manufactures will all have their role to play in the growth of the mobile payments market. And in nearly all cases, it's in their vested interest to increase the level of adoption of mobile payments among consumers. Mobile payments can reduce costs across the board, remove barriers in consumers way and improve security.

It's a complicated infographic, because it's a complicated market, but we think it's actually a lot more intricate than even shown here. While we are happy to have been included in MEF's infographic as a player in the 'online payments' scene, something we certainly offer a great solution for, Ensygnia's Onescan solution is so much more. Ensygnia's solution belongs just as much in the in-store, mPOS, mobile wallet and potentially in the future, the other two remaining categories. That's because Ensygnia Onescan at its heart is a secure and trusted platform for interactions, before it is any specific payment solution.

Ensygnia is a flexible platform, our special padlock codes work digitally displayed in-stores, online and on-the-go and our printed static codes are just as versatile, not to mention our on-device solution to shopping. And if the interaction you want to complete is a payment, Ensygnia's role is as a facilitator. We are agnostic to which ever payment method our customers want to use. It's all about giving user choice, ease, and speed.

By Matthew Taylor 11th November 2014

Related stories around the web

The Global Mobile Money Landscape - Mef Minute

Your must-read guide to mobile payments - The Fiscal Times