Future Mobile Payments

My clients include many of the largest banks in the world, and many of the largest telecom companies.  I talk with banks about the threat from telcos, and to telcos about the threat from banks.  The fact is that there is a huge opportunity for the right combination of banks and telcos to completely transform global payment systems for retail, but while there are some signs of movement, it shows no real sign of happening as of late 2011.  Watch this space for reasons you will see on this video:

How mobile payments will impact future of banks, banking, back end payment processing, credit card transactions and retail customer spending. Smartphones using encryption and biometrics will enable telecom companies to compete with banks and credit card companies for retail payment transactions. Expect wireless payments using smartphones to grow rapidly. Despite this, some customers will continue to prefer cash because it allows anonymous purchases and is convenient for smaller purchases. Mobile payments could generate commissions of up to EU2 billion a year in countries like France, Germany, Italy and the UK. What would happen if -- say -- Vodafone formed a partnership with Google, Nokia and American Express? Implications for financial services, small loans, large ticket purchases of white goods, cars and other big items. Conference keynote speaker and Futurist Patrick Dixon speaking at retail trends conference for Hermes clients. Future of banking and financial services.