Mobile Payments: A New Frontier for Payment Money Service Providers
Potential is a word that is often used to describe the mobile payments market. Most believe that consumers will want it, and most believe that it will be an incredibly lucrative service offering - a fact true for both Mobile Service Providers (MSPs) and Payment Service Providers (PSPs). To remain relevant and maintain control of a natural extension of their current offerings and knowledge base, PSPs must move quickly to establish a strong mobile payment offering. If they don't, MSPs will do it themselves. This paper highlights four actions PSPs must take in order to build a strong mobile payments offering, which provides a strong value proposition to all involved parties (PSPs, MSPs, Consumers, and Partner Banks).