Success Factors for Mobile Payments

Mobile Money Canada is finally here. 

Mobile-Financial will have many articles, research materials and interviews come out of Mobile Money Canada, which is about to take place as I write this blog. 

To get Mobile Money Canada started I have summarized the Success Factors presented by Enstream.   The success factors were gained after reviewing the lessons learned from the advanced mobile payment markets. 

Using Enstream’s definition, the advanced mobile payment market is compromised from the following countries: Malaysia, Taiwan, Norway, Spain, Slovenia, Japan, Austria, Singapore and South Korea.

The success factors for mobile payments and mobile wallets are:

1) Utilize interoperable payments as an enabler.  This should be at the forefront of the strategy.

2) All services in the mobile financial offering should be based on a nationwide set of standards that are agreed to and approved.  (i.e. Standards must exist prior to service being offered or marketed)

3) Customer benefits must be clearly recognized.  In my words, do not gamble or take unnecessary risks or leaps of faith.   You must weed through the market research hype and trends. 

4) Market and advertise all services under one brand. 

5) Utilize a unified platform strategy.  

Thanks very much to Enstream for sharing their valuable lessons learned.  It is always useful to see what has lead to success in the marketplace. 

This is just a small preview.  Much more to come as the conference kicks off…

Posted on: Tuesday, November 10, 2009