For financial institutions tasked with defining mobile payments strategies, it is best to start by considering the recipients of the payments.
What are the Four Pillars of Mobile Payments?
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Paying Self
Using a mobile device to make transfers and to deposit checks into a personal bank account, via mobile deposit and funds transfer capabilities -
Paying Other People
Making person-to-person (P2P) payments (domestic or international) to individuals and groups of individuals from a mobile device -
Paying Billers
Making payments to a biller either through a financial institution mobile app or a biller mobile app; functionality may include eBill presentment and payment capabilities such as using the mobile device camera to capture an image of a bill to automate payee set up -
Paying Merchants/Retailers
Making purchases either in a store via mobile proximity payments (near field communication (NFC), quick response (QR) code, cloud) or online via apps and mobile websites