White Paper: Credit Cards ‘Ill Suited’ for Mobile Devices
April 3, 2014
Cambridge, Mass.-based mobile payment provider Cortex MCP has issued a white paper analyzing the mobile wallet ecosystem as it exists today and what issues need to be addressed to grow adoption. The paper notes that adoption of mobile payments has been disappointing for one reason: using credit and debit cards in stores is easier than using the mobile wallet apps currently available.
“Recent history has shown, credits cards are not designed to be stored on mobile devices, and the complexity of many current mobile wallets means most consumers are keeping them at arm’s length,” said Shaunt Sarkissian, CEO of Cortex MCP. “At the same time, it’s clear that many consumers are eager to embrace mobile payment solutions.”
The paper details the current state of mobile wallets at the POS, the disadvantages of the technologies available and a road map looking forward.