SIOUX FALLS, S.D. (8/30/13)--Although it is not clear which technologies will win the mobile payments race, financial institutions, including credit unions, must adapt products and services to meet consumer expectations for the mobile payments model, according to a new white paper from the ATM Industry Association.
The mobile payments market is still at an early stage, and most models are just one to two years old, but consumer adoption has been rapid, the paper said. By 2017, consumers worldwide will buy $1.3 trillion worth of goods with their phones and tablets, a fourfold increase from today, according to Juniper Research.
Recommendations for financial institutions made in the white paper include:
To download the white paper, use the link