Today’s mobile phones and smart phones are so much more than just a telephone. They serve as televisions, browsers, in-boxes and digital wallets. Instead of paying with cash, cheque, or credit cards, today’s consumers can use a mobile or smart phone to pay for a wide range of services and goods.
While mobile payments have been slow to catch-on in some markets, global momentum is growing. BI Intelligence reported that mobile payment volume would reach $75 billion in 2016 and predicts that figure should swell to $503 billion by 2020, thanks to advancements in mobile payments technology.
However, smart portable, mobile and wearable devices use a number of different wireless communications technologies, including Wi-Fi, NFC and Bluetooth. To be successful, the next generation of payment technology needs to be wireless, widely adopted, open technology, interoperable, secure, low-energy and low-cost.
While Wi-Fi and NFC meet some of these requirements, Bluetooth offers the most compelling business case. Wi-Fi is quickly eliminated due to its high-energy consumption. And despite being the de facto standard for contactless payments, NFC has limitations when both parties in a payment scenario have powered, smart devices.
- Evaluates the three leading wireless communications technologies against these criteria
- Demonstrates the advantages of Bluetooth for mobile payments
- Details how the Bluechain app exploits these advantages