The rise in 4G networks will help usher in a new wave of innovative mobile payment services for businesses to offer customers, according to MasterCard.
The firm’s chief innovation officer, Garry Lyons, told V3 in an exclusive interview that the ability to offer more innovative interactions and engagement with customers will enable merchants to boost mobile payments.
He said: “It allows you to offer whole new experiences around what the consumers want to do – about learning about products by watching videos, looking at images or being sent information after they’ve purchased an item, direct to their mobile."
“Larger firms are really starting to get this and realise that it’s not some Minority Report futuristic thing but real and evolving now to allow them to do interesting things for consumers using smartphones and tablets.”
Lyons added that smaller firms are not as aware of the benefits 4G could bring, understandably given their small staff numbers, but were no less interested in the potential when it was made clear to them.
“You do have to educate small firms, but they are very open to trying new things,” he added.
The claims come after a report from Barclays banks claimed that the majority of firms are unprepared for the rise of 4G networks and the impact, both positive and negative, they could have on the future of online retailing.
Lyons also said he expects mobile payment technologies to increase in capabilities as the applications, like MasterCard's Qkr system – pronounced Quicker – offers smartphone users the ability to browse, shop and pay for items on their card through a single app.
He said many businesses have already started embracing the tool and are seeing customer interaction rise as a result, although at present the firm has yet to bring this to the UK market and there are no current plans to do so, but it may "potentially" in the future.
MasterCard is heavily involved in the rollout of new mobile payment systems, such as the use of bank cards to pay for travel on London buses. Data released by Transport for London earlier this month showed that over £1m of journeys have been paid for in this way.
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