From the number of booths dedicated to mobile payment, it's clear to see that the field is yet another industry gold rush. This is no surprise given that mobile payment transactions processed in the USA are projected to grow by 210% in 2016.
Despite all this excitement, there are many barriers to adoption especially in Western markets where other payment systems have dominated for a long time. The biggest challenge in this market will be to make mobile payment more convenient for all parties involved.
By comparison, Asian and emerging markets have embraced mobile payment systems - albeit for different reasons. Of particular note is that mobile money has evolved into a democratizing agent in emerging markets, allowing for the free flow of business between people using nothing more than a cellphone.
The way is being paved for mobile money to become the new standard. This, combined with mobile's unique data-capturing abilities, will offer brands new opportunities to offer customized experiences.
Gabrielle Loeb is the Head of Mobext France