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Google Wallet LogoGoogle Wallet Logo (Photo credit: Wikipedia)

The mobile payments market place remains stuck on the wrong side of the chasm as consumers balk at mass adoption until the value proposition is clarified. The mobile payments arena continues to be characterized by a hodgepodge of players, each vying for the attention of merchants and consumers. In a classic chicken and egg scenario, consumers are vying away from payment options that can be used at a limited number of retailers while merchants are concerned with making an investment too early in the wrong technology.


According to a PwC study on mobile phone payments, only 5% of consumers have adopted the technology. For any "Crossing the Chasm" fans, 5% is at the edge of the chasm, with penetration into new markets needed before the technology can move forward. It will be interesting to see which platform prevails including the wireless carrier solution called ISIS, Google Wallet, Apple Passbook, Square, Paypal many others. Retailers are also getting into the act with a payment consortium of their own.


Image representing PayPal as depicted in Crunc...Image via CrunchBase

The key to all of this will be the ability of any of the players to develop a value proposition which emphasizes the ease and convenience of use, along with other potential benefits such as rewards or cash back. Other benefits will include a seamless integration of offers that enhance the buying experience at specific retailers such as incentives that are text messaged the moment a consumer walks into a store.


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