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Beyond the Transaction: Every Transaction Has a Story

Partnering in Mobile will Lead to Adoption, Success and Consumer Trust

Over the weekend, a post on TechCrunch caught my attention – which talked about how to dominate in mobile payments.

No doubt, the opportunity in the mobile payments space is huge.  It’s a segment that is expected to generate $86.1 billion worldwide in 2011 – according to Gartner.  At MasterCard, the buzz isn’t around domination but rather about creating an open ecosystem that supports multiple players, as we believe this is the best way to get it right for consumers.  And having consumers’ trust is key to success.  In fact, AdAge just reported when it comes to mobile payments, consumers trust companies like MasterCard to handle transactions.

All told, it takes a lot of collaboration and innovation to deliver and capitalize in mobile payments.  Ed McLaughlin, our Chief Emerging Payments Officer recently reviewed our open position and how we’re working with banks, mobile network operators, merchants and others to get it right for consumers. For example, we have already partnered and have deployments in the UK with Orange Barclaycard, Google Wallet is expected to rollout soon, Turkcell is enabling users to conduct contactless mobile payments, and we recently partnered with Isis.

Feel free to read a number of similar features in, ReadWriteWeb and GigaOm about MasterCard’s approach to Mobile Payments.

Those are just my thoughts – but welcome your opinion. What do you want to see in terms of mobile payments?