Mobile Payments: Felicitous Timing?

by Marcus Treacher, Global Head, eCommerce, HSBC

While mobile banking services have been available for a while in the global commercial banking space, the picture as regards mobile payments has been incomplete. But as Marcus Treacher, Global Head, eCommerce at HSBC explains, a combination of technology, infrastructure, and shifting attitudes/behaviour is changing this.

One of the most striking points about mobile payments is their ubiquitous relevance, irrespective of business size or location. They also have a broader significance in the way in which they complete the mobile banking jigsaw and are therefore likely to drive further new functionality that was previously impossible without access to the entire payment process. However, the maximum advantage will fall to users whose banks can integrate deep understanding of their clients’ businesses with the right mobile strategy.

Present momentum

The demand for mobile payments is certainly evident. For instance, in the last six months of 2012 client payment instructions sent via HSBC’s corporate banking mobile application, HSBCnet Mobile, grew by 204%. Furthermore, while corporate treasuries are normally fairly conservative organisations when it comes to new technology, many are now using HSBCnet Mobile on a regular basis.

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