The number of people worldwide using mobile phones are impressive at almost 5 billion people with 40 percent of all mobile device users in the U.S. having made at least one mobile payment in this past year. Despite these strong numbers, the adoption of mobile payments hasn’t come as quickly as expected. A possible solution for it to gain momentum could by through unconventional channels including virtual reality and in-vehicle payment systems.
Virtual Reality
In just two years, it is projected that more than 170 people will own virtual reality products. It will soon be a reality where consumers who want to purchase an item can browse a store, check out items of interest and quickly pay for whatever they need–all in VR. As VR technology grows in popularity, we will see it intertwine with mobile payments. For example, online marketplace, Alibaba has already started working on a payment service that will allow VR shoppers to pay for things just by nodding their heads.
In-vehicle Payment Systems
There has been a slow shift towards the offering of paying in-vehicles. Credit card companies and vehicle manufacturers such as Visa and Honda, are working together to provide in-vehicle mobile payment solutions, making it easier and faster to pay for gas and parking. Both companies are working with fuel pump manufacturer Gilbarco Veeder-Root and parking solutions provider IPS Group to install beacons that will communicate with a Honda via Bluetooth in order to complete payments through a Visa Checkout integration with what’s essentially a “smart” dashboard.
In my opinion, this is an exciting opportunity, but I’m skeptical of consumer adoption. I think Honda and Visa will have to spend a lot of marketing dollars to raise consumers awareness and educate drivers on the benefits as well as how it works. I’m also unsure if fuel pump operators will want to adopt this system. This new system completely cuts them out of the picture — a driver only has to interact with the actual fuel dispenser at the gas station. Another challenge that might hinder this is ensuring that Honda and Visa can set up beacons in all the cities. If the feature is not widely accepted, I don’t think consumers will care for it.
Source: https://www.mobilepaymentstoday.com/articles/unconventional-channels-driving-mobile-payments-adoption/