Just when you thought mobile payments might be gaining some credibility, risk analysts at U.K. consultant Riskskill have released what can only be called a sobering assessment of the global mobile payment market.
“It is easy to plan for many risks individually,” said Riskskill CEO Bill Trueman, “however, the wide and varied nature of the risks associated with the changing and rapidly growing mobile payments sector create a whole array of risks that will challenge even the best of plans and strategies for addressing problems within the mobile payments sector. This is a simply an enormous issue to address.”
Riskskill said the sheer scale of the opportunity in mobile payments could actually lead to larger problems. Consumer communication and information of risk associated with new financial services products could suffer due to the pace of change in the market, Riskskill said.
Additionally, the company said that the rapid evolution of technology threatens the applicability and implementation of many existing standards programs.
Organizations and many governments are often now too “silo based” to evolve direction and protection from the attacks in a market that is so rapidly evolving, Trueman said.
“The ideal solution for leading sector stakeholders should be to drive proper standards through appropriate bodies that will in turn drive both a governmental and a business response globally,” he said.
“It’s a tall order and only time will tell if it is possible,” Trueman said.