Risks

Businesses that do not embrace mobile pay risk the following:

• Missing out on key learnings associated with being an early participant in this business trend, such as understanding consumer pain points regarding usability and technology issues.
• Falling behind competitors in critical areas and the resulting customer churn because competitors offer convenient mobile pay solutions.
• Failure to expand the range of services to consumers and business customers in a rapidly changing digital environment.
• Dealing with the consequences of not being there for your customers as they adopt new ways to pay for retail purchases.
• The opportunity to offer value-added services to customers via a mobile pay app, such as coupons, special in-store offers and information pushes to consumers based on their proximity to the retail outlet, as determined by location data collected on their smartphones. 

Opportunities

Businesses that embrace mobile pay have the following opportunities:

• Testing and learning about what works well in a mobile pay app. Consumers interact with their payment products in new ways and it's important to be able to capture this information as the market is quickly evolving.
  
• Understanding how to handle know-your-customer (KYC) checks, and identification and verification (ID&V) to be able to seamlessly activate wallets and cards in ways that successfully manage risk.
  
• To take market share. In other words, the mobile pay market needs new solutions that are not relevant in a plastic credit card. Early movers have an opportunity to establish new lines of business.
  
• To create a "brand halo" as a digital innovator, winning the respect and loyalty of consumers.