For financial institutions tasked with defining mobile payments strategies, it is best to start by considering the recipients of the payments.
What are the Four Pillars of Mobile Payments?
Using a mobile device to make transfers and to deposit checks into a personal bank account, via mobile deposit and funds transfer capabilities
Paying Other People
Making person-to-person (P2P) payments (domestic or international) to individuals and groups of individuals from a mobile device
Making payments to a biller either through a financial institution mobile app or a biller mobile app; functionality may include eBill presentment and payment capabilities such as using the mobile device camera to capture an image of a bill to automate payee set up
Making purchases either in a store via mobile proximity payments (near field communication (NFC), quick response (QR) code, cloud) or online via apps and mobile websites