Will smartphones contribute to making payments easier and more efficient?

Abstract

This paper reviews mobile banking and payment trends in the Netherlands, focusing in particular on the Dutch Central Bank’s objective of increased efficiency in retail payments. Trends in a fast-developing mobile-connected world have seen the emergence of mobiles being used in every area of payments and banking. Mobile payments will smooth the commercial process for both consumer and merchant. But with so many new innovations, the market may need to undergo consolidation via either cooperation or the widespread adoption of common standards.