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PA Consulting Group’s mobile payments expert Jan Peter Madsen shares his views on how the mobile payments market will evolve in Denmark following the recent introduction of Apple Pay. He predicts that players like Samsung and Apple, who own the technology, will win the market but underlines that this will not be a market where one winner takes it all. More likely, technology will enable several mobile payments solutions to co-exist such as Apple Pay, MobilePay and the Dankort, the national debit card of Denmark.
More mobile payments solutions does not mean that the credit card will not become extinct. We´ll likely hold on to the plastic card because it is a secure means of payment and it doesn't run out of power.
According to Jan Peter, there are substantial differences in the cost structure for mobile payments. For example, he says, we will always use international cards when we pay with Apple Pay, and this means shops and supermarket chains are looking at a much higher cost compared with when we use the Dankort.
Jan Peter predicts that it will take mobile payment solutions approximately seven years to become mainstream, the same time it took the Dankort to break through.