A month and a half ago I discussed the mobile payments opportunity in India, a country where the mobile phone is often the consumer's sole financial entity (no banks, credit cards or anything else but cash). Boku's press release is a good opportunity to take a closer look at the US mobile payments market (see a previous post), and tell you why I think that it has great potential, but should also look out for a few obvious challenges.
You're all busy people, so I'll save you the time reading through my first paragraph and give you the bottom line: mobile payments are here, are growing, and have the potential to kill all other payment services. BUT it won't happen the way you'd imagine, and there are many pitfalls along the way, yet there are many chances for success.
Phew! Now that I got this off my chest, I can start explaining.
