Business Case Studies, Corporate Governance & Business Ethics Case Study, Facebook's New Privacy Policy - Satisfying Users While Making Commercial Sense

Code : ITF0041

Year : 2019

Case Length : 8 pages

Industry :Mobile Payments

Organization:-

Period : 2009-2017

Region : India

Teaching Note: Available

Structured Assignment : -

Countries : India

Abstract:NFC mobile payment services, the latest technological development in mobile payment services, was launched by ICICI Bank in India in the year 2016. Though the new payment system had a lot of potential and would benefit consumers in several ways, its adoption was very low. The adoption and acceptance of an innovation depends on the consumers as well as the factors which motivate them to use it or inhibit them from doing so. In the case of NFC-mobile payment services too, the motivating factors included the ability to use smartphones; and the facts that it was time saving, transactions were secure, people could carry less cash, and it was convenient. The factors inhibiting adoption of NFC-mobile payment services included consumers being reluctant to use the mobile mode of payment, lack of NFC-chip installed in POS machines, and lack of awareness programs. Since the NFC mode of payment could be beneficial on several counts, the government needed to take several initiatives to educate the consumers about the processes and benefits of NFC-mobile payment services. This could encourage them to adopt it. Furthermore, a promotional campaign needed to be carried out to enhance the consumer base for NFC-mobile payment services. This would help reap its benefits in the future and ensure that India did not lag behind other countries across the globe in the use of this technology.