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on banks (Aggarwal & Mehta 2014). Overall, this research field is still in its early stages and there is a lack of
long term studies that examine the effect of mobile payments on banks (Aggarwal & Mehta 2014). The
Mobile Financial Services Task Force is supported by The Partnership for Payment Innovation, a multi-
stakeholder organisation. In addition to the above organisations, the Mobile Financial Services Task Force
and The Partnership for Payment Innovation strongly encourage participation from other organisations with
an interest in mobile financial services or payments. The Mobile Financial Services Task Force and The
Partnership for Payment Innovation are not responsible for content on external sites.

3. Findings

Mobile payments can have a positive and negative impact on Banks in terms of reputation, efficiency,
effectiveness and productivity. Banks will be able to benefit from paying their customers through mobile
devices by improving the customer's experience as well as reducing fraud. Banks will also be able to
improve their efficiency by making more moves towards digitalization of their services which are already
being implemented in some countries around the world.
Some disadvantages and risks associated with mobile banking have been identified by this study. The main
concern is that when people carry out financial transactions through the phone they do not feel a sense of
security which could lead to security concerns which in turn can lead to banking problems (Aggarwal &
Mehta 2014).

Retailers and consumers can face a variety of challenges when using mobile payments, particularly when
trying to recall the details of a debt and/or obtaining a new card number. In addition to this, there are also
some difficulties with using mobile payments, including poor choice of payment methods and security
concerns.
There is still no regulatory framework for mobile banking or the use of biometrics in the financial sector.
While working on the Mobile Financial Services Task Force and The Partnership for Payment Innovation, it
has been noticed that there are a number of risks related to mobile banking.

Retailers can face the following challenges especially at the point of sale:
1. Consumer's mobile phone can get lost

2. Consumer's mobile phone can be damaged or have technical issue
3. Consumer's SIM card can be lost

4. Some retailers do not accept certain mobile payments because of their own reasons and their clients
could therefore face problems with their purchases (Dixit & Patel 2015).
Consumers can face the following challenges:

1. Difficulty in using a new payment service when a customer changes his/her mobile phone number or
he/she has to change from one SIM card to another one due to issues such as registration of duplicate
SIM cards
2. Identity theft

3. Difficulties in finding a card number, especially when the customer has to change his/her mobile
phone number and cannot transfer the existing ones.
4. Difficulty in making payments in certain places, mainly by using their own handsets as they could be
inhibited by security concerns

5. Multiple registrations of new cards and phones due to switching between mobile providers (Dixit &
Patel 2015).
The ability of people to pay using various payment methods have been improved since the time when

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