Industry speculation around the supposed mobile payment capabilities of Apple’s iPhone 5 have come in the same week that Barclaycard announced an agreement with Everything Everywhere, the UK’s biggest mobile network to bring contactless payments to the UK this summer.
As such, it seems that the topic of mobile payments is firmly back on the agenda – however, in order to reap the benefits of the technology, businesses will have to ensure they keep a firm grip on what employees are spending.
It’s been a while coming, and it’s certainly had its doubters, but the news that industry giants such as Apple, Orange and T-Mobile will actually be trailblazing innovative ‘wave and pay’ technology will likely spark a sudden shift in consumer behaviour when it comes to buying goods and services on the move. While this is good news for consumers, what will it mean for businesses as they inevitably embrace this new form of payment and the associated complexities when it comes to expense management?
As employees increasingly begin to use mobile phones to pay for everything from taxi fares to stationary supplies, it could be very difficult for organisations to keep track of the payments made and assign costs to the right departments. It is therefore vital that companies update their expense reporting systems and processes now, in anticipation of a rapid rise in disparate mobile payments later this year.
Forward-thinking companies will undoubtedly be taking this opportunity to scrutinise current expense management strategies to see how mobile payments can best be brought into the mix. The key is to find a way of integrating mobile payments onto a single platform alongside other elements of corporate spend. Only then will CFOs benefit from complete visibility of total spend, no matter where costs occur or the method of payment used.