Coupled with rumours of Apple’s iPhone 5 not supporting NFC technology, the issue of ‘wave and pay’ services has never been more topical.
However, Spendvision notes that businesses will have to keep a close eye on what employees are spending if and when mobile payments become more commonplace in the expense mix.
Robert Kirby, CEO of Spendvision, a provider of total transaction management solutions, commented: “The news that Google plans to provide a contactless payment service will build momentum behind the ‘wave and pay’ trend, and 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. They’ll also need to think about ways in which they can manage the split between private and business spending. 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 across one platform with a common set of business rules, no matter where costs occur or the method of payment used.”