The headline for this announcement is certainly eye-catching, with HSBC indicating that the $100 billion watermark has been reached for corporate clients making mobile payments.
There’s glee and a spending spree for HSBC as over $100 billion in mobile payments have been made by its corporate customers.
But one must make sure to read beyond headlines to further examine the real meaning of the announcement. This is a tally of the roughly five-year total of corporate payments authorized through HSBCnet Mobile using various methods, including the more recently released Android and Apple smartphone apps. What this does not mean are active MPOS payments for goods and services using corporate payments products such as commercial cards. Nonetheless, the achievement is important, since the usage by corporate treasurers and CFOs seems to be sharply increasing, in line with mobile adoption in personal lives, along with more purpose driven applications and ease of use.
Based on its figures, the volume of mobile payments made by chief financial officers and corporate treasurers has also “sharply increased”. A total of 1.2 million payments have now been made since the platform’s launch. So far in 2016, more than 564,000 mobile payments were made by HSBC’s corporate customers, compared with 371,000 in 2015.
Mobile capabilities and adoption in the corporate world continues and the consumerization effect takes hold.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
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