The Challenge to Create an Awesome Mobile Payments Experience


Almost every year for the last decade, those who have followed the mobile payments industry have heard the expectant statement, “This is the year for mobile payments.” This year is no exception. We see the stories about mass adoption of mobile payments in other parts of the world, so we wonder, why not here in the United States? A U.S.-centric mobile payments conference I attended recently had as a recurring theme the notion that mobile payments in the United States had not yet caught on because providers had not yet developed an overall package of elements that would create a compelling mobile experience for the user.
Continue reading

How do we achieve ‘The Holy Grail’ in contactless payments?


Contactless payments in the UK are rocketing, with 226% more contactless transactions compared to this time last year. This is yet further evidence of the trend in consumer preferences in payment methods, as retailers and the financial services industry wake up to the reality of the growing number of consumers looking to transact with contactless. Consumers want convenience and contactless payment technology for both card and mobile transactions provides the ultimate consumer experience. The big issue with contactless remains the fear of fraud, and for this reason low transaction limits prevail.  The Holy Grail for consumers and merchants alike is convenience with security and not convenience versus security. However, there is no reason why contactless technology cannot be combined with emerging invisible security technologies to address the fraud issue, thereby enabling contactless capability for all card and mobile transaction regardless of transaction value.
Continue reading

What Steve Jobs knew back in 1984 and why that matters today


Mobile payments. HCE. Mobile wallets. Wearables. This launch, that announcement. Blah, blah, blah… There is so much overlapping noise, confusion and lack of any clear direction in the market right now.

Apple has been flying below the radar lately, on all fronts. Yet, anyone who is active in mobile payments should not forget how disruptive Apple can be when they do come out to play. They already redefined (beyond recognition) several industries, and they are about to do it with payments, both online and offline.
Continue reading

Mobile Payment Wars: The Importance of BLE And NFC


In two of my earlier posts on mobile payments, I talked about disruptive innovations in the mobile payments landscape and how the impending EMV deadlines could impact NFC adoption. In this post, I will continue to dwell on the disruptive innovations in mobile payments technologies, focusing on the raging iBeacon versus NFC debate.
Continue reading

Making Faster Payments a Reality


Real-time payments could be moving a step closer to reality under pressure from forces both inside and outside of the financial services industry, say BAI Payments Connect 2014 panelists.

In this fast-paced, highly mobile, Internet-everywhere world, it’s not surprising that U.S. consumers and businesses have come to expect their transactions to post in real time. And soon, industry insiders say, they might finally get their wish.

Read more at BAI Banking Strategies
Continue reading

Banks are Most Trusted Mobile Payments Service Provider


According to the new 2014 Trends to Watch report from analyst firm Ovum, consumers will lean most towards mobile payment and digital wallet services associated with financial brands.

This is supported by Ovum’s Consumer Insights Survey, which shows that 43% of respondents chose banks as their most trusted mobile payments service provider, followed by credit card companies (13%), online payment providers (9%), and then mobile operators (6%).
Continue reading