Eight innovators from around the world share the latest thinking on the future of payments in this 76-page special report from the NFC World team.
The initial impact of digital finance and mobile payments in China is difficult to over-exaggerate, says Zennon Kapron, founder and director of Asian financial services and research firm Kapronasia. The launch of services such as Alipay and WeChat Pay brought with them a dramatic change in the way the average Chinese consumer spends — especially when one considers how cash-focused the country has been historically, he explains in this paper.
In a market where it was previously unheard of for people to trust a mobile network operator with their money, Vodafone’s M-Pesa has carefully built confidence with consumers and grown over the last ten years into a financial service that is relied upon by millions of customers every day, mobile money pioneer Michael Joseph explains in this Q&A with What’s New in Payments editor Rian Boden.
The mobile banking and payments market has grown exponentially in the past few years, says Orange’s Marc Rennard, and the opportunity “has not been ignored by the mobile operators, with many taking an active role since the beginning of the millennium, often targeting very specific use-cases as a means of carving a niche for themselves,” he explains.
Banks need to engage with customers, adapt to consumers’ changing needs, and provide the best user experience to secure their role in the rapidly changing payments industry explains Dejamobile’s Lorcan Burke, before setting out how these aims can best be accomplished.
The Internet of Things (IoT) has the power to completely transform the in-store payment and shopping experience and retailers must now ask themselves how they can use this technology to bring new and meaningful experiences to their customers, says Wirecard’s executive vice president of mobile services Jörn Leogrande.
This eight-page white paper produced by Rambus looks at how digital wallets can benefit retailers and enable next-generation retail experiences.
Although the Russian payments market is characterised by little contactless infrastructure and simple mobile devices without NFC technology, the percentage of people paying for goods and services using mobile devices is growing fast, writes Yandex Money’s business development director Maria Gracheva.
The introduction of the EU’s revised Payments Services Directive (PSD2) will create a range of challenges for payment service providers who will have to comply with new requirements for stronger authentication and data sharing while also adapting to competition from new entrants, says Helene Oger-Zaher, retail banking conduct supervision expert at the European Banking Authority (EBA).
This latest issue of Mahindra Comviva’s quarterly magazine Vritti looks at the trends and technologies driving the next wave of mobile payments and digital commerce and includes articles about conversational commerce, the use of biometrics in payments and ways to address the gender gap in the uptake of mobile money.