Twenty-five years ago, telecommunications was facing their biggest threat since deregulation, and most executives did not take the threat seriously. Ten years later, it had decimated international telecom revenue models and profitability. Today, it is the reason that most phone calls cost close to nothing. It’s called “Bypass,” and it has just appeared in the payment card industry. If you are a payment industry executive (or investor), don’t make the same mistake as your telecom colleagues by ignoring this trend.
Mobile payments is starting over. When the Google Wallet launched on September 20, 2011, the first test of a remarkable new financial ecosystem began. But despite the apparent success of traditional mobile payments products like M-PESA in Kenya and South Africa, Google and rival Isis have decided to rewrite the business model – and for good reason. Actually, four good reasons: Continue reading “Whitepaper: Google Wallet and the New Payments Ecosystem”
Yesterday, the Google Wallet was announced. given that security has always been the number one concern of consumers, the most important question on people’s mind is, “will it be more secure?”
The short answer is: Yes.
Here’s why: a Smartphone can be secured on the network of your bank, or the network of your credit card company, or any other network using the exact same technology that secures your smart phone on the network of your mobile phone company.
Mobile commerce in the United States will have three Mobile commerce products, each with similar features, similar benefits, similar functions. However, all three have different sets of partners, operate on at least two different types of networks, and will certainly have three different delivery systems. It’s like a triangular boxing ring with the boxer in each corner: if two of the three decide to work together, it’s over.
VeriFone has crystallized its long-term position in a pivotal announcement today about a new product determined to put the VeriFone POS devices at the coveted center of payments, loyalty, and mobile commerce industries. As reported by American Banker this morning, VeriFone’s new service is called, “PAYMEDIA Solutions” and it appears to have the feature-rich experience that several different companies are attempting to provide to consumers through the emerging mobile commerce sector. Continue reading “VeriFone Defines Next Generation of Mobile Commerce Services with PAYMEDIA”
The first pictures of the Isis mobile wallet are probably many months away from being released to the public. No, the image on the left is neither from Isis nor endorsed by Isis, but it has merit based on recent public statements from the company.
Last week, two executives on the Isismanagement team discussed critical elements of the company’s future product, specifically:
-A Convenient User Interface;
-Integration between payments and digital loyalty (including coupons and advertising), and;
-Open format for payment schemes, banks, credit unions, even transit systems.