US President Barack Obama has signed an executive order demanding that US government bodies make the move to chip and pin credit cards and terminals by January, replacing magnetic strip based technology. The move is designed to enhance transaction security.
Those with a history in the mobile payments industry know that it has been a slow (and mostly disappointing) journey. But now, reflecting on the current ecosystem forces at play, I believe we find ourselves surrounded by a set of market trends that can finally give mobile payments a viable path to scale.
As high-profile security breaches continue to mount, it is becoming increasingly clear that businesses can't just sit back and hope they don't become a victim.
Investors who like long-term investing tend to be slaves to “megatrends.” That is, big-time shifts in the economy that provide durable investing themes — and therefore, almost guaranteed profits.
And one of those trends is the push into mobile payments.
If you thought that photographing a check to deposit it to your bank account was advanced, then think again. The developing world is leaping ahead of the West as mobile money management takes off globally. Quartz reports that in nine African countries, mobile money accounts outnumber bank accounts.
At the moment, Brazil is not only putting its best foot forward during the FIFA World Cup; it's also showing the rest of the globe how regulations can make a positive impact on the payments industry. Yes, you read that right.
Up to 60 percent of consumers exclusively used mobile devices to make a purchase decision in the categories of telecom, restaurants, auto, and entertainment, according to the latest research from xAd and Telmetrics in the third annual Mobile Path-to-Purchase report.
The world is waiting for Alibaba to hit Wall Street this summer as its IPO will likely be bigger than Facebook’s. That means China’s ecommerce market matters more than ever. New figures out today show that spending on China’s ecommerce sites keeps growing, hitting a grand total of RMB 446.44 billion (US$74.03 billion) in Q1 2014 – which is up 27.6 percent on the same time a year ago.
PayPal users will now have more options to pay with their phone when dining out. Thanks to a collaboration with Tel Aviv-headquartered checkout technology provider MyCheck, users will be able to pay for select restaurant bills and bar tabs, split their bill, tip their servers, redeem offers and more.
Think your smartphone is all about Candy Crush and restaurant reviews? Think again. They're actually having an impact on the way you shop, too.