Mobile Payments Innovation: If You Build It…
Mobile payments are creating a new innovation battlefield for customer engagement, with companies fighting to offer consumers a way to pay and drive retail loyalty with their smartphones. Mobile-payment transactions are expected to exceed $600B worldwide by 2016, up from $172B in 2012. Consumers are confused about how to choose between the functionality and security offered by the different market entrants. As our moderator, author Chuck Martin, wrote in The Third Screen: “M-commerce is not just about using the phone to pay for something. It is about revolutionizing the entire buying process, from product research all the way through transaction, based on location.” Panelists from Bank of America, MasterCard, and a third major payments provider will debate what the Customer of the Future wants when it comes to shopping, paying, and saving; how providers are looking beyond payments to add value across the buying lifecycle; and how they’re working to overcome barriers to adoption.
- Shopping and paying with cash and credit cards work today. So why change it? What are the gaps in today’s environment? What is driving the push to mobile and other forms of payment like P2P? How does mobile create a better experience and close these gaps?
- Mobile payment is a global phenomenon. Why is this evolution moving so quickly in some parts of the world but not in others? What technologies are most likely to win out?
- What are customer behavior, tests, and pilots telling us that consumers want the ultimate customer experience to look like? What does it take for a developer to compete (or partner) with a more established player? And what’s more important in this environment – being first to market or “right” to market?
- Should consumers be concerned about data security and privacy in the mobile-payments space, and how can they protect themselves? Should we expect more regulation with the growth of non-banks into the mix?
- Success in the mobile payments space requires rapid development cycles and the ability to deploy agile technology platforms. How are larger companies approaching this market and what do smaller companies and developers need to do to either carve out their own niche or work with the bigger players? And what are the challenges that long-time competitors face when they partner with each other?
Peter Osborne Bank of America