Yesterday, I took part in a fast paced and engaging Twitter chat on the future of mobile payments, hosted by Zooz, a company that develops technology for the modern enterprise that wants to optimize online payments. There was an amazing panel of guest experts with plenty of experience and knowledge about the payment industry. I was definitely impressed. While there was a lot of enthusiasm about the possibilities mobile payments will open up, I was surprised to see a lot of critical comments about things such as the actual value in using cryptocurrency. My take away from the chat? There are a lot of developments happening in the field of mobile payments, and the future seems ripe for innovation.
Q1 What do you predict will be the most significant payment trends of 2015? #paytech2015
I think small value payments, ability to transfer sub $50 across borders would be the trending. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
Retailers will deploy #omnichannel technologies like beacons to merge online and offline experiences #paytech2015
— Oren Levy (@orenzooz) February 25, 2015
@ZooZpayments Still think security will be a huge topic for payments this year, but more mixing identity with security. #paytech2015
— Bailey Reutzel (@BLR13) February 25, 2015
1. Mobile will be forefront of customer experience and mpayments will go from niche status to becoming popular conversation #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
Q2 What are the biggest payment-related challenges facing retailers and etailers in 2015? #paytech2015
Fraud and chargebacks. The risk with acceptance is still high, especially in emerging markets. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
@ZooZpayments cross border fees, costs in general, availability of gateways/aquirers, payment method sharing (mobile payments). #paytech2015
— Jonathan (@Jldb) February 25, 2015
2. In Canada, banks need to develop unified mpayment platform. As such, Canadians are a fragmented mobile eco-system of apps. #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
Related follow-up to Q2: What are the biggest challenges for retailers trying to expand into cross-border e-commerce? #paytech2015
They are confused by the mechanics of cross-border payments. Are they safe? Will they be paid? How to go about it? #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
regulatory and compliance withouth increasing the fees #paytech2015
— Fabian Saide (@fab_sag) February 25, 2015
@ZooZpayments Consumers uptake may be faster with the new payment technology, so be prepared for a much wider customer base #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
Q3 Do you feel that Apple Pay is revolutionizing retail? Why or why not? #paytech2015
Apple pay came to raise the bar on mobile payments #paytech2015
— Fabian Saide (@fab_sag) February 25, 2015
Yes, I think tokenization and tap-and-pay methodology is what is revolutionizing retail payments. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
3. Apple Pay is an incredibly intuitive development for the end-user that will challenge many other mobile platforms to follow #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
#paytech2015 I’m tired of hearing about Apple. I’ve got an Android… “Be together, not the same.” 😉 @rmorecki
— Bailey Reutzel (@BLR13) February 25, 2015
Related to Q3: Will Google, Samsung, CurrentC and other pending mpayments solutions be able to compete with Apple Pay? #paytech2015
@ZooZpayments #paytech2015 The Secure Enclace and TouchID pose a formidable challenge for these players. the UX without that will be sub par
— Deva Annamalai (@bornonjuly4) February 25, 2015
I think eventually a phone agnostic, tokenized version of NFC enabled payments will come out VIsa/MC? #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
their success against apple pay will depend on the ability to reach merchants #paytech2015
— Fabian Saide (@fab_sag) February 25, 2015
@ZooZpayments They already are Samsung LoopPay allows mpayments from Apple+Android, and compatible with more retailer systems #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
Q4 Is it possible to prevent payment fraud without sacrificing the user experience? #paytech2015
@DSLdirect Look up ultrasound based biometric, the next big thing in biometrics authentication. @BrianRoemmele #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
Would you all kill me if I said #Bitcoin is already addressing and doing that. prevent fraud! great UX. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
What!? #Bitcoin has great user experience? You’re joking? I’ve done plenty of BTC trnx and this is false. @babushka99 #paytech2015
— Bailey Reutzel (@BLR13) February 25, 2015
@ZooZpayments 4. Biometric authentication is one method that Apple Pay relies upon for iPhone payment method #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
Follow-up to #4: With their enhanced security, do you think mpayments could ever replace credit card payments? #paytech2015
Security is not an issue with Mobile payments with tokenization. The raw card number on front of the payment card is the issue. #paytech2015
— Brian Roemmele (@BrianRoemmele) February 25, 2015
@ZooZpayments there’s a generational issue here. Will my mom ever do it probably no. Me and my kids yes. #paytech2015
— Jason Taylor (@TJason25) February 25, 2015
Q4 wrap: Issue is consistent UX, biometric authentication, ultrasound-based biometrics, card is better UX #paytech2015
— ZooZ Payments (@ZooZpayments) February 25, 2015
Q5 Should retailers accept Bitcoin? Why or why not? #paytech2015
@ZooZpayments In the US, it is not so much of a paying issue. Developing/Emerging markets it is a huge issue. POS. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
5.Bitcoin is convenient and worth considering by retailers. They should assess their own needs and goals in supporting Bitcoin. #paytech2015
— IT Business Canada (@itbusinessca) February 25, 2015
#paytech2015 @babushka99 I predict no increase in retail payment use of Bitcoin in 2015. A lobster dinner for @BLR13 if I am wrong
— Dave Birch (@dgwbirch) February 25, 2015
@ZooZpayments do retailers advocate the democratization of credit? Don’t see them loving Bitcoin any more than card brands. #paytech2015
— Dale Laszig (@DSLdirect) February 25, 2015
Bitcoin will continue to expand adoption and use cases. 1) Cross border 2) Nano and micro transactions. #paytech2015
— Brian Roemmele (@BrianRoemmele) February 25, 2015
Follow-up to Q5: What would it take for Bitcoin or other cryptocurrencies to become accepted by the mainstream? #paytech2015
Legalization on all fronts. If it ain’t legal, or grey, it ain’t getting mainstream traction. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
Bitcoin becomes main stream when it solves real problems for merchants and consumers. 1) Cross Border 2) Nano & Micro trans #paytech2015
— Brian Roemmele (@BrianRoemmele) February 25, 2015
“Digital currencies hold appeal to some enterprises, but the security of exchanges is a weak point.” #paytech2015 http://t.co/oEHLip2Jqi
— IT Business Canada (@itbusinessca) February 25, 2015
Agree. @dgwbirch @babushka99 This convenience factor (@itbusinessca) is a damn lie. Sorry guys. #paytech2015 Come up w/ another value prop.
— Bailey Reutzel (@BLR13) February 25, 2015
Q6 What are your thoughts on EMV finally coming to the U.S.? #paytech2015
’bout time! #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
EMV in the US will be a miserable experience. Swipe or Dip? How will the consumer know. #paytech2015
— Brian Roemmele (@BrianRoemmele) February 25, 2015
Q6 .. #EMV in #US .. better late than ever, I guess. Although @dgwbirch will miss signing off as Sergio Aguero #paytech2015
— Bernardo Batiz-Lazo (@BatizLazo) February 25, 2015
I performed field studies when Canada moved to EMV and it was a crisis. Cards left behind. Slow lines. EMV UX fail I call it. #paytech2015
— Brian Roemmele (@BrianRoemmele) February 25, 2015
Followup to Q6: Do you think that US retailers will be able to make the EMV deadline? Should they be penalized if they don’t? #paytech2015
@jameswester But then again, the US is the 8,000lbs gorilla. It does as it pleases. #paytech2015
— Faisal Khan (@babushka99) February 25, 2015
#paytech2015 Probably not all merchants and issuers will be able to fully integrate EMV in time for Oct, but big co.s have made the upgrade
— Ben Yaniv Chechik (@yanivch) February 25, 2015
Q6 follow-up wrap: Probably not all, big ones have, US the 800 lb gorilla, most L1s will make it, SMBs take more time #paytech2015
— ZooZ Payments (@ZooZpayments) February 25, 2015
