If a digital or mobile wallet is about turning a mobile phone into a payment card, then the technology giants have already won. The harsh reality is that the banks, in collaboration with mobile operators, had their chance and blew it. Banks actively encouraged consumers to use Apple and Android; this issuer effect has been
I have been following the battle closely between Australian banks and ApplePay for quite some time. What’s really interesting to see is this battle actually has implications well beyond Australia. I still remember when ApplePay was first announced. US retailers banded together under MCX (Merchant Customer Exchange) to build their own payments solution CurrentC. CurrentC
As Christmas approaches, online shoppers will once again be doing what online shoppers do best, though increasingly they will be doing it via their smartphones, which can be fiddly. Merchants that have accepted the overheads of PCI-DSS and the ever-increasing risk of hacking have been able to provide a low friction payment process by storing
Plato, the famous Greek philosopher once remarked, “To suffer the penalty of too much haste, which is too little speed”. The quote seems perfect for this harp on real-time payments. Real-time payments are a reality. Consumers today instantly pay Uber rides or split a restaurant bill with buddies through e-wallets. Financial institutions need to gear
With the introduction of Unified Payment Interface (UPI) this year, National Payment Corporation of India (NPCI) struck a right cord in fulfilling dream of digital India. As UPI is making its way to market, many analysts have started comparing it with digital wallets. The growing consensus depicts end of an era for mobile/digital wallet companies
After just 4 weeks from SIBOS, it is time for Money2020. From the Transaction and Investment banking world of pinstripe suited bankers in Geneva, I am heading to Vegas in to the world of payments, a landscape that is being impacted by powerful disruptive forces. The contrast is quite visible between the two events. At
It is a globally accepted fact that moving to a cashless economy is good for growth. Several studies have indicated that the adoption of alternative methods for money transfer and payments provide benefits to all actors in the ecosystem – the government and central bank, commercial banks, the industry as well as the end consumers.
A risk of card fraud and popularity of smartphones among various users has led to the emergence of “mobile wallet” solutions for point-of-sale (POS) and online shop payments. However, mobile wallets remain in a nascent stage until service providers can deliver value beyond just payments. Digital payment service providers are both competing aggressively and willing