The race for ‘mobile supremacy’ is on. It has been for some time actually – but clearly no-one has it right or we would all be using the same things. In no aspect of the move to mobility is this truer than in payments and other forms of financial transaction.
At the World Mobile Congress 2015 (WMC) next month almost 2,000 exhibitors and an expected attendance of 90,000 will descend on Barcelona in an attempt to find answers to their questions. However, both history and experience have shown that organisations rarely ask the right questions and end up spending time and money following the latest trends so as not to be left behind.
One look and WMC’s very impressive 60-page brochure and the distinguished line of keynotes speaks volumes to the unprecedented interest in everything mobile. With 7 billion mobile phones in the world (2 billion of which are smart phones) this is hardly surprising.
Even for those focusing solely on the mobile payments space, the effort of sifting through the vendor and product choices will be a daunting task. All of them will purport to be the ‘next thing’ and the pressures to not be left behind will likely result in some poor decisions. Hopefully this year we’ll see vendors focus on the only thing that can unify the dizzying arrays of functionality spurred by the massive growth of FinTech innovation; Trust.
Google is back in the payments game, Apple Pay is still a factor (more to do with their marketing machine than for providing true solutions), the card brands are pushing tokenisation, and biometrics is heralded as the authentication panacea we’ve all been waiting for.
Trust is the only factor all of these things have in common. Not one mobile payments solution will work if trust is not built in from the beginning, in the form of accurate and ‘user-friendly’ authentication methods. No amount of flashy advertising is going to hide a workable solution from a dud in the highly regulated finance ecosystem.
We will be going to WMC with high hopes that the industry has truly embraced the challenges that disruptive innovation in the mobile space has wrought, and that workable solutions based on true identity management will be the hot topic of the four day conference.
If you would like to meet with us at WMC please Tweet us @mypinpad or email David Poole (firstname.lastname@example.org)