Mobile payments have finally begun to get the global attention they deserve thanks to the recent buzz created around the technology by Apple. Ernst & Young recently hosted a Breakfast Series at their Toronto office with many mobile payment industry experts present to shed light on past, current, and anticipated trends.
The all-star panel featured Almis Ledas, Sumit Oberoi, James McGuire, Christian Ali and was mediated by Aran Hamilton. All five panelist shared over 20 years of combined experience within the mobile industry and were unanimous on what the next steps were for mobile payments.
The panelist agreed that the mobile payment process must to be further integrated by retailers for users to feel like it’s worth the switch from physical cash or credit cards to mobile payments. Until then it could be a bit of a slow start, with the bolder user base ready and willing to switch right out of the gate, and the mass majority following thereafter once more retail chains have enabled the convenience, and people feel more comfortable with the security of their funds. When questioned about whether or not the security of mobile payment would affect its adoption, Aran cited the first time he and his fellow panelists first used their Interac card and their skepticism around “Tap and Pay,” and now there’s not even a second of hesitation.