Mobile Payments

Mobile Payments and More – What We Learned From Money 20/20

By November 17, 2016 No Comments

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With Black Friday just around the corner, and the holidays fast approaching, shoppers and merchants are going to be busier than ever. As consumers hit the pavement, and the outrageous checkout lines grow, their patience begins to run low, we can’t help but think how brands could simplify the process?

Faster payment processing always becomes a hot topic around the holidays, however more recently, it has become a point of contention within the financial industry. With this year’s annual fintech event just passing — Money20/20 covered just about everything from digital payments and innovation to mobile and retail. Through all the topics discussed one thing was clear, the digital world is drastically disrupting the financial industry. Here are our major takeaways from Money20/20:

  1. The digital industry is changing consumers expectations, because of this the financial industry must adapt new digital products, that are not only accessible, but offer a tailored customized experience to secure loyal customers.
  2. Mobile payments is on everybody’s radar (including ours!). With the rise in popularity for tap and go payments, financial institutions need to secure quicker alternative methods for consumers to pay.
  3. As technology increasingly becomes further intertwined within the financial marketplace, security concerns are increasingly being questioned. With the Consumer Financial Protection Bureau (CFPB) dedicated to in providing seamless and secure payments options, the majority of financial institutions are making this a top priority to ensure that these standards are being upheld to protect consumers.

The challenge for early adopters of fintech has been finding a balance in a fragmented mobile payment ecosystem with divides in carriers, devices and financial institutions. However with the entrance of Apple Pay to the Canadian market, Canadian banks are eager to support new forms of mobile payment technology. As mobile experts we pride ourselves on being able to design, build and deliver mobile applications that are memorable and usable in everyday life. In partnering with mobile technology experts Canadian banks have the ability to position themselves as a world leader in mobile digital payments. The benefits of such partnerships will ultimately lead to a world class customer centric mobile experience for the end user.