The Future of Global Payments
Authored by: Ross Breadmore, Associate Director - Innovation
A recent BOA digital payments study that found mobile payments are up 255% in 2016. This is largely due to the surge in mobile payments and mobile wallets. Mobile payments are fascinating as it's now smartphones have reached maturity and a point of saturation, payments becomes a trojan horse for whichever financial service (or otherwise) that gets it right.
Users want convenience above all, so whether one of the tech companies makes this happen (see Apple Pay), one of the fintechs (see PayPal) or one of the traditional players (see Barclays Pingit), people don't really care - they just want it to work. But for which party gains dominance (and this is partly tied to hardware), they'll gain huge revenues by facilitating payments, but also the limitless potential that a connected device brings. Cross-selling, providing identity, peer-to-peer, these are all features made effortless by smartphones.