Changing landscape of mobile payments
Envisioning the future has always been a very fascinating endeavor for anyone involved in building things. Be it designers of amazing concepts, engineers of great products or marketers toying with messaging and branding. It might sound common to some while strange to others when we say that many people in this continent (speaking of Asia) and many more places have stopped (or almost stopped) using any laptop or desktop device altogether. Of course, this also includes those who haven’t used them even once. They have started with the mobile devices straight away, hence skipping the generation as a whole. Take into account the increasing fast paced nature of work life today and the ever reducing attention span, and all the facts about this change in behavior start to fall in line.
Corporations and start-ups are increasingly noticing the same, hence the whole prospect of creating a habit forming product has led to increased focus on making their solution quick and convenient besides making it gel in with the current lifestyle and aspirations of the audience (at least in majority of the cases). The whole scenario has changed to fulfill demands on the go, reduce waiting time, and reduce the pain of doing that activity over a prolonged period of time (in a relative sense of terms). Let’s take a look at how various players in the payments landscape are aiming to adapt to these changes.
Merchants are now investing heavily in apps that enhance the consumer experience. The aspiration is to increase loyalty and affection to the brand besides getting incremental revenue from the existing sources. The idea is to keep their best customers happy and hence, they will begin adopting new means of payment like NFC based wallets and digital wallets, provided the customer pushes for them. Then come the card networks like Visa and MasterCard who are fighting to keep their position and margins in an ever tightening squeeze from the likes of Apple Pay and Alipay. Their hope would be to collaborate with mobile innovators in order to mitigate their risks.
Perhaps the most interesting part comes when we think of the consumers’ adoption and their story in all this, which we already discussed in detail here. Let’s move on to the play of acquirers and POS systems that are adept at capturing the transactions happening at various places. The fun begins when the mobile connectivity comes up at a whole new level. For example, your kitchen would have wireless connectivity to your mobile wallet and would trigger an order automatically when the food supply goes low. Tough to think? Maybe, but this is definitely that will happen soon, especially in our emerging economies. That leads to the thought of making those acquirers or terminal connectivity completely obsolete.
Thinking about the above brings around another stream and that is in terms of getting more and more digital wallets populated so that the connectivity can actually bear fruit. The road to adoption and mass usage is a challenging one for all, but it will be fun and important to take this journey for all these players involved in order to maintain the spirit of producing the best solution.
P.S. MyPoolin aims to be one stop place for all money pooling and settling needs when it comes to groups (friends, colleagues and more). We are a group of extremely passionate people serious about bringing in amazing changes in social payments. Feel free to take your invite for our upcoming android app when visiting MyPoolin.