[quote style=”boxed”]Christophe Bourbier from Money2020[/quote]
Wallets remain the stars of the show : Paypal, Citigroup, Mastercard, Amazon payment, V.me, MCX isis… They are all present. Announcements are numerous : the end of NFC and the generalization of QR code solutions for off line payment (the common joke is NFC = Not For Commerce!), the launch of Amazon Api solution to pay with amazon wallet on other merchants (Will all retailers to accept that amazon will integrate their payment page) and the commitment of new retailer around CMX project… but future remain blurred by complexity.
Who will be the leader ? What wallet will emerged ? Nobody dares answering that question :
All wallets present the sames videos with very exciting streamlined user experience, dematerialization of all loyalty programs and intelligent push of real time discount depending on your ages, sex, purchase history, position etc. Great, great, great …. But nothing really new either.
And beside these ideal features big success will all be about merchants acceptance and about user engagement. That’s it. How to get out of the chicken egg cycle. All players are currently facing it and will face it for the next few years as density of acceptance is fare from being reached yet, and in payment there is no magic solutions.
We also talk a lot about “Marketing & Payment” with card linked offer, big data applications and reshape of digital loyalty programs. This is very strategic issues as offers and discounts are very strategic components to insure user engagement of new payments. All wallet and payment providers have integrated this dimension into their offer and their technology. Even big financial institutions and banks have understood they can leverage on data… and that they have to go this way as their traditional revenue model mainly based on interchange is about to disappear. Data is seen as the new big Eldorado. The next big source of revenue. Google wallet had understood this long time ago, offering pos system and transaction for free.
Big Data & Payment and how different payment institutions (banks, retailer, wallet, payment provider) can leverage on this is a vision shared by everyone… but again in the world big data there is “big”. This require that high number of data can be collected, analysed real time, stored and be push to user at the good time, good place, without being to oppressive. A whole ecosystem of affiliate, digital agencies, deal makers, marketing companies etc need to be reshaped around wallet and payment and all of this has to be mix…
There is a big big revolution going on in payment.. for sure. This is just the beginning.