TOP FINTECH STORIES 08/14/15
Mobile is in the news this week, with reports on the potential delay of CurrentC, the retail industry’s alternative to Apple Pay, and an interview in PYMNTS.com with CurrentC CEO Brian Mooney on the system’s future. Also playing catch up, Samsung announces the release date for its mobile wallet, along with two new devices. Meanwhile, the utility of mobile still has a way to go when splitting the dinner bill is easier with separate checks than a universal person-to-person mobile solution.
The Financial Brand examines mobile behavior and adoption, with a solid overview of global use and trends and a helpful review of the roadblocks and some ways banks can get around them and benefit.
Strategy+Business compares the offerings of several mobile wallet providers. Mobile payment adoption is analogous to credit card adoption, which took 28 years from its introduction to gain widespread consumer use, the article suggests.
Security long has been cited as the main barrier to mobile adoption. Not anymore, according to an analysis of social media conversations on mobile payments. The biggest concern among consumers is simple useability, Payments Source reports. This means convenience, benefits, and, of course, integration.
The biggest adoption of mobile payments is in emerging markets using relatively primitive phones. This interview looks at what mobile payments can do for the severely impoverished, (living on less than $2/day) and examines the success of a few existing systems as well.
BONUS: This little tribute to Columbia House in The Verve warmed many nostalgic memories of buying a bunch of LPs for a penny and serves as a gentle reminder that the business of seamless, convenient purchasing has always managed to run its course.