FinovateEurope – what will the 2015 payment ecosystem bring?
Once again, FinovateEurope descended on London this week – a two day event featuring Fintech’ players, from around the world showcasing their technologies and innovations. Over the years presenters have run the length of the financial technology industry and have covered; debit rewards, alternative payments, person-to-person (P2P) lending, new marketing tools, security solutions, big data, mobile apps, social investing, personal financial management, youth banking, credit, and next-generation online banking platforms.
So what will the 2015 payment ecosystem bring? At MYPINPAD we predict Identity Management and authentication will move further into the spotlight; because without significant advances to Identity Management, the necessary changes to the payment ecosystem come with significant challenges.
Identity Management is really in its infancy, but will be a major factor seeing as the introduction of better forms of authentication will be stifled without it. With almost two billion smart phones in use around the globe, mobile payments is continuing to grow exponentially, and increasingly, so is the mobile device being used as a universal authenticator. The demand for simple yet secure authentication is being driven largely by the continuing rise in online commerce, the shortcomings of current authentication technologies, and the demand for new consumer-focused shopping experiences. FinTech companies, like MYPINPAD, are striving for efficient yet secure authentication that bridges the old and the new, whilst delivering a frictionless experience for the customer – and mobile devices are playing a major role in this experience.
As technology advances competition intensifies. MYPINPAD knows that in the current economic environment, competition is fiercer than ever and technological innovation is progressing at an ever accelerating rate. You must have a competitive edge, something that works, is secure and adds real value to the consumer. MYPINPAD’s evolutionary-not-revolutionary mobile authentication mechanism provides numerous – multi-factor – authentication mechanisms while maintaining the most popular authentication mechanism ever; the PIN.