Last week saw the payments, fintech and financial services communities come together in Amsterdam to discuss the technology and innovation that are set to change the payments landscape. As a technology provider focused on game-changing technology, it seemed an ideal opportunity to discuss our ‘PIN on Mobile’ solutions with a who’s who of fellow innovators.
Money 20/20 themes
As expected following the implementation of GDPR, regulation and digital transformation dominated the discussions at Money 20/20 Europe, so we asked our Global Head of Mobile POS Solutions, David Poole, to delve a little deeper into his key takeaways from the event:
Fintech and The Banks
MYPINPAD has always advocated collaboration between banks and fintechs. The scope for working together to build customer centric solutions is bigger now than ever before, and there is a new vision for the future of banks and fintechs, and a total reimagination of global payments.
But who is leading the charge? It seems that the challenger banks have a lot to offer in terms of value added services, compared to the established banks. In a Keynote with VISA, Nikolay Storonsky, CEO & Founder of Revolut stated that their initial proposition of currency exchange is not where they are profitable. Instead, their success comes from value-added services for additional financial services.
Security at the heart of innovation
The event showed that security must be at the heart of all technological innovation. Fintech solutions cannot simply make things easier for the customer, they must also ensure that transactions and data are secure. Our bank grade multiple-factor authentication ensures card payments on smart devices such as tablets and mobile phones are authorised properly, but the financial services industry as a whole must ensure that, as cybercriminals get smarter, so does the technology designed to protect data and personal information.
Now is the time for Mobile
It is clear that the continuing advances in mobile technology have led to some of the more important changes in payments. The recent PCI Standard for card acceptance on smart devices is considered one of the biggest evolutionary steps for payments in years.
Our partnership with Ingenico to trial PIN on Mobile (PoM) shows that payments on a mobile device, and using a PIN on a Consumer off-the-shelf device has the potential to become the most widespread form of face-to-face payment authentication.
Back to Money 20/20, Mobeewave Chief Growth Officer, Vincent Alimi says mobile is certainly coming of age. A mobile phone is now a legitimate acceptance device–as their current trials supported by Mastercard clearly demonstrate.
Looking to The Future
Software based solutions are the future of payments and PIN on Mobile is set transform the way consumers pay in-stores. Visa’s latest report, Innovations for a Cashless World, predicts a similar future – “The era of single-purpose transaction terminals is coming to a close. Software turns any locale, any device, into a point of sale….A transaction can now take place at any point in a shop-and-buy time line; it can be physical or digital. What this means is that the point of sale is challenged to do more than process transactions.” The way we pay, handle data, and look after our financial services are changing forever.
By David Poole, Global Head of Mobile POS Solutions, MYPINPAD. Read more about our solutions at: http://mypinpad.com/products/