Nov
06
2015
Convention
November 6th, 2015 by Elma Jane

Money 20/20 was billed as the largest convention in payments history held in Las Las Vegas, during the last week of October 2015.

The show delivered well-organized, incisive content such as Europay, MasterCard and Visa (EMV) migration, mobile payments, security and omnichannel commerce.

20/20 Highlights

  • Alternative lending and credit.
  • Bill Payments, Financial Services: Newly released market research provides insights into the future of household bill payments, millennials, and financial services.
  • Connected Commerce and the Mobile Enterprise: The Internet of Things is changing the way that consumers interact with their environments. Analysts predict up to 30 billion interactive devices will be connected to the Internet by 2020, noting that many of these devices will be payment-enabled.
  • Marketing and Customer Experience: Most marketers agree that the era of demographic profiles and pull marketing is over. Retailers, card brands and information technology professionals looked at the customer experience in the digital world. They explored new marketing practices, trends in e-commerce and mobile commerce, and big data findings in other industries that may be useful to financial service companies.
  • Mobile Banking: Banks are undergoing an incremental transformation as they learn to compete with nonbank lenders, balance cash management with digital currencies, and shift from local branches to online and mobile forms of banking.
  • Mobile Payments: Payments analysts reviewed Apple Pay a year after its launch and a range of other mobile wallet offerings, and they speculated on how third-party wallets will impact bank apps.
  • Payment Card Evolution: Payment card issuers, processors and network service providers analyzed the changing look, feel and role of payment cards in the greater ecosystem. Discussions ranged from card linking to the coolness factor of gift cards to how e-cards are expanding market opportunities.
  • POS, Processing and Open Platforms: Executive roundtables with leading acquirers explored front-end and back-end technology and omnichannel commerce for small and midsize businesses.
  • Regulatory Landscape: Increased federal and state oversight has had a significant impact on the financial services sector.
  • Security: Security analysts made in-depth presentations on tokenization, end-to-end encryption, and secure methods of authentication designed to protect consumers, merchants and industry stakeholders from cybercriminals. Many agreed that EMV implementation in the United States will drive fraudsters to the card-not-present space. They discussed how EMV adoption has changed fraud patterns in other regions and offered examples of best practices geared toward identifying and preventing electronic payment fraud.

More than 10,000 attendees and 3,000 exhibitors from 75 countries attended Money20/20. Financial services professionals from mobile, retail, marketing services, data and technology met at what show organizers described as the intersection of mobile, retail, marketing services, data and technology.

The years to come will be a turning point in the payments sector, and with the recent shift to EMV, the entire conference confirmed that all the players are more interested than ever in finding innovative solutions for combating online fraud.

 

 

Posted in Best Practices for Merchants Tagged with: , , , , , , , , , , , , , , , , , , ,

Mar
31
2014
March 31st, 2014 by Elma Jane

Money remittance companies can achieve real benefits by embracing a mobile-first strategy. In fact, when it comes to financial institutions, I can definitely say this is a perfect match! Specially for us who are transferring money to our home country for our loved ones.

Here are some factors why.

It decentralizes transaction points, making it inherently safer for customers.

People carrying cash in and out of remittance centers are prime targets for criminals. In some countries, it’s not rare to have people mugged just outside of banks and remittance centers.

By allowing people to transact wherever they are, mobile remittance decentralizes the transaction points, making it harder for thieves to find unsuspecting prey.

It has the potential to reduce bottlenecks in branches.

Mobile remittance can reduce the number of people who would visit a remittance branch to complete transactions. It alleviates traffic inside the branch, reducing lines and wait times and making visits by other customers more hassle-free.

Makes remittances more accessible.

The reduction in costs of running a remittance operation means these companies can actually lower the costs of sending money for the end-customer. This makes remittances more accessible to the areas that most need it, such as developing nations and remote rural areas. Lower costs also make it more attractive for people to use formal remittance solutions to send over money. For the poor, every cent counts, so lower costs can make the added security only a financial institution can provide more attractive for them.

Mobile makes money transfers faster and more convenient.

While today’s contactless mobile payments solutions are still not as simple as handing over a wad of cash or swiping a card for over-the-counter payments, in the world of money remittances, mobile can actually smooth out friction points.

Through mobile, senders can send funds wherever they are. They won’t have to drive or commute to a local remittance center, they don’t have to fill out forms and they don’t have to fall in line to complete the transaction. It’s all seamless and convenient.

For the recipients, mobile remittance can save them the trouble of having to go to a remittance center, fill out a form and fall in line to receive their money. All they’ll need is a simple SMS code that they can use to withdraw funds from a nearby ATM through cardless transactions.

Money can stay within the remittance company’s network longer.

One of the side effects of successful mobile money campaigns is that users are also using these mobile money solutions as storage mediums for their money. They don’t withdraw the funds all in one go. Instead, they only take out what they need and withdraw funds later.

Having the ability to withdraw small sums at a time has multiple benefits. For one, carrying less cash makes it safer for the customer. For the remittance company, the money stays in its network longer.

Opens up doors for financial inclusion

This is particularly true for developing countries where a vast majority of the population are un-banked or under-banked. The costs of building and maintaining a physical presence in poor countries has made traditional financial services difficult to access for their citizens. Even in poor countries, a large number of the population has access to a mobile device, giving them an opportunity to receive financial services.

Opens up other opportunities for remittance companies

Having a mobile service can help remittance companies expand to other services. They can add bill payments into the app, for example, allowing their customers to pay for utility bills using funds sent to them through their mobile devices.

Paves the way forward to progress

Mobile use is so widespread that it is no longer wise for remittance companies to turn a blind eye to it. If they won’t embrace it, you can bet their competitors will. Whoever gains traction in the mobile channel will have a huge advantage in the market. It’s now a case of move now or be left behind.

Reduces costs for remittance companies

Mobile remittance can cut costs for remittance companies by reducing the need for physical branches and personnel to accommodate walk-in clients. Mobile can scale without incurring significant costs making a mobile investment much better in the long-term for remittance companies that want to expand their operations.

Posted in Best Practices for Merchants, Financial Services, Mobile Payments, Small Business Improvement, Smartphone Tagged with: , , , , , , , , , , , , , , , , , ,