This week we have to ask: Is new always better? Sometimes, it’s a clear yes. As digital payments catch on, we miss our cards less and less. But what about payment-enabled sunglasses? Or the app you downloaded that never quite works correctly? Are we ready for our smartphones to recognize our faces? And in this week’s THINK Extra: Why change itself requires innovation. Happy reading!
TOP READ: Why “Top of Wallet” Is No Longer Enough
“The physical credit/debit card is going the way of the audio CD.” These words send shivers down the spines of those of us old enough to remember audio CDs. Card usage is up and interchange plays a critical role in credit union revenue, but being “top of app” is the key to future success in the no-longer-aptly-named card game.
Forget Smartphones, Visa Wants You to Pay with Your Sunglasses
Visa planned to launch new NFC-enabled sunglasses at this year’s SXSW in Austin, Texas, prompting three obvious questions. One, will this idea catch on with cardholders and investors? Two, can sunglasses deliver a glitch-free, un-awkward payment experience? And three, can these shades be safe, considering how likely users are to lose their sunglasses?
Samsung’s New S8 to Adopt Facial Recognition for Payments
The new Samsung S8 smartphone would know that face anywhere – which is good, since it may employ facial recognition for mobile payments within months of its release.
PayPal’s Cash-to-Digital Proposition: Good to Go?
PayPal may have a new trick up its sleeve: cash-to-digital payments. With its acquisition of cash-to-digital payments service TIO Networks, PayPal is aiming to provide consumers with the ability to convert cash into digital bill payments at locations like RiteAid and Cricket Wireless.
Innovation, Yes – But First Improve What We Already Have
British consumers are all for payments innovation. But a full 44 percent want improvements to the tools they already use; 35 percent want more responsive customer service and better information about their digital tools; and 31 percent want more innovative experiences.
Even if you achieve your loftiest goals, there’s change to be managed – and managed again.