Where are we in the migration to mobile payments? On the one hand, Venmo processed $4 billion in P2P payments in the second quarter of 2016 alone – a 141 percent increase year over year. Blockchain may be nearly ready to revolutionize payments security. Geolocation may be improving the accuracy of fraud detection (and, by the way, credit unions can leverage geolocation as a security tool now). But mobile payments aren’t the norm. And it’s not clear when and how they will finally make that leap.
This week we contemplate the move from innovation to transformation. While mobile payments innovations abound, the transformation of our payments culture is still in transition. Evolutionaries unite!
Must See: Digital Transformation Trumps Innovation
Innovation in payments has evolved. What was once a strong call to action to deliver a cross-border payments innovation is now the challenge to improve that innovation in a way that inspires digital transformation. Learn more in this video interview with Wim Raymaekers, global head of the banking market at SWIFT.
Security or Unfamiliarity: What’s Stopping Mobile-Payments Adoption?
What’s preventing consumers from embracing mobile payments completely? Here’s how one panel at the recent Bank Customer Experience attempted to answer during a discussion about security and simplicity in electronic transactions.
Will Blockchain Revolutionize Faster Payments?
“New developments in blockchain technology could be taking faster payments to another next level.”
How Do Millennials Really Use P2P Transfers?
Venmo processed $4 billion in P2P payments in the second quarter of 2016. What were Venmo users paying for? And what does this mean for P2P payments overall?
US Bank Uses Geolocation to Reduce Card Declines
Opt-in technology from Visa is integrated into US Bank’s mobile apps, enabling the location of a card transaction to be matched to the location of the user’s phone.