The key to success in mobile payments is the ability to provide the consumer with all of the product information at the point of sale that they can get shopping online. The biggest security issue for the payments industry is probably an as yet unreleased solution that customers flock to but has a security vulnerability that can be exploited to gain consumers' information. Generation Y will be the highest earning generation in the country in 10 years time, and now is the time for banks to try and build relationships with them to prepare for that future. These are just some of the insights that were shared among payments leaders at the NACHA Payments 2013 conference in San Diego, California earlier this week. Here we share some of the interesting quotes that came out of the conference on these topics and more.
The debit card is a dumb payments instrument. The only feedback it gives you is if the transaction went through.
— Brett King, CEO and Founder of Moven, talking about the potential for the mobile device as a payments instrument and its ability to give customers information about their budget and the products they're buying.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio