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.
I think the winning mobile wallet solution will be the one that does the best job of helping retailers compete with Amazon. It will get the customers all the same product information that they can get online.
— Dan Schatt, head of financial innovations for PayPal, speaking at a panel on the future of mobile payments.
The biggest security concern [for banks] is that new product or solution that hasn't hit the market yet and hasn't thought through the security implications in protecting customers' information and money.
— Domenic Venturo, U.S. Bank's chief information officer for payment services.
There are 60 million consumers in this country that are underbanked. They wait in lines to cash checks and to pay bills, it's highly inconvenient. A product like prepaid cards saves them a lot of time and inconvenience.
— Wesley Wright, senior vice president of global payments options for American Express, and head of the company's Bluebird prepaid program in partnership with Walmart, on the opportunity for prepaid cards today.
Generation Y's income will surpass that of Generation X in 10 years time. Financial institutions have the ability to shape Generation Y's behavior today.
— Philip Lu, vice president of Wells Fargo's knowledge management center for market research and management, on why banks need to appeal to Generation Y customers now before they reach their peak earning years.
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