I recently was invited to write an article for FST and I have selected the topic of the future of mobile payments. I will add a link to the article later but in the meantime I am going to share a short preview.
Celent predicts that by 2015, the U.S. market alone could encompass between $1.8 and $5 billion in mobile payments related revenue. With such revenue potential, financial institutions that embrace early and actively move to provide mobile money wallet solutions will become the provider of choice for consumers.
However to reach the mainstream and transform the way people shop and pay for their purchases, industry players will need to look at the behaviors and needs of the most sophisticated mobile consumers to design services that meet the future needs of consumers.
Consumers are looking for the cool factor (I can't wait to use the Starbucks new mobile app to pay for my Latte) as well as convenience and flexibility of payment options.
Offering mobile payments as standalone capability will not be enough to become a market leader. Rather than solving for today’s needs innovative companies should consider key emerging trends and look at the future opportunities.
The list of Key Trends impacting mobile payments includes:
* Alternative Payment Models.
* Mobile Apps with mash-ups that integrate payment capabilities with location-based advertising and customer analytics.
* Mobilizing Payments:
Bill Pay & Invoicing
P2P Money Movement
POS payments with contactless
Micropayments
Stored value card (like the Starbucks mobile apps)
Once again in today's User Driven World the consumers are driving innovation. Mobile Apps built on the top of open source software such as Google Android will dictate the way people use mobile devices rather than the other way around where consumers had to wait for companies to bring innovation into the market place.
Showing posts with label iPhone. Show all posts
Showing posts with label iPhone. Show all posts
Thursday, November 12, 2009
Friday, March 13, 2009
Mobile Trends Predictions
Innovation is not about the latest technology invention but about the value of the technology to the user and the society in the form of a service. (Read Peter Drucker’s classic book Innovation and Entrepreneurship). The degree of which the new technology produces a service that fulfills one of the basic human-needs from my 2X2 matrix is what defines the value of the invention. The value to the end user and the ease of use of the new technology is what differentiates innovation from invention.
On my last trip back from San Francisco I spent 4 hours writing down my thoughts about promising mobile trends to discover later that I had left my notes in the airplane.
Instead of trying to remember everything I wrote, I decided to share my predictions about mobile services that will bring value to consumers.
1) Acceptance of 2-way SMS messages with a location-based customer loyalty component: Consumers will get discount coupes via SMS when they are shopping at a particular retailer. (check Clairmail)
2) Deployment of mobile payment interoperability for mass-transit transportation across different geographic locations: People will use a mobile phone to pay for the subway in NY and the Bart in San Francisco.
3) Deployment of speech recognition features with natural language processing on the mobile phone: Finally, I will be able to talk to my phone in a combination of English, Spanish and Russian and my phone will understand what I am saying.
4) Acceptance of micro payments via mobile phones and combined billing capabilities: Consumer’s purchases will be included in the phone bill. I bet the telecoms are going to like this one.
5) Increasing convergence between PC and mobile browsers: iPhone-like browsers will become the standard.
6) Acceptance of the Chief Mobile Office role in financial services: the mass adoption of mobile payments and the growing importance of the mobile channel as a source of revenue generation will require that this channel get dedicated attention rather than continue to be viewed as part of internet / ecommerce channel.
7) Mobilizing the POS: retailers will accept mobile payments at the POS.
Making Predictions is a risky business and most of the time we get them wrong !
On my last trip back from San Francisco I spent 4 hours writing down my thoughts about promising mobile trends to discover later that I had left my notes in the airplane.
Instead of trying to remember everything I wrote, I decided to share my predictions about mobile services that will bring value to consumers.
1) Acceptance of 2-way SMS messages with a location-based customer loyalty component: Consumers will get discount coupes via SMS when they are shopping at a particular retailer. (check Clairmail)
2) Deployment of mobile payment interoperability for mass-transit transportation across different geographic locations: People will use a mobile phone to pay for the subway in NY and the Bart in San Francisco.
3) Deployment of speech recognition features with natural language processing on the mobile phone: Finally, I will be able to talk to my phone in a combination of English, Spanish and Russian and my phone will understand what I am saying.
4) Acceptance of micro payments via mobile phones and combined billing capabilities: Consumer’s purchases will be included in the phone bill. I bet the telecoms are going to like this one.
5) Increasing convergence between PC and mobile browsers: iPhone-like browsers will become the standard.
6) Acceptance of the Chief Mobile Office role in financial services: the mass adoption of mobile payments and the growing importance of the mobile channel as a source of revenue generation will require that this channel get dedicated attention rather than continue to be viewed as part of internet / ecommerce channel.
7) Mobilizing the POS: retailers will accept mobile payments at the POS.
Making Predictions is a risky business and most of the time we get them wrong !
Tuesday, February 3, 2009
What is the Color of Your iPhone?
Every morning when I put the watch on my left arm, I ask myself the same question: Do I need to continue wearing a watch when I always look at my blackberry to check the time?
I have tried not to wear a watch to go to work but the next day before I leave my bedroom I put it back. Why? One answer is because of a habit of wearing a watch which of course is true, but the other answer is because I like my watch. My watch has a personal meaning.
The same is happening with mobile phones. For many of people the mobile device is a symbol of personal freedom and accessibility to value-added services. And, when I think about the time my daughter and I spent selecting the color and the style of our blackberries I go as far as saying that the mobile device has become a Personal Statement.
Technical innovations are transforming consumer behaviors, with the mobile phone being by far the most ubiquitous personal technology. The mass adoption of a mobile phone has far outpaced the adoption of the PCs. And, while there are parallels between adapting to the rise of the mobile channel and the advent of the Internet channel, this time the changes in consumer use and adoption are happening faster pushing innovation forward.
Coincidentally, the other technology that I can think about it that has achieved this astronomical level of consumer adoption is the watch. A watch is very easy to use, serves an important purpose, and it is a personal statement. A good watch is also a “statement of luxury”, just ask this question to people who pay substantial amount of money for a Rolex or Patek Philippe.
The mass adoption of mobile devices is connected the 2X2 matrix of four human-need drivers of Consumerization of Emerging Technologies: Social, Personal, Mobility & Convenience, and Security.
For example, let’s talk about Security and the mobile phone. First, many of the security protection solutions for strong authentication use out band authentication. In other words, the mobile phone is used as an alternative channel for consumers to get a secret PIN. But also think about how do you feel when your children are away from home or driving a car if they just got their driver license and you know they carry a phone? What a sense of security!
In the world of personal mobile devices, carrying an iPhone is personal statement about style and usability. Personally, I like the look of the iPhone and the same day when the iPhone first became available one of our developers had my approval to get one so we could play with it. Or in other words, so we could “test the functionality of the new device.” And how many different apps you can add now to your iPhone - it 's amazing!
The usability and integration with the native applications represent the future of convergence between PC and mobile browsers and the practicality of the touch screen. But regardless of how much I like the iPhone, I continue to use a blackberry for three main reasons:
1) I can’t access my corporate email through the iPhone
2) I have problems using the touchtone screen, maybe my fingers are too wide
3) I can’t choose a color that goes with my personality
Black or Silver? Both are very elegant colors but think about it, if the mobile device is a Personal Statement people want to be able to choose a color for their iPhone according to their personality.
Wait until Steve Jobs realizes that iPhone sales could increase even more if the devices come in different colors. Hope someone from Apple is reading my blog…
So what is next? How about being able to buy a watch with your phone--and no, I’m not talking about trading your phone for a watch; I’m talking about mobile payments like you can do in Japan!
I have tried not to wear a watch to go to work but the next day before I leave my bedroom I put it back. Why? One answer is because of a habit of wearing a watch which of course is true, but the other answer is because I like my watch. My watch has a personal meaning.
The same is happening with mobile phones. For many of people the mobile device is a symbol of personal freedom and accessibility to value-added services. And, when I think about the time my daughter and I spent selecting the color and the style of our blackberries I go as far as saying that the mobile device has become a Personal Statement.
Technical innovations are transforming consumer behaviors, with the mobile phone being by far the most ubiquitous personal technology. The mass adoption of a mobile phone has far outpaced the adoption of the PCs. And, while there are parallels between adapting to the rise of the mobile channel and the advent of the Internet channel, this time the changes in consumer use and adoption are happening faster pushing innovation forward.
Coincidentally, the other technology that I can think about it that has achieved this astronomical level of consumer adoption is the watch. A watch is very easy to use, serves an important purpose, and it is a personal statement. A good watch is also a “statement of luxury”, just ask this question to people who pay substantial amount of money for a Rolex or Patek Philippe.
The mass adoption of mobile devices is connected the 2X2 matrix of four human-need drivers of Consumerization of Emerging Technologies: Social, Personal, Mobility & Convenience, and Security.
For example, let’s talk about Security and the mobile phone. First, many of the security protection solutions for strong authentication use out band authentication. In other words, the mobile phone is used as an alternative channel for consumers to get a secret PIN. But also think about how do you feel when your children are away from home or driving a car if they just got their driver license and you know they carry a phone? What a sense of security!
In the world of personal mobile devices, carrying an iPhone is personal statement about style and usability. Personally, I like the look of the iPhone and the same day when the iPhone first became available one of our developers had my approval to get one so we could play with it. Or in other words, so we could “test the functionality of the new device.” And how many different apps you can add now to your iPhone - it 's amazing!
The usability and integration with the native applications represent the future of convergence between PC and mobile browsers and the practicality of the touch screen. But regardless of how much I like the iPhone, I continue to use a blackberry for three main reasons:
1) I can’t access my corporate email through the iPhone
2) I have problems using the touchtone screen, maybe my fingers are too wide
3) I can’t choose a color that goes with my personality
Black or Silver? Both are very elegant colors but think about it, if the mobile device is a Personal Statement people want to be able to choose a color for their iPhone according to their personality.
Wait until Steve Jobs realizes that iPhone sales could increase even more if the devices come in different colors. Hope someone from Apple is reading my blog…
So what is next? How about being able to buy a watch with your phone--and no, I’m not talking about trading your phone for a watch; I’m talking about mobile payments like you can do in Japan!
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