Source: MWC FinTech stream
If anyone doubted that the future of payments is heavily linked to the future of mobile, then recent moves and announcements should settle the argument. For a start the world’s largest mobile conference – the massive event that is MWC Barcelona – revealed that one of its main themes for next year’s event was Financial Technology and the worlds of mobile and finance merging.
And consider some the statistics emerging – analysts forecasting more than $9trillion in mobile wallet transactions by 2025 with QR code payment-based technology hitting a value of $2.7trillion at the same time – close to 30 per cent.
Of course, the impact of COVID globally played a part in some of this – the number of consumers using mobile wallet payments jumped by more than 50 per cent from $900m to $1.48bn in the pandemic timeframe – but it’s created an unstoppable force in payment terms.
Yet, while they may not be doubters as such, there are some merchants, retailers and others in the payments pipeline that are unsure of the pathway forward. How can they quickly join the mobile payment revolution, with ease of integration into their other systems, but above all else security for them and their customers at the heart of the solution?
Watch video of Onescan secure payment in-store at Waitrose concept store for secure mPOS
There is also a potential minefield of European Bank regulation for online traders – including a limit on the value of the transactions that can be undertaken without the back-up of a strong customer authentication system in place. Failure to comply with those regulations could attract fines and even orders to cease trading.
And it is not always going to be possible to let others in the chain provide the security for you – nor is that likely to prove to be the most cost-effective way of ensuring you meet the regulations. Outsourcing compliance is to outside control.
Forward thinking, independent, businesses will always want to move with the times and retain control of their own processes. Of course, the same is true for the large multi-nationals. We have ten years’ experience – with companies large and small - of making mobile payments work, simply, quickly and with full end-to-end security that complies with all current and known European and World banking regulations.
Any smartphone with a camera can – with any form of making a payment from a mobile wallet to a physical bank card – use our system safely. And making mobile payments simple to implement and accept also plays a role bridging the digital divide and helping those without access to traditional banks join the cashless society.
If you want to know more about how to safely and quickly join the mobile payment revolution – then please get in touch.