Taking Payments and Fintech for Granted? (A Lyrical Edition)
Based on a very quick search of the Googles, there are 128,014 songs that contain the lyrics “take for granted”— from the likes of Mary J. Blige, Social Distortion, Madness and Frank Sinatra as well as countless other great (and not-so-great) crooners. And that would make for a sizable Spotify playlist… and I do love my Spotify playlists (I’ve been on a Wham! kick lately).
Speaking of (or writing of) taking things for granted, I just perused my desk and spotted at least a dozen items I now take for granted, starting with my smartie phone and wireless speakers. And I’m sure you, dear reader, can identify loads of other “things” that you take for granted. Now before I continue, I’m removing heavy topics like “love” and “families” from this post, because Rantings exclude emotion for anything other than payments and fintech (and typically only if/when related to food, sports, travel and especially music).
I now welcome in my affable Rantings companion to gauge him on what we (in our industry) will take for granted… could be in 1 year, 5 years or even 10 years down the road. So Mark, we’ve pontificated about the past (the figurative fintech graveyard) and the future (what payments will bring), but we’ve yet to address a topic that has been covered in nearly 130,000 songs!!
Mark Ranta: Cashless – The ability to go completely cashless is something that is so close today that I think in 5 years’ time, we will all think back to when we couldn’t, or at least couldn’t with full confidence (some regions more so than others) go cashless, and say how bizarre was that?
Dan Ring: To quote OMC, “How bizarre, how bizarre, how bizarre.”
MR: Biometrics – The days of biometrics just being for high tech, super-secret government bunkers in sci-fi movies have come to an end. Almost every new phone is issued with at least a fingerprint scanner, if not facial recognition software. Using the indisputable biometric markers that make you, yes you, authenticate yourself is already mainstream. Taking it off the device in your hand and putting it in all of your experience channels is next. The password is hopefully on its way to a quick and decisive death!
DR: My smartie phone password is “[email protected]$” (otherwise, I can’t think of a remotely relevant song lyric).
MR: Voice – “Hey [Insert futuristic Robot sounding name], pay Tom $20 for last night’s drinks.” Voice is on the fringes today, however I can tell you Alexa has infiltrated my life way more in the past 12 months than I would have ever dreamed. Whether it’s Google, Amazon, Apple or anyone else, the voice game is so hot right now, and with the ‘taking for granted’ timeline you have thrown out here, it’s nearly impossible to leave voice off the list. Moving money with your voice is something we will all take for granted fairly soon, and we’ll wonder why we ever put up with the difficulty of opening an app on our phone for something so simple as sending $20, $40, or even $100 to a friend.
DR: “You just call out my name… and you know wherever I am” ([email protected]$).
MR: Mobile Payments – The days of mobile being a niche option are numbered. As consumers continue to get more comfortable with payments initiated from the device, more investment will go into creating new value propositions (think extended warranties, money back, loyalty, etc.), which in turn will increase adoption. I think the expectations that we put on mobile as an initiation channel were unrealistic in historical comparisons; I also think mobile is very much in its infancy. As central infrastructures move to real-time payments, the chance of mobile succeeding in realizing its full potential only increase. In five years, I believe we will all have taken this for granted!
DR: I once saw a Venmo message with the Stevie Wonder lyric “I just called to say I love you” (and I mean it from the bottom of my heart).
MR: Chip and Confusion – Tap and go will prevail and we will all think back to the chip (and well, choose your own adventure depending on card) debacle. Contactless will be omnipresent and the chip will move to the annals of history.
DR: “I'm in a state (state)…state of confusion (whooooh).” Who else is excited about this recent news of a possible Kinks reunion?
So whaddya think you’ll take for granted?
Related Blog Posts
Hitting Back Against Telco Fraud with Positive Profiling
Fraudulent activity costs telecommunications companies billions of dollars every year – and it hits these telcos in many different forms. According to reports from CFCA (Communications Fraud Control Association), over USD $12 billion is lost annually purely to consumer-based fraud attacks such as subscription fraud and account takeover. These are fast becoming the biggest growth areas for fraudsters in the telco industry.
How Fresh, First-Hand Research Leads to Interfaces That Make Users Feel Understood
In 1890, my great-great-grandfather fled Czarist Ukraine for a new home in London. Amongst the few possessions that he brought with him was a book that had been given to him in 1860 by his grandfather.
Cybersecurity: Risks, Controls and What to Expect in 2019
The world of Cybersecurity has brought about several subtle changes in 2018. For example, malware and targeted 'Spear Phishing' were on the rise, while the focus on protecting the perimeter has begun to take a back seat to hardening internal controls. As we enter 2019, the changing threat landscape is certain to result in a barrage of additional considerations in how we protect data and systems.
‘Soup To Nuts’ – A Multi-Layered Fraud Menu for the Holiday Season
The holiday shopping season is well underway, with Black Friday now behind us and many retailers around the world braced for higher levels of eCommerce fraud, from Cyber Monday all the way though until Christmas.
How Merchants and Consumers Can Fight Fraud This 2018 Holiday Shopping Season
For International Fraud Awareness Week, I want to bring special focus to the upcoming holiday season around the world. Here in the U.S., the holiday season kicks off with Thanksgiving, which is now only a week away. But as consumers and merchants around the world gear up for peak holiday shopping season, fraudsters are also preparing to triumph.
Preparing for Peak: Tactical Recommendations for Stopping Holiday Season Fraud
Business might be booming for eCommerce merchants, who see increases in holiday spending climbing steadily upwards each year, but with fraud growing nearly twice as fast as sales, merchants need to have their fraud strategy fine-tuned to ensure that peak retail season is a success. I spoke to Erika Dietrich, ACI’s Leader of Risk Services, to find out how merchants can best prepare their fraud management strategies for the holiday season, ensuring risk strategies are effective – with low friction for genuine customers and high accuracy in detecting fraud.
Combating Fraud in the World of Open Banking and Immediate Payments: Lessons From Australia
Australia has a problem with online card fraud and scams, not unlike any other advanced economy around the world. In 2017, card-not-present fraud made up 85% of all fraud on Australian cards. What is different now though is the early procurement of risk mitigation advice, industry body engagement and public education campaigns in preparation for the launch of the New Payments Platform (NPP).
So, here in the northern hemisphere, we’re still basking in waning remnants of sunny days and lingering high temperatures. Though we’re not wishing the sunshine away, us northerners here at ACI also can’t help but let our minds turn to the chillier times ahead with fall and winter approaching.
And we all know what fall and winter bring: shopping. Lots of shopping.
Positive Profiling Makes Everyone a Winner in Gaming
Online gaming is one of the fastest-growing segments within the broader entertainment industry. With 2 billion active gamers worldwide and 200 million people playing games on social networking sites at least once a day, it is no surprise that the market is now worth well over USD $100 billion per year.
Top Tips to Battle Payments Fraud in Gaming—From a Millennial Gamer
The gaming industry, from a consumer point of view, has evolved dramatically over the last 5-10 years. The buying process has rapidly changed from a one-time, final payment – often at a physical store for a physical product – to a series of never ending bundles, boosters, skins, downloadable content and in-game currency sales!