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
How Banks and Acquirers Can Deliver on the Benefits of PSD2 SCA Exemptions and Differentiate Their Merchant Services
PSD2 is an opportunity for acquirers to differentiate themselves by delivering improved services to their merchants, if they implement modern solutions to manage SCA exemptions. This will drive the best customer experience in combination with regulatory compliance.
PSD2 and Strong Customer Authentication – What's in Store for Merchants?
With the final pieces of the Payment Services Directive (PSD2) puzzle coming together, payments businesses are highly focused on meeting their compliance obligations. But the forthcoming changes will affect everyone in the payments chain – and it’s important for merchants and PSPs to understand the practical implications for their businesses and customer relationships.
Transforming Telecom Companies in a Retail World
The recent MVNO World Congress in Amsterdam brought fascinating insights into the changing telecom industry, particularly around the opportunities that lie ahead for Mobile Virtual Network Operators (MVNOs) and how they can they can cement their position in today’s fast-paced climate.
Beyond Borders: Navigating the Challenges of eCommerce Expansion
eCommerce continues to flourish, with impressive growth figures year after year. In 2018, global online sales reached almost $3 trillion, and are expected to hit $4 trillion by the end of 2020.
Despite eCommerce taking an increasing slice of the retail pie (which could now be as high as 15 percent according to recent figures), it is increasingly challenging, with competition and cost pressures creating significant issues for merchants of all sizes.
Payments and Fraud: The Paradox Twins
Digital commerce through web and mobile is where merchants predominantly experience shopper growth today. This has become a hugely important domain for their focus. It offers a means for international growth, new market penetration and a way to engage with shopper-hungry Millennials in their culture. Merchants frequently adopt a Digital-First, eCommerce-First or Mobile-First strategy to ensure full corporate buy-in to this strategy.
Knowing New Customers – And How Shared Data Helps in Fighting Fraud
As the eCommerce industry continues its rapid growth, the lines between physical and digital shopping are becoming increasingly blurred. These changes are creating a number of challenges for merchants, not least around customer visibility and fraud prevention.
Adding a Global Payments Layer for Future Growth
Digitization has changed the payments industry completely and irrevocably. Cash payments are in full retreat, as more people pay digitally – with more than 1.6 billion people now shopping online. The digital customer expects an extremely fast and convenient payment experience, with high security standards, and immediate availability of payments information.
Let’s Get Phygital: eCommerce Is Coming To A Store Near You
While payments vendors continue to pitch and strategize with a focus on omnichannel, the omnichannel story has already moved on.
Make no mistake – omnichannel remains important and the best vendors have solutions that provide a single cloud payments service capable of delivering a single view of the customer across stores and digital channels. And the best retailers utilize these solutions to deliver efficient cross-channel shopping experiences. Meanwhile, many other retailers get by (though seldom rise to the top) with a siloed approach.
Around The World: Taking Stock of Global eCommerce in 2019
As I head to #NRF2019 in New York City next week, I’m excited to see how some of the biggest retailers and merchants see the industry evolving over the coming year. What trends they think are going to shape 2019, and which of 2018’s buzzwords can be put to bed.
Fraudsters Don’t Wait for Peak, So Neither Should You: 2019 Fraud Strategy Starts Now!
In existence for barely two decades, eCommerce has transformed not only the way we shop, but also how retailers plan and execute their marketing strategies around the peak shopping season. Now that we’re deep into this period, retailers will have prepared for changes in buyer behaviors, relaxed their strategies to be within the limits of manageable review rate, and most important of all, put strategies in place for increased fraud attempts.