Driving IoT Progress at Mobile World Congress
I felt fortunate to be among the 107,000 delegates from 205 countries attending this year’s Mobile World Congress, held earlier this month in surprisingly chilly Barcelona.
Showcasing everything from connected cars, to virtual reality, 3D printing to amazing app ideas—the exhibition and conference content at MWC gave visitors a chance to discuss the future of mobile and explore the world’s most cutting-edge, mobile-enabled products and services.
Powering the mobile checkout
ACI has been quietly, but successfully supporting MNOs and MVNOs with integrated payment and fraud services for almost 20 years now, but with all the change and challenges going on in the telco industry, we felt it was time to highlight our expertise and take an active part in one of the industry’s biggest shows. We also had an exciting demo to show the audience around our IoT- based mobile payments solution.
We were pleased to be able to take part in the ‘Power Hour’ alongside other industry experts – discussing the importance of simplifying the checkout experience, increasing payments choice and making sure that fraud prevention solutions are designed to increase payments acceptance and drive loyalty. We also looked at how IoT is transforming customer experience and what revenue opportunities this is creating for telcos prepared to invest in innovation.
IoT: the ‘IT’ topic
It was no surprise that IoT was by far the most popular and widely discussed topic. It is a massive force of change for the telco industry – not some ‘pie in the sky’ idea or merely something that might be an influence in the future. It is here right now and telcos need to be actively looking at how to realize the potential opportunities it presents. After all, they are best placed to power this transformation – and with the estimated number of devices connected to the Internet predicted to explode from 10 billion today to 50 billion by 2020, the opportunity is almost boundless. Especially since it is a concept that is gaining huge popularity with consumers – with a recent Accenture study showing that 63% of consumers would consider auto-replenishment for household goods – just one of the ways that IoT-based payments will undoubtedly become part of everyday life for connected consumers.
Navigating the road ahead for telcos
There are many opportunities and challenges ahead for telcos, but possibly the most interesting path ahead is for MNOs and MVNOs that can transform their businesses and take advantage of the prime position that mobile phones and other connected devices have in today’s world. For example, as consumers, most of us rely quite heavily on our smartphones for communicating, navigating, purchasing online and increasingly for transacting. Mobile payments that support fast, simple and secure checkout experiences for online and in-person payments will certainly grow in popularity because they fit with our fast-moving, digital lifestyles, as well as our craving for convenience. Telcos have a huge chance to capitalize on this growing attachment to mobiles – not just to support mobile payments themselves, but to become a hub for a range of digital goods and services. The growing popularity of lifestyle apps such as Alipay are a great illustration of how open consumers are to this concept and the potential for telcos to solidify their customer relationships, grow customer lifetime values and increase market share.
Learn more about the growth opportunity for telcos through mobile payments. Download your insight paper series today.
Related Blog Posts
Open Banking and the Evolution of Digital Payments
The introduction of Open Banking is without doubt one of the most significant changes the European banking sector has seen in recent years. Many banks in the US, Australia and Asia are paying close attention to what’s happening in the UK and other European countries with a view toward implementing similar systems in the future.
What's Next for SWIFT gpi and Cross-Border Real-Time Payments?
Recently, I wrote about the potential benefits of SWIFT gpi for banks. Like any technology, the rate of change is accelerating, making it critical that banks keep pace with the market and with their competition. In 2018, as domestic real-time payments schemes reach near-ubiquity thanks to a combination of regulatory and customer demand drivers, we have seen an accelerated parallel trajectory for cross-border real-time gross settlement (RTGS) payments.
The Mexican Fintech Revolution – ¿Qué onda in Open Banking?
Mexico has joined an elite group of nations, being amongst the first to pass open banking regulations. Specifically designed to open up its financial services and technology sector, the so-called ‘Fintech Law’ appears to have taken notes from PSD2, UK Open Banking, Singapore’s ‘organic’ approach, and others – and balances these against Mexico’s unique context and aims.
ACI’s Lu Zurawski, one of the industry's foremost open payments experts, and Sonia Gomez, a Latin America payments authority, discuss this balancing act; including the drivers, the regulation and the potential benefits.
Turning Impetus into Action: Real-Time Payments in ASEAN
Financial institutions across ASEAN member states are increasing investment in payments, with 64% planning to increase investment over the next 18-24 months, compared to 56% in the broader Asia region and 53% globally. With investment in ASEAN outpacing the global average, the “2018 ASEAN Payments Insight Survey” shines a light on the key drivers for increased payments investment and the expected benefits.
ACI Watford runs first Coding for Girls Camp in Europe
The ACI Watford Office recently teamed up with local West Herts College to run its first Coding for Girls Camp in the UK. The free, one-day event was designed to introduce girls from year (grade) 7-9 to the world of technology, offering a crash course in computer programming; including HTML, CSS and Java. I spoke to Melissa McKendry, VP of retail banking implementation services and Watford Site Leader at ACI, to find out more.
Mid-Year Payments Reflections… And What 2018 Has Left Up Its Sleeve
It has been a while since I had a chance to collect my thoughts, nee, reflections. My all-time favorite movie reminds us all that “Life moves pretty fast. If you don't stop and look around once in a while, you could miss it.” And with this advice in mind, I want to share my thoughts on the ‘Big 3’ of 2018 so far… and prep us all on what to look for as the calendar churns through its last six pages.
Time is Money: A Millennial View of UK Faster Payments’ 10th Anniversary
As a millennial, I’ve often been the butt of jokes of those a little bit older than I am (whether colleagues or my own family). One of the clichés perpetuated is that we are constantly glued to our smartphones: In a way that’s correct, but misses an important point. As a young millennial professional, the most important thing to me is TIME. And that’s the reason my phone plays a crucial role in my life – much to the annoyance of my girlfriend and family. It means I can do things on the move, which in turn makes my life a whole lot easier.
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).
Instant + Open Payments = A Winning Combination
I recently joined a panel discussion at EBAday 2018, alongside representatives from across the payments ecosystem, and the clear consensus was that real-time payments will be the new normal. This was evidenced by some of the interactive polls carried out.
Consumer Payments: Will ‘Request for Payment’ Be the Next 'Big Thing'?
This week, NatWest announced that it has teamed up with British mobile phone retailer Carphone Warehouse to trial a new online shopping system that lets customers pay directly through their bank account, without using a debit or credit card.