In the past few weeks, several news stories have highlighted the opportunity to grow mobile payments in emerging markets. We couldn’t agree more that there is a significant opportunity to bring innovative mobile payments solutions to emerging markets and, in doing so, give the underbanked and unbanked population access to the benefits of digital currency.
“The customer always comes first.” These are words that every business owner lives by in order to serve customers effectively and keep priorities in order.
Despite this important mantra, an unfavorable trend seems to be spreading across New York eateries, and according to the New York Post, customers are not happy about it. This recent trend is “cash-only” restaurants.
Just in time for the Black Friday kickoff to the holiday shopping season, USA Today is tackling an increasingly popular topic: debit protections and comparisons with credit.
The most important message in this story:
All Visa cards – including Visa Debit cards – offer security protections that help prevent, detect and resolve fraud, including continuous fraud monitoring and coverage by Visa’s Zero Liability policy, which protects cardholders from unauthorized charges
When J.J. Hickson, a 22-year-old basketball player for the Cleveland Cavaliers, was asked by Wall Street Journal reporter, David Biderman, about his plans to financially weather a potential lockout in the NBA, Mr. Hickson answered honestly, “I don’t know anything about that saving stuff.”
Currently in India, the vast majority of many residents simply do not have access to basic banking services. One of the greatest challenges for the government is ensuring that all of its citizens are able to access these services—the concept of financial inclusion is a key focus and fundamental principle of the Indian government. It helps facilitate economic growth, it allows the un-banked for the first time—in many instances—to be able to effectively save, access credit, efficiently pay for goods and services (as well, in the case of merchants to be paid), and it offers the added benefit of reducing fraud and increasing tax revenue.
After ISIS was announced on Tuesday, Forbes.com ran a blog post by Bob Egan in which he claimed that current mobile banking offers are “somewhat lackluster,” and that there is an absence of “real innovation in payments.” Respectfully, I must disagree. Mobile payments are – without question – highly innovative, rapidly evolving and, perhaps most importantly, on the threshold of being rolled out broadly across the United States over the next 12 months. But don’t just take our word for it: a recent magazine edition of Forbes also published a feature by Lee Gomes, highlighting Visa’s mobile payments innovation. In the article, Gomes writes:
“It’s…possible for the phone itself to replace a card, with the number that’s ordinarily embedded in a card’s magnetic stripe transferred to a radio-signal-emitting microchip inside the phone. A new breed of “contactless” systems is slowly being introduced, usually in high-volume operations like McDonald’s or part of the New York City subway. You authorize a payment by holding your phone next to the unit; Visa is pushing the new system hard.”
This week, financial leaders from 38 countries are meeting in Seattle at the first ever Global Savings Forum. Hosted by the Bill & Melinda Gates Foundation, the event focuses on how technology innovations and digital currency can help bring financial services—especially savings—to the world’s poor.
Half the world’s adults do not have access to the basic financial services that many of us take for granted, such as a savings account, access to small loans and credit, insurance products or even simple and convenient ways to pay bills or buy goods. Without access to these basic tools, these individuals—known as the “unbanked” or “financially underserved”—face daily hurdles in their financial lives. The inability to plan for their financial futures and a heightened vulnerability to economic shocks such as theft, illness or natural disaster present particular challenges to the poor in their efforts to escape poverty.
This post was written by James Wallis, Vice President of IBM’s Global Payments Industry and an expert in developing and executing business and customer strategy, with particular focus on payments systems and infrastructure. At IBM, James leads a worldwide payments sales team focused on offering customers compelling payments solutions that meet the business and operational requirements of some of the world’s largest financial service organizations.
In today’s digital economy, fewer and fewer transactions today actually use cash. That means a lot of money has been transformed into zeros and ones. It’s intangible, invisible. It’s information.
In what is shaping up to be the Year of Mobile Payments, every week seems to bring new and exciting developments that highlight the convenience, speed and security of a global digital currency. Today’s announcement of Isis from AT&T, T-Mobile and Verizon Wireless, and yesterday’s announcement by Google’s Eric Schmidt showing off a payment-enabled mobile device at the annual Web 2.0 conference, validates Visa’s strategic direction for mobile payments. The announcements are a clear endorsement of what Visa has been advocating for years—that there is a significant global opportunity to deliver electronic payments and related services to the nearly 5 billion mobile devices worldwide. Visa’s open network enables 15,700 financial institutions and tens of millions of merchants around the globe to deliver payment services to consumers. We believe the open network is well-positioned to support secure and globally interoperable mobile payments.
We have been showcasing our momentum around Visa Mobile lately, and today we are excited to announce that U.S. Bank is one of the first major card issuers in the U.S. to offer their customers contactless payments for the mobile phone. Visa card holders can simply wave their smart phones, including the iPhone and Blackberry, in front of a contactless payment terminal to pay.