Video: Is the idea of a single mobile payments platform too far-fetched?
Some fintech pundits believe that mobile payments players must adopt a single, universal platform as a solid push-start toward ubiquitous global adoption.
They argue that the current mobile payments landscape is a free-for-all, and that with so many different technologies to choose among, merchants and consumers alike throw up their hand in frustration and revert to the familiarity of plastic cards and cash.
On the other side are industry-watchers who believe that uniformity is the hobgoblin of stunted innovation.
They insist that startups should have the freedom to engineer their own breakthrough solutions that address the needs of the consumer market. In the end, they say, the best platform will win out (though it doesn't, always. Remember Betamax?)
Which side is right and which is wrong — or is the answer somewhere in the middle?
At the 2017 Bank Customer Experience Summit in Chicago, payments experts from all sides weighed in with their insights and opinions in a roundtable-style Great Debate. Audience members brought up some great points, too, in an open Q&A.
- Cherian Abraham — Senior Business Consultant, Experian
- Joshua Gordon-Blake — Vice President and Head of Global Partnerships, Pangea
- Quam Erogbogbo — Senior Director and Head of Software Services, Samsung Electronics America
- Mohammad Khan — President and Cofounder, Omnyway
- Ashish Tajpuria — Emerging Payments and Commerce Partnerships, Bank of America
Will Hernandez, editor of Mobile Payments Today, moderated the debate, titled Should payments providers adopt a single mobile platform?
Learn more about the summit and preview the just-published 2018 agenda (including this year's very timely Great Debate topic) at BankCustomerExperience.com.
Suzanne Cluckey Suzanne Cluckey is a writer with more than 25 years of experience in journalism and mass communications. Her work has appeared in trade journals and consumer publications throughout the U.S. and has covered a vast range of topics from cider-making to software development. In addition to her work for ATM Marketplace, Suzanne has written white papers and features for other publications in the Networld Media Group family including Fast Casual, Kiosk Marketplace, Mobile Payments Today and QSR Web. www