Garry Lyons, Chief Innovation Officer at MasterCard, offered the quote of the day Tuesday, Oct. 25 at the Money 20/20 Tradeshow and Convention in Las Vegas:
“More is going to happen in the next five years than the last 50.”
Mr. Lyons was a panelist in the seminar titled, Major Payment Networks Innovation Roundtable, an hour-long session with representatives from the four major card brands — MasterCard, Visa, American Express and Discover — that covered alternative payments we’re going to see very soon.
The general theme of the seminar was this: The potential for disruption and innovation in the payments industry is unlimited and wide open.
Attack of the Smart Refrigerators
Most electronic products will be equipped with our payment details — some are ahead of the curve — so we can use them to pay for goods and services like we do our smartphones. An example of this is the smart refrigerator, in which consumers can pay their utility bills, cable and even, appropriately, arrange grocery delivery.
Alternative Payments Include Mobile Wallets: Will They Finally Emerge?
Instabill copywriters have blogged at length about the future of mobile wallets, when they’ll catch on and why more consumers are using them. U.S. consumers have been slow to adapt, but digital wallets’ time is about to come.
Mobile wallets will be the mainstream by the year 2020, accessible from our phones as well as our desktops so that consumers may use one single payment method.
Mr. Lyons used MasterCard’s MasterPass Wallet as an example of what e-wallets need: security through tokenization; transparency in knowing what payment method is being used; availability and universal acceptance; and privacy.
Alexa, pay the cable bill
Real-time and faster payments are coming, and everyone is jumping on board.
MasterCard’s recent purchase of Vocalink last summer signaled yet another shift in the way consumers will be shopping online and paying bills: by voice, soon in devices near you. PayPal recently announced it can send and request payments via ‘Siri’ on iOS 10 for the iPhone and iPad.
We’d Love to Hear from You
What are some examples of alternative payments you would like to see? We’re interested in hearing from you, so please leave us a comment below.