The four big forces shaping mobile payment systems
With Fintech developing at a rapid rate, innovation and integration is becoming key, writes Gerhard Oosthuizen
With rapid smartphone penetration in SA boosting research and development, it is no surprise that local Fintech players are turning their attention towards mobile payment innovation. Mobile payments could be lucrative in the local market but this potential remains largely untapped. We believe banks and other financial services providers have a great deal to gain from offering secure mobile payments to consumers eager for no-fuss solutions. In developed economies such as North America and Europe, research has demonstrated that for any new payment solution or platform to gain traction, trust-inducing security has to be the starting point. With this in mind, there are several trends shaping the design and development of mobile payment solution. 1. From here to tokenisation There’s a difficult journey under way, fraught with uncertainty, as the traditional payments paradigm is replaced by a fully tokenised system. In essence, tokenisation can be used to secure any kind of digital transa...
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