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PERSPECTIVES ON DIGITAL CURRENCY

Jul 23, 2013

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Talking Mobile Wallets at Fortune Brainstorm TECH #fortunetech

Fortune Brainstorm TECH brings together the tech world’s top media thinkers, entrepreneurs, and influencers. The issues being debated this year range from the role of technology in the global economy to the impact of mobile devices on society.

 

One important topic covered in detail today was mobile wallet technology and what the future holds for this rapidly evolving sector of the electronics payments industry. Participants included Jim McCarthy, Global Head of Innovation and Strategic Partnerships from Visa, top executives from Bank of America, Stripe, American Express and Cardspring with moderation by Fortune’s Miguel Helft.

 

Miguel kicked off by asking the group why despite all the hype, there wasn’t more widespread adoption of mobile payments. Among other reasons, Jim noted that replacing POS terminals was a huge cost for merchants without big upside – one reason why Visa is focused on helping eCommerce merchants to drive greater acceptance for V.me, Visa’s digital wallet service. He also discussed how there will be no “winner takes all” in mobile payments which is why Visa adopted an open approach, allowing consumers to load their wallets with the payments cards they are already carrying.

 

Bank of America’s Aditya Bhasin noted that he already has a mobile payment device, holding up his Bank of America Visa card. Cardspring’s CEO, Eckhardt Walther opined that the mobile opportunity is to add greater context around the payment, whether it’s real-time discounting associated with that card or allowing the merchant to have a closer relationship with their customer.

 

All in all, the panelists presented multiple viewpoints but were in agreement that mobile payments is indeed still in its infancy and that consumers will decide how and when they want to use mobile devices as payment tools.

 

We’re following the rest of #fortunetech highlights and mobile wallet developments @VisaNews. See you there.

 

By Ryan Donovan (@rdono)

Visa

Posted by: Ryan Donovan, Corporate Relations on July 23, 2013 at 12:11 pm

Category: Innovation, Mobile