Those of us who make our day to day business in mobile technologies and mobile payments understand that we are at the forefront of a disruptive part of the evolving future of retail. A clear challenge of such a game-changer is, in itself, how do we make something like mobile payments – something so foreign and disruptive to retailers, legislators and consumers – a little more friendly, familiar and accessible to all interested parties?
In an effort to provide timely answers and guidance to these and other questions, the Electronic Transactions Association (ETA) launched the Mobile Payments Committee. The committee comprises leaders from different companies and organizations in the mobile payments space and VeriFone, represented by me, is excited to be a part of it.
It’s a Team Effort
It may sound a bit cliché, but the idea of the Mobile Payments Committee reminds me of the saying – there’s no “I” in team. Just as there isn’t one company processing all of the mag-stripe transactions in use today, similarly there won’t be one de-facto mobile payment solution that meets the needs of every business and customer. Recognizing this, ETA invited a diverse group of interests to join the committee, including all four major mobile network operators – AT&T, Sprint, T-Mobile, and Verizon
Will this consortium of competitors be able to come together and develop standards and policies that everyone can live with? Who can tell? But as noted telecom analyst, Jeff Kagan, said, “Each player has tried to make this work in their own corner of the business. We have not taken a unified approach yet. Perhaps that is what is needed.”
I believe that mobile payments is still in its infancy – NFC, Wallets, and groups being formed like the Merchant Customer Exchange (MCX) are part of this emerging world of payments. We are literally at the forefront of developing industry-guiding rules and standards, and working with government bodies on proposed regulations that will serve to streamline the implementation and integration of these technologies – all while being mindful that we don’t stifle innovation. It’s “Co-Opetition” at its finest and just what we need to streamline adoption.
ETA CEO, Jason Oxman summed up concisely that, “Mobile payments represent a game-changing business opportunity for our industry, and ETA’s mission is to help our member companies succeed in this business.” (Ecommerce Times)
For more information, read up on how the Mobile Payments Committee plans to come together to jump-start mobile payment business in this article from PCMag.com: http://www.pcmag.com/article2/0,2817,2408336,00.asp