In the next 10 years technology giants can
be payment company?
The Motley Fool thinks The next 10 years, Facebook and Amazon (Amazon) and Apple (Apple) will be paid.In order to explain the future of mobile payments, especially analyzes the individual companies involved in the whole pay deal, to prove that the trend.
First of all, consumers will experience more and more simplified and more experience in mobile payment.Plastic card will not become extinct, but using the vendor design Frictionless service (Frictionless service) to pay the opportunity will be more and more.
For businessman also is such.Family-run small grocery store will switch to a large enterprise research and development services, to make payment as soon as possible a frictionless experience.Large businesses will seek to develop their own solutions, but the target and small
businesses is not.Relatively simple and easy method of payment, is a good thing for global merchants.
Consumers pay for Banks, even if the future way of change, also can't bad too much.Bank for the use of plastic CARDS, drive the swipe fees income, and benefit from the use of deposits and financing products.Digital pay, the more the bank is better.As for the payment process, the future will be more visible to the public cooperation between Banks and other participants.
Establish the main goal of the network, is to increase the digital business transactions.Visa's mission statement, in fact is to accelerate business transactions electronically.With previous narrative metaphor, that is, they all want to have more cars to use their highway, so they can receive more tolls.
This means cooperation and encourage for manufacturers to expand existing network using range, Google, Facebook, apple and amazon is not a Visa or MasterCard threat, but their key strategic partner.
In order to increase profit, payment networks using data collected from their large transaction database, to help merchants and Banks, the situation will be more and more in order to increase their profits.This shift to slow down the process of payment of the risk on the
commercialization of the manufacturer.In government to regulatory restrictions, as well as the increasing influence of wal-mart (Wal - Mart) and between large retailers such as amazon payment network should make some profit.
American Express (American Express) chief executive Ken Chenault said in describing the company's strategy, they let users, card members and merchants gathered, thus the data is so valuable, will then know that customers in the online and offline after the place of consumption.They want to card company friends want time point, way and place offer benefits and services to customers.
And both American express and MasterCard or Visa, the objective is to increase the flow of the network.If they can help improve sales merchants, it's a win-win proposition.
In terms of consumer experience, no one will than a mobile payment deal makers bring greater influence.
Many forecasts, apple will one day for the iPhone introduce near-field communication (NFC) technology, greatly increased the possibility of mobile payment.This technology allows users at the grocery store and gas station or other places shake your smartphone can complete the payment, and not by credit card.
Others think that NFC is only a transitional technology, use of other position sensing technology, users can automatic payments as long as the mobile phone in the pocket.Users only need to put groceries to the bag, out of the door.
It's like you walk into the coffee shop, coffee ready and pay the bill.As long as you help yourself to the counter.Some coffee and pay for the whole process are hidden, with is the location of the smart phone App.
Above all of these possibilities, the future is possible, as long as is the company must face the consumers, are likely to contribute to the mobile payment.Since 1999, for example, amazon patent, Click (One - Click) has been frictionless trading the gold standard.
If these mobile payments firm can out of a road in the near future, even click on the little friction will disappear.Credit card will become worthless.This is a new world for payment.For everyone involved, it will be a big victory.