Interviews
THE POWA OF INNOVATION IN MOBILE PAYMENTS
THE POWA OF INNOVATION IN MOBILE PAYMENTS
Published by Gbaf News
Posted on February 28, 2015
Global Banking and Finance Review
Company
Published by Gbaf News
Posted on February 28, 2015
As with all of our Mobile Money Wallet Summits we bring together the most compelling sessions and case studies for you and your business. Recently we spoke with Dan Wagner CEO of POWA. In the article we ask him how the landscape of mobile payments is changing and what the future lies?
What are your views on Mobile Payments industry right now?
The concept of mobile payments has undoubtedly exploded into the mainstream in the last couple of years. The World Payments Report estimates that 29 billion mobile payment transactions were made in 2014, up from 7 billion in 2011.[1] High profile launches such as Apple Pay and the upcoming solution from Samsung have helped to root the concept in the public consciousness, and now is the perfect opportunity for the industry to start pushing the envelope.
What are the biggest challenges you face in the mobile payment industry?
Perhaps the biggest challenge facing the industry at the moment is establishing partnerships with brands. The retail industry has always been fairly slow moving and cautious, especially compared to other industries such as entertainment. With so many payments options available, they want to be sure they’re backing a winner and won’t be saddled with a Betamax a few years down the line. This also slows down consumer adoption as users are faced with several options and no clear favourite. To overcome this, it is essential for a solution to offer something different and original.
What innovations are in your product?
Most mobile payments solutions merely provide the same functionality as paying by card and don’t offer users anything different – especially as they are often aimed at a traditional POS set up. What sets PowaTag apart is its ability to provide an entirely new way for people to engage with their favourite brands, as it transforms literally any touchpoint into an opportunity for direct transaction and interaction. A user can instantly buy a product from a poster they pass on their way home for example, or register for a concert simply by tapping their phone during an advert. The possibilities are endless.
How do you see the future of mobile payments?
The growth of mobile payments is predicted to accelerate this year, with the World Payments Report anticipating a volume of 47 billion globally. BI Intelligence meanwhile expects the value of transactions to reach $189 billion in 2018.[2] I believe the industry has only scratched the surface of what can be achieved with mobile so far, and I’m also anticipating a lot more exploration alongside the increasing volume. As users get more used to mobile payments we will begin to see the more innovative solutions pull ahead of the pack.
What innovative product plans do you have lying ahead?
2015 will be an exciting year for us as some of the biggest brands and retailers in the world will be going live with PowaTag in the next few months. The platform’s versatility means it has the potential to be a ubiquitous solution that consumers use for a wide variety of purposes in their daily life. By the end of the year I believe we will be well on the way to achieving this.
[1] World Payments Report https://www.worldpaymentsreport.com/The-Convergence-of-E-and-M-Payments
[1] BI Intelligence, 17/11/2014 http://uk.businessinsider.com/the-mobile-payments-industry-update-2014-10?r=US
I am organising the next conference in London on mobile payment, if you are interested in learning more about the latest trends and innovations in mobile payments and how it’s affecting your business, please join meat Mobile Money Wallet Summit 2015Europe where experts will debate the hottest mobile payment, mobile wallet and mobile money issues.
Tom Evans,
Mobile Money Wallet Summit 2015
http://www.mmwsummit.com
We are delighted to welcome you to Mobile Money & Wallet Summit 2015. Now in its third year, the annual conference is packed with experts from the mobile ecosystem to discuss the hottest trends and topics. Mobile Money & Wallet Summit 2015 is the industry’s ‘must attend’ event of the year. With mobile money, mobile payments and mobile wallet phenomenal growth and adoption, it will quickly become the primary way to make transactions. From mobile commerce to mobile banking, mobile payment to mobile wallet – there has never been a more exciting or optimum time to scale or launch your mobile money initiative.http://www.mmwsummit.com
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