During the conference yesterday, several presenters used video clips to illustrate the range of mobile payments options there are today.
One of the longest and most comprehensive is a reworking of Microsoft’s Retail Banking Vision, which originally focused upon branch automation, to a mobile and branch version produced in association with BNP Paribas.
It’s a good video, a little long however. And most of it is just about Bluetooth/NFC mobile interchange.
For a more practical illustration of what banks are doing with mobile, it’s worth checking out a couple of examples from down under.
It’s a good app, with nice features around P2P payments, but has already been surpassed (goMoney was launched in 2010) by the Kaching! app from Commonwealth Bank of America, which brings in Facebook connections and more to finance:
Kaching! was launched this week and got a write-up here, in case you missed it.
The fourth video worth highlighting is one I had not seen before produced by Discover Card, and showing how the Square dongle works in action.
It’s simplicity cannot be ignored, which is why 800,000 merchants now use Square in America (Visa and MasterCard have 8.2 million merchants), processing $2 billion a year in transactiosn.
Checkout iZettle for a European Chip & PIN version:
This doesn’t mean we should stop there, as there’s also the great video of Google Wallet I mentioned yesterday:
And then there’s the emerging markets examples of mobile payments and finance, with M-PESA leading the way of course:
Maybe, just maybe, this blog post is illustrating a little bit of how mobile technologies are revolutionsing the world of banking and payments.
And maybe, just maybe, banks will start to take notice.
In August 2011, EFMA published a report after surveying 150 European banks with McKinsey on mobile banking. Their findings are that banks believe mobile will fundamentally change retail banking within five years, and yet the majority have under ten employees working on mobile and have yet to make any change in their operations to exploit this capability.