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This Week in Payments 8-22-2014

iPhone 6 Features: NFC Would Allow Apple To Transform Mobile Payments

By Luke Villapaz via International Business Times

Each year Apple rolls out a new iPhone and each year it has turned its back on a feature that promised to transform commerce: near-field communication, or NFC. But with the iPhone 6, the timing is right for Apple (NASDAQ:AAPL) to have a change of heart, and potentially dominate mobile payments overnight.

paypal-one-touch

PayPal introduces one touch mobile payments

By Rian Boden via NFC World

PayPal has launched One Touch, a mobile payments solution that lets consumers make payments in supported apps with a single touch. The service, PayPal says, is the “absolute fastest way to pay on any mobile device, across platforms, on all of your favourite apps” and will support credit and debit card payments as well as PayPal transactions.

Three Trends That Will Make A Difference In Mobile Payments

by Alberto Jimenez via TechCrunch

When debating the future of mobile payments, there’s a fairly common argument that “it is not about payments, it’s about commerce.” This is the belief that mobile payments adoption isn’t just about the actual movement of funds, but more so focused on the broader mobile shopping experience. For the most part, this argument is accurate. However, it misses the point of payments as the enabling platform for monetizing new retail industry engagement services — commerce — in an increasingly mobile world. These two ideas don’t conflict with one another; but secure, frictionless payments, as a standalone capability is simply necessary to succeed in the emerging retail industry reality.

Of the multiple, easily identifiable trends spurring growth in mobile payments, these three have the greatest potential to drive mobile adoption at both ends of the transaction – for the consumer and for the merchant.

Rethink the branch experience: “Stores” morph towards digital-age relevance

By John Ginovsky via ABA Banking Journal

Infosys, in a white paper titled Branch Bank of the Future—Transforming to Stay Relevant, cites the example of the Apple retail store: “When Steve Jobs opened up the Apple Store, he primarily envisioned a space where Apple would have complete control over customer experience. From the store design to the sales people, Apple ensured that the experience was different and was under their control.”

As applied to banks, such a concept would combine the physical and digital channels to take advantage of the best each has to offer. “I don’t think branches can or should be forcing people to go inside . . . to do a paper transaction,” says Phil Freegard, head of digital transformation practice at Infosys. “The reason for going into a branch is that there’s some advantage for the customer that they’re going to save or make money” by talking to bank staff about financial management, etc.

Paperless office boosts operational efficiency

By Admire Moyo via IT Web

As the world goes digital, adopting a paperless office can go a long way in improving the operational efficiency of an organisation.

So said Paul St Quintin, senior consultant at Deloitte, while addressing the Ricoh Managed Document Services Executive Forum at Montecasino yesterday.

According to Quintin, by streamlining processes and adding technology to eliminate paper from these processes, operating expenses in the processing divisions can be reduced by 25%. He also pointed out that a paperless office can result in a 60% to 70% cost reduction in costs associated with record management.

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