Tag: las vegas money 2020

Mobile payments PayPal experts at Money 2020 call US the toughest market

The overall message from the first day at the Las Vegas event was that the United States is the hardest country for adoption.

The mobile payments message from the experts on the first day of the Money 2020 emerging financial services and transactions event was that the United States is the most difficult market to break into.

The reason given by the speakers was that each individual state has its own licensing issues and regulations.

John Muller, the PayPal general counsel and vice president, legal, compared the entry of mobile payments into the United States to trying to get started in fifty different countries.

Mobile payments are the next phase for PayPal after tremendous successes in traditional online transactions.

Mobile Payments - Money 2020 Day 1According to Muller, PayPal innovations have allowed that company to stand out above the rest in traditional online payments, and the company intends to move forward with this type of original thought and strategy for successes in the smartphone sphere. Among the areas in which he stated that they stood out above the rest included:

• Conversion of ACH payments into realtime – converting Automated Clearing House (ACH) payments into realtime meant that they needed to make assure payment to the merchant even before PayPal, itself, had received the funds. This was a considerable risk on their part.
• Focus on transactions over payments – starting with eBay, PayPal made it easy for sellers to be able to offer a quick and simple place to complete a transaction with from buyers. They used Pay with PayPal and Buy Now options to fit the payment method inside the transaction itself.
• Provided sellers with a debit card – this was a PayPal branded card that was issued through a bank. This gave them the opportunity to offer a 1 percent cash back to sellers who used the card and, therefore, their PayPal accounts.

These first phase areas turned PayPal into a type of risk management based company. The second phase took four years and it required them to overcome issues such as fraud, in which phishing emails for tricking consumers into revealing their passwords became more commonplace. The worked with legitimate email providers – such as Google and Yahoo! – to weed out these fraudulent emails.

Now, after overcoming many barriers, Muller hesitantly revealed the following predictions for the future of alternative and mobile payments:

• New “crypto currency” based payment avenues that are not based on cards.
• A greater influence from small merchants regarding the leaders in this highly competitive market.
• Features such as loyalty programs, skip-the-line, and more, providing companies with considerable data, even at a time in which consumers hesitate to reveal their personal information.

Muller’s opinion is that mobile payments and wallets are the future of the digital space, and recommends that companies offer both of these options as opposed to selecting a single platform.

Check back tomorrow at Mobile Commerce Press for the next latest announcements from Money 2020 in Las Vegas.

Mobile Commerce Press will bring Money 2020 from Las Vegas to you

The chief editor will be in attendance at the massive event from October 6 through October 10.

After the tremendous success of the inaugural Money 2020 in 2012, this year’s event has exploded in its scale and standard, and Mobile Commerce Press Editor, Loreen Worden will be attending and reporting on the highlights throughout its length.

This year, Money 2020 expects nearly 4,000 attendees, which include over 300 CEOs.

The event will also feature over 1,250 companies visiting from an estimated 50 different countries from around the globe. Mobile Commerce Press will be reporting on the major occurrences throughout the event and will publish the latest news announcements in payments from sectors such as retail, advertising and marketing services and, of course, mobile.

This mobile commerce event will help define the upcoming trends in payments and financial services innovation.

Mobile Commerce Event - Las Vegas The Money 2020 for 2013 will take place in Las Vegas over 5 days that will be jammed with “incredible content, comprehensive exhibits and meaningful networking opportunities,” according to its official website. The in-person interactions will provide rich benefits for all of the attendees, which include everyone from startups to established solutions providers.

This event will is the largest current gathering of Emerging Payments & Financial Services innovators being held anywhere in the world. Mobile Commerce Press will be bringing each of the latest trends, news, and announcements to its readers directly from the event itself in order to provide valuable knowledge about the directions that businesses will be taking with the latest in payments offerings. This will help to remain ahead of the curve – and the competition.

The business ecosystem right now is on the cusp of a massive explosion in mobile commerce and payments. Though it has only just taken its first baby steps into this industry so far, the holiday season this year is expected to be a defining one, and the real “boom” is predicted to happen after that point. The foundation for these technologies and channels are already being laid and it is up to individual companies to keep up with the latest movements in this direction to make sure that they not only don’t fall behind, but that they stay up front.