[Dave Birch] Looking at the long list of mobile wallets posted by the good people at pvments.com, you can't help but feel that this will be one of the hottest payment topics of 2013 and it's an especially fun topic because no-one really knows how it is going to pan out. There are a great many different opinions coming from all perspectives. For example, Anuj Nayar, PayPal’s senior director, global communications, recently wrote that:
The problem is that mobile wallets don’t solve any customer pain points by themselves. They don’t offer intrinsic advantages over swiping a credit card or heaven forbid, paying cash
I hope that Anuj won't mind nipping down to the ATM for me next time I'm stuck in a taxi with no cash or popping home to pick up my wallet for me next time I forget it. After all, I'll have my phone with me so I can easily give him a call! But that wasn't what I wanted to focus on. What Anul actually went on to say was
To gain mass adoption it has to be better, not just different,
Indeed. This is what I mean when I talk to clients about "hyper wallets": not an emulation of the wallet in your back pocket but a re-imagnation of what a wallet should be in the always-on, hyper-connected world that RBS talk about in their new report "Four Technology Super Trends and their Impact on Retail Banking". An always-on, hyper-connected wallet should be something fantastic, not just another wrapper around your existing payment cards.
A hyper wallet doesn't try and simulate a physical wallet: it meet the requirements for a wallet in the modern, online world. It doesn't emulate the leather wallet, it blows the leather wallet away.
Since wallets are such a hot topic, we're going to have an expert panel on the topic at Tomorrow's Transactions, the 16th annual Consult Hyperion Forum, which will be held in London on 13th and 14th March 2013. In case you are wondering: yes, this did used to be called the "Digital Money Forum", but we decided to change the name this year for two reasons:
- Technology changes around identity and authentication are as integral to the future of retail transactions as technology changes around payments and the two are inter-related.
- It makes sense to bring all of Consult Hyperion's thought leadership activities together under the single "Tomorrow's Transactions" brand. Tomorrow's transactions are where our thought leadership is focused, securing tomorrow's transactions is where our day-to-day work with clients is focused.
The name has changed, but the fun hasn't. The Forum once again promises the combination of discussion and debate, learning and fun, that has earned it the reputation as the place to be for people interested in the future of retail electronic transactions. It continues to be a unique event, where interaction and invention replace product announcements and “death by Powerpoint” sales pitches. This year we are again moving the agenda forwards to look at the leading edge in mobile transactions, Islamic e-finance, cashlessness and financial inclusion, amongst other topics, all in a relaxed environment where experts can explore the boundaries of strategy for banks, mobile operators, retailers, charities and government.
All delegates will receive a complimentary copy of the Tomorrow’s Transactions 2013 "blook" as well as Barrie Cook's "Angels & Ducats: Shakespeare's Money & Medals". The Forum is a not-for-profit event and any surplus generated will go to BUFFER (which provides specialist diagnostic equipment for breast cancer), Jubilee Action and Action Medical Research. The Forum is sponsored by Visa Europe and WorldPay with support from Olswang and ACI Worldwide.
The Forum will be limited a maximum of 100 people as always, and we have confirmed chairs, speakers and panelists from The Economist, University of Bangor, Gates Foundation, Mobile Industry Review, Yandex Money, InsideOps, We've, Visa Europe, Olswang, Validity Inc., MyBank, Droplet, Maris Strategies, British Museum, Department of Work and Pensions, Comic Relief, Toynbee Hall, the Cabinet Office, London Rebuilding Society, Verizon, ACI Worldwide and WorldPay and others. Book yourself a place now.
These are personal opinions and should not be misunderstood as representing the opinions of
Consult Hyperion or any of its clients or suppliers