Payments’ Perfect Storm Makes Way for Mobile

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At least one payments executive thinks 2013 will be an enormous year for the advancement of mobile payment technology and usage in the United States.

Consumer awareness is up. Smartphones and other new technologies are making mobile payments accessible. And the upcoming switch to EMV (yes, it’s happening) will necessitate a massive turnover in point-of-sale technology anyway. So given this “perfect storm” of major factors, why wouldn’t 2013 be the year for mobile payments?

Of course, plenty of mobile payment technology is already available to consumers, but perhaps only Starbucks has really taken off in terms of adoption. So what will change the industry’s course? Amol Deshmukh, Director of Mobile Financial Services for Gemalto North America, says one thing is key: communication. You can’t receive a text message on a credit card, Deshmukh notes, but you can broadcast your location using GPS.

Still, questions remain about how mobile payments will continue to evolve in the United States. With that in mind, Deshmukh joins PYMNTS.com for an in-depth conversation about the future of mobile payments in the United States.

Download transcript of interview (PDF)

Amol Deshmukh
Director for Solutions, Gemalto

Amol U. Deshmukh has received his bachelor’s degree in Electronics and Communications Engineering from the University of Poona and a Masters in Computer Science and Engineering from Penn State University, University Park, PA. He joined Schlumberger in 1996 and has since worked in the smart cards, PKI, financial services and security solutions field in various positions from Product development, Program Management, Strategic Relations and Marketing. His experience includes working with leading Fortune 500 companies for Corporate Security, Financial Institutions and Payment Associations including Visa, MasterCard and Amex covering payment technologies and secure transactions. He is currently the Director for Solutions within Gemalto and has been instrumental in setting the direction of the Solutions for Mobile Financial Transactions for Gemalto.