There are two ways to think about innovations in payments.
One way is to think that innovation is an elite sport so only a few companies ever really qualify as true "innovators." Innovation is about the big bang stuff that changes the world - like the development of the association business model or the mag stripe card - and there are only a few of those innovations ever in an ecosystems lifetime.
We at PYMNTS.com take a different point of view. We know that, to succeed in the uber-competitive world that is the payments industry, every single company in the space must innovate. This means that innovation can be as intangible as a viewpoint or a mantra that guides a company’s innovation process, or as concrete as a cool new way to deliver customer service. It can be as sexy as an iPhone app that lets people buy stuff via bar code or as invisible as a way to stop the fraudsters from hacking into online accounts. But every company in payments must be doing something if they want to make it to their 2020 birthday.
That's why, we thought we’d create a little friendly competition — the PMYNTS.com Innovator Awards — your chance to tell us who’s really innovating and why. After a two-week nomination period ending June 20, our mailboxes were overflowing! We asked you to nominate your own company or one you admire, and we were thrilled with the submissions.
From July 10-18, an expert panel of judges will short-list the nominees to three in each of the five nomination categories (Most Innovative, Best Technology, Best Newcomer, Most Disruptive, Most Invisible).
We’ll then open up the final voting to the PYMNTS.com audience to select a winner.
Winners will be announced on August 15 and will receive the “McNamara” award, named after Frank McNamara who is the genius who started the general purpose payments industry in the form of Diners Club in 1950. Each year we’ll award a Lydian coin (hey, its 3k years old) to the Best of the Best.
Karen Webster and the entire PYMNTS.com team