The PYMNTS team caught up with experts in the payments field to ask them their views on industry trends, predictions for the future and what their ideal payments system looks like.
Here’s what Doug Brown, SVP and GM of Mobile Banking at FIS Global, had to say.
PYMNTS: What Were The Biggest Trends Of 2015?
DB: In 2015, we've really seen mobile emerging as the dominant interaction channel for both banks and merchants. Banks need to be able to compete against new technology providers and startups in the space. People are starting to look at alternatives to banks, and mobile has become the battleground for commanding these customers' attention and relationship.
We've seen the mass adoption of smartphones and tablets, and now it's being complemented by wearables and Internet of Things platform capabilities. The "mobile anywhere" concept needs to extend to multiple devices -- wearable form factors, smart home, smart car, and the like.
PYMNTS: What do you anticipate for Payments in 2016 and Beyond?
DB: One of the platform capabilities we've launched at FIS is cardless cash; that's coming to market in 2015 and we'll see that expand quite aggressively in 2016. That's the concept of allowing the customer to use the phone as the secure mechanism to access their funds at the ATM, and using the phone as a "remote control," if you will, to order ahead your cash and save time.
We're also looking for a lot more merchant adoption and availability of the mobile payment methods, so we'll be supporting more and more issuers with Apple Pay, Android Pay, Samsung Pay and the like, and bringing them into the mobile experience. The foundation is set for much broader use and reach in 2016.
PYMNTS: What do you think the Ideal Payments Solution looks like?
DB: The ideal payments solution would be one that is easy to use, requiring no enrollment. It would advise the user on the payment that's going to make the most sense, generate the most value, and be consistent with his or her personal financial situation. Something that informed the user, much more holistically, about how that payment plays into his or her broader financial well being would be a home run.