Money 20/20

Minkasu On Mobile Payments Trends And Consumer Friction

The PYMNTS team caught up with experts in the payments field to ask them their views on industry trends, predictions for the coming year and what their ideal payments system looks like.

Anbu Gounder, co-founder of Minkasu (a mobile payments solutions provider), shared with us what he and his company think are the biggest trends in mobile commerce, what has and will ignite the mobile commerce industry, and what challenges still exist that are creating consumer payments friction.

PYMNTS: What are the big trends you’re seeing in payments in 2015?

AG: Mobile shopping has already taken off. Biometrics are here to stay. Customers are more willing to try our mobile payment solutions. Until last year, consumers were not sure if they would be willing to use their smartphones for making payments. ... We believe Apple Pay has done a lot of heavy lifting for us. In terms of challenges, only 15 percent of the 60 percent of shoppers converse into real transactions.

PYMNTS: What are some of the challenges you’re seeing in mobile payments?

AG: In terms of challenges, only 15 percent of the 60 percent of shoppers converse into real transactions. There is a lot of friction on mobile payments on the eCommerce and mCommerce transactions especially. More websites are becoming mobile optimized, but there is no good mobile payment solution in the marketplace which makes the mobile browser transactions quick and easy and secure. There's a lot of noise in the marketplace with several payments solutions. It is confusing to the average consumers.

PYMNTS: What are your predictions for payments for next year?

AG: We think mobile payments are going to accelerate at a faster rate. We believe the market needs a mobile payment solution that can make mobile browser payments quick and easy and secure. And social commerce and buy buttons will gain traction.

PYMNTS: What does your ideal payments system look like?

AG: We think an ideal payments system would be mobile payments solution, of course, that works across all channels — all true multi-channel solutions. It is neutral to all platforms, card networks, banks, operating systems and devices. A solution that enables all funding sources: credit card, debit card, ACH bank transactions. ... An ideal payment solution should be able to get the same preferential card percent rates across all payment channels.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW