Money 20/20

Mobile May Not Homogenize As People Hope, Says NMI

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 — and how far off that vision is.

Here’s what Roy Banks, CEO of NMI had to say:

PYMNTS: WHAT ARE THE TOP TRENDS IN THE PAYMENTS INDUSTRY?

RB: The EMV deadline has been a big theme. Everybody has been working at fever's pace to support the compliance. Payment facilitation and EMV has defined our work and the work of a lot of other players. 

PYMNTS: WHAT ARE YOUR PREDICTIONS FOR MOVING FORWARD INTO 2016?

RB: EMV and compliance will continue to be a bumpy ride. We also expect payment facilitation to grow. There is a need to combine payment facilitation with a gateway for one offering. I don't think that mobile will homogenize the way people hope. It underscores that there are a lot of changes in mobile. There is still a lot of fragmentation, and we will see that continue.

PYMNTS: IN A PERFECT WORLD, WHAT DOES THE IDEAL PAYMENT SYSTEM LOOK LIKE?

RB: We like the term "frictionless experience." When you think about the frustrating point of accepting payments and making them, we want to take the friction out of that process. It should remove human touch points out of the process.

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