The Wall, UK: Cognizant’s Head of Banking and Financial Services in the UK and Ireland Says Allowing Customers to pay for Items on Their Smartphones Could be a Pivotal Moment in Mobile Payments

“The concept of using a mobile device for payment isn’t new, but with the announcement that Tesco is trialing a service that allows customers to pay for items on their smartphones, and other innovations such as Apple Pay and Swatch’s new mobile payment enabled smartwatch, we may be experiencing a pivotal moment,” writes Tony Virdi. Excerpts:

“What lessons can other businesses take from companies like Tesco, Apple and Swatch’s readiness to embrace this new revolution in payments technology?

Understand your customers: For all organizations, it’s crucial to understand what makes consumers tick, so that they can meet demands, build loyalty and predict what they might want next. In today’s socially connected world, there is a wealth of digital information that surrounds everyone—what we call Code Halos—that can be tapped into.

Think mobile first: Most businesses are well aware that mobile is changing how consumers and businesses operate, but not all will be prepared for how fast disruption is occurring. As consumers get used to a smooth mobile experience, their expectations of other businesses will increase. Designing around a mobile first experience is most likely to provide greater benefits.

Never neglect security: In their flurry to innovate, companies need to ensure they have robust security in place, especially when financial information is involved.

Ultimately, the success of new payment technologies will depend on customer and retailer acceptance.

If mobile payments prove to be successful, and I believe this is just a matter of time, we will look back on this moment as a pivotal, disruptive moment in the retail payments industry, and one that all businesses can learn from.”

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