Tony Costella, senior business
leader, consumer and market intelligence, MasterCard Worldwide
says:
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“By the end of 2012, banks will have finally
realised that they need to treat consumers as individuals with real
lives rather than walking $ signs. They’ll return to the basics of
delivering good customer service, and will launch products and
services that are designed first and foremost to meet the unmet
needs of consumers (not just around profitability for the
banks).
The banks that understand this – that
consumers, businesses, merchants and regulators have lost patience
with the banking world and will no longer tolerate exorbitant and
non-transparent fees – will instead deliver solutions that wow
them, and they are willing to pay for.
By the end of 2012, the amount of times
consumers will use their mobile phone to pay for stuff will have
grown tremendously. However, which technology will be applied
behind those mobile payments (whether it will be card technology,
Google, PayPal, telecom infrastructure, etc.) is still a question
mark and the battle for the mobile wallet of the consumer will be
fierce.
These forms of payment will give an additional
push to driving the consumer further away from using cash, as
initial usage occasions will be centred around low value payments
(Music, videos, ringtones, online gaming, wallpapers,
transportation fare, parking meters, tickets, etc), an area where
cash traditionally still has been king.
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By GlobalData2012 is the year in which payment cards will
become a medium of interactive communication between card holders
and banks.
The innovation that will be adopted on a broad
scale by issuers and card holders is the display card. The display
card offers all functionalities of a classic payment card, but has
a small LED display and touch sensitive buttons. Consumer appeal is
very high in all European countries and several issuer shave
piloted successfully the card in 2011.
The display and buttons offer card holders the
opportunity to request information (account balance, secure codes,
loyalty points, proposals for personal banking services like
mortgages, personal loans) without needing access to devices or
peripherals (phone, pc, ATM, banking or payment terminals, card
readers, security tokens).
As of now, rather than just responding to
payment instructions initiated by the card holder, the display
offers issuers and merchants the opportunity to push relevant
information and offers to cardholders.”
