24 October 2014

Beyond TEDIPAY

Alexander Peschkoff - TEDIPAY

103 | posts 380,805 | views 484 | comments

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

What is your problem?

04 April 2013  |  3051 views  |  1

"The hardest thing of all is to find a black cat in a dark room, especially if there is no cat." It was Confucius who described the current problem that the payment industry is facing: there is none. At least, not the one they are solving.

It is easy, with all the hype around "mobile", "contactless" and "a trillion dollar industry", to forget that there is nothing fundamentally wrong with the current status quo. Do Mr and Mrs Average care how they pay for their latte (or which format their music and movies are delivered in)? Not at all, as long as it's convenient - it doesn't even have to be secure.

What really drives the (mobile) payment industry? It's all about cash replacement, i.e. increasing the volume of transactions on which banks and card schemes make money. It's not about you and me. Pure and simple.

Can you win consumers' hearts by thinking about your bottom (line)?

Before Apple introduced iPod, music players were niche products for geeks. What problem did Apple solve with iPod and iTunes? It provided mass non-tech consumer market with unparalleled user experience. That's what "killed" LP, MC and CD, not MP3 or MPEG.

NFC, QR and BLE will follow the same route: a new product (and service!) would allow any person to perform several mundane day-to-day tasks without even thinking about it (or about the underlying technology) - the joy of use will come of its transparency, similar to a light switch or a water tap. We may admire a beautifully designed tap, but we don't care how it works.

The key word there is "effortless", not "mobile" or "contactless". Until that day comes, mobile payments will struggle to cross the chasm.

TagsMobile & onlinePayments

Comments: (1)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 05 April, 2013, 20:13

Brilliant post! It's going to be Apple that does it again: As I'd predicted at the time of its launch, iOS Passbook - once it starts supporting payment cards - is going to be the mobile wallet that crosses the chasm by making the "which app, which card" decision effortless. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Alexander

To those who still don't get it...

09 September 2014  |  2256 views  |  0  |  Recommends 1 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Cash is king, but of which kingdom?..

09 June 2014  |  2580 views  |  2  |  Recommends 1 TagsMobile & onlinePaymentsGroupInnovation in Financial Services

Checking my crystal balls

02 June 2014  |  1531 views  |  1  |  Recommends 0 TagsPaymentsInnovationGroupInnovation in Financial Services

Apple's Siri - iPhone security hole

23 May 2014  |  3340 views  |  2  |  Recommends 0 TagsSecurityPaymentsGroupInnovation in Financial Services

Colonic irrigation for payments

04 April 2014  |  1677 views  |  1  |  Recommends 0 TagsMobile & onlineInnovationGroupInnovation in Financial Services
name

Alexander Peschkoff

job title

CEO

company name

TEDIPAY

member since

2012

location

London

Summary profile See full profile »
I am the co-founder and CEO of TEDIPAY, the company that is bringing to the market a game-changin...

Alexander's expertise

What Alexander reads
Alexander writes about

Who is commenting on Alexander's posts

Richard Sanders
Brett King
S S
Matt Scott
Sian Bentley
Bjorn Soland
Bo Harald
Martin cox
Andrew Smith