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unCon 2014 Session: Building Real-World Mobile Payment Applications

Post by Andrew Gelina,
Founder & CEO, Syrinx Consulting, Twitter @andrewgelina
The creator of
“Pay-at-the-Pump” for Cumberland Farms
In this session we
discussed key components of building real-world mobile payment applications.
Factors for successful execution and adoption of mobile applications include
loyalty and incentive features, the right technology and integration, a
streamlined user experience and security. We also discussed trends in terms of
the types of technologies being used and the lack of unification.
Behavior. How do you get your consumers to adopt mobile? It’s all about
the incentives. Convenience is only secondary. With Cumberland Farms, the
mobile app offers savings at the pump and a loyalty program with visible
savings for the customer.
Technology. Apple is pushing the technology forward with the implementation
of Apple pay and NFC touch with the biometric backup. Some companies require
integration with ancient point-of-sale systems and other third party
applications. The customer experience should be seamless in terms of
integration, agility, and ease-of-use.
User Experience. The
current implementation with two-factor authentication is probably the safest…
it’ll be so easy to transact it may feel like shoplifting: just take the items
you want out of the store and you are automatically charged for them. How can
it get any easier than that?!
Security. Consumers have concerns about the integrity of the transaction
as well as who owns or has a copy of their data. The mobile applications being
developed for the real-world should take a step in the right direction by using
tokenization.
NFC vs Barcode vs pin vs scan. It is too early to predict a clear
winner; the technology will have to play itself out. Then again we may be
having the same conversation in 5 years…

Balkanization. You are likely to have several different mobile payment
applications for the foreseeable future. We don’t see any unification because
chains don’t like to share with one another or cooperatively discount together.
Just accept this and develop something before you get left behind.

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