'There are 60 million consumers in this country that are underbanked. They wait in lines to cash checks and to pay bills, it's highly inconvenient. A product like prepaid cards saves them a lot of time and inconvenience.' - Wesley Wright, senior vice president of global payments options for american express, and head of the company's Bluebird prepaid program in partnership with Walmart, on the opportunity for prepaid cards today.
“When the history of mobile payments is written, it is worth recognizing the efforts of a small team at Visa, working against a near-impossible deadline with an incredibly challenging set of requirements. In years to come, as our children pay with the latest computing device without a second thought, it is likely this group will have played an important part.” - Rajat Taneja, Executive Vice President, Technology, Visa Inc. referring to Apple Pay, Visa's work on EMVco, tokenization that made it happen.
“Would you like to see it one more time? You may have blinked and missed it” - Tim Cook while launching Apple Pay
“Near Field Communication (NFC) will open the floodgates for profound changes in the way we use our mobile devices. While today there's a good deal of trial, error, and confusion around mobile technology including apps, QR codes, image recognition, etc., NFC will soon dominate the way consumers secure coupons and deliver payments, our phones will become our wallets.” - Anthony Lacovone, Augme. Mr. Iacovone is a leading voice in the area of mobile integration for large traditional media organizations.
“Merchants are still in 1st baby steps with Mobile and Mobile Data” - Kristina Yee, Analyst, Gigaom Research
“Within five years, half of today’s smartphone users will be using their phones and mobile wallets as their preferred method for payments.” - Peter Olynick said in 2012. He is a Card & Payments Practice leader for management and tech consulting firm Carlisle & Gallagher.
“The meta issue of financial inclusion is a lack of understanding of the underserved market.” - Danny Shader, CEO, PayNearMe said at The Money Event.
“Whilst usability is key for payments, security is a necessary condition for people to use them. Balancing Usability and security is one of the keys to healthy relationship between OEMs and end users. I think we’ve seen HCE take off in a big way in the last few months. I think it’s positive. We got all the tech moving in the right direction.” - Peng Ning, VP Engineering, Samsung said at The Money Event.
“The typical payday loan costs $300 – $400. A reimagining of the financial system can fundamentally change the system. What we try to think about is how we could reimagine the financial services and how to create a new wave of consumer banking, looking at the adoption and penetration of mobile in US.” - Dan Schulman, Group President, Enterprise Growth, American Express said at The Money Event
“MIT bookstores are now accepting Bitcoins. Micro merchants can go cashless via cryptocurrency.” - Jordan McKee, Senior Analyst, Mobile Payments, Yankee Group.
“We want our money safer than our selfie” - PayPal
Keep reading
Prove's Developer Portal helps businesses balance strong security with a smooth user experience by providing developers with the tools they need to easily integrate identity verification into their applications, leading to streamlined onboarding and reduced fraud.
This blog explains the importance of identity verification APIs for secure and compliant applications, but also warns about common pitfalls in their implementation. It aims to guide developers on how to avoid these mistakes to ensure effective identity verification, improve user experience, and build trust in their digital platforms. The blog will delve into five specific mistakes and provide solutions, ultimately helping developers save time, reduce risks, and achieve better results.
With cyber threats on the rise, robust identity verification is crucial, but it needs to be balanced with a smooth user experience. Prove offers a solution that achieves both, using phone numbers for quick and accurate identity verification without added friction. This allows businesses to build trust and ensure security while offering a seamless user experience.
