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Mobile payment solutions are the future and that future is here now. Mobile solutions have expanded greatly from when they were first introduced to the world and have now become the norm for many merchants around the globe. At the same time it seems like only the surface has been scratched for what mobile payments can do for both a merchant and the consumer and the next generation is under development.
To Infinity And B.yond
Sorry, couldn’t help myself.
Visa is helping to spearhead the next generation of mobile payments with seven other partners. The goal of the project, known as B.yond, it to make it easier to get digital payment solutions in users’ hands. They aim to reduce the launch windows of new payment solutions to as little as 4 weeks.
To get better solutions into consumer’s hands faster they aim to reduce the complexity of product tests and product launches. The project proposes that when a new product is released that businesses only make the technology available to a few, select accounts who to keep track of testing easier. By making testing easier the product rollout will be easier on both the merchant and the consumer which will increase product retention.
B.yond also will include a suite of tools and options to implement with merchants. By providing everything that the merchant and the consumer could want it will make rolling out a product easier and less complex.
Not The First TIme Something Like This Has Been Proposed
This is not the first time that a proposal like this has been made but what makes this one different is the name recognition that is backing it. Visa is of course on of the giants when it comes to global payment processing and their partners in the project are also global leaders. These partners include payment solution provider AllPay, European payment solution providers Cornercard and Meawallett, processing platform Global Processing Services, business payment platform Modulr, mobile payment solution provider Pannovate and online payment security company W2 Global.
For both consumers and merchants incorporating new technology can be a challenge. B.yond hopes to reduce that and if a company like Visa cannot overcome these challenges no one can (though you have to figure that MasterCard will also try). As the world becomes more tech savvy acceptance of new technology will become easier so this has the potential to be a groundbreaking opportunity.
The number of European firms involved in this should be no surprise. Considering that most payment technology is developed and implemented in Europe first means that they will be at the forefront of developing this. That also means that it could be up to a decade before the fruits of this product reach us here in the US. That doesn’t mean that we can’t pay attention to what is going on and one day we hope that at JLE Business Solutions we can offer you the next generation of payment solutions.
