If you are an entrepreneur, you should feel a sense of sparkle in your big toe when reading this.
No matter how one reads the stars, there are a few things that stand out in the fintech business. First: you need to have a state of the art solution that improves the experience for the user. Secondly, security needs to be bulletproof. You see, trust is the main currency in our business. If you fail in these areas, the consequences will be fatal for everybody involved. Thirdly, and the feature I will address in this article is the importance of being open-minded and grab the moment. Right now, there is a window of opportunity for those who are creative.
Mastercard just shared some stats that is mind-blowing. They report a dramatic increase in the use of wearable payments.
What’s so amazing about that, you might ask?
Well, “wearable” in this case means that people are using not only watches but also things like rings and jewellery to make their payment. I think it is pretty cool that we are in a situation when pretty much anything can enable a payment.
There is, for good reasons, a lot of talk about the Internet of Things, IoT. But I like to introduce a new word for you: PwA, aka Pay with Anything.”
Remember where you heard it first:-)
If you are an entrepreneur, you should feel a sense of sparkle in your big toe by now. Because like I said…there is a window open.
Not so long ago, we all were slow starters and late adopters. New technology was not something we just embraced. That is no longer the case. Now, we run in every direction to get the latest and the greatest. The #1 nation to accept new wearable payments is the Netherlands. I am not surprised since they are early adopters in other fields as well. What I find interesting is that we find Russia in place 4. Interesting just because I thought they where late adopters (yes, I am full of prejudice, and I know it). Overall, Europe is in the front.
Just imagine what this can mean to the fashion industry. Imagine what this means to IoT. Imagine what this will do with our perception of “payment solutions.”
Next time you order food, drive-thru, your car will execute your payment. Next time you buy a book, your wedding ring will enable the payment…
Next time you…
I let you finish the sentence.
Like I said. The window is open. And if you want to make the next jump and come up with some new cool wearable payment solutions, that time is now.
Is it that simple? Of course not. You need a partner that can bring your innovation to the market. The partner is, obviously, Westpay, and the market is global.
Contact me if you need help to find the best payment solution. I will introduce you to some of our leading experts. They will give you the insight required, so you can identify a payment solution that increases your revenue and enables the customer experience. Now that’s what I call a win-win.
Hans Edin, CMO at Westpay AB.