Wednesday, April 05, 2006

Great article on Payments innovations

Payments News: EPW: Technology Transforming Banking, and Payments - April 04, 2006:

"Andrew Reinbach, editor of Electronic Payments Week, has recently written about the impact of new technologies on banking and, in particular, mobile payments. Here's Andy's analysis - posted with permission.

Technology is Transforming Banking, and Payments

With the recent Motorola/C-Sam mobile payments announcement followed by similar payments platform launches from PayPal, Black Lab Mobile Inc., Commerciant LP, Sify Ltd. in India, Q-Pass, and SVC Financial Services Inc., it's obvious that mobile payments aren't the mere pipedream they seemed to be last year.

What's less obvious is the change about to befall the payments industry and, especially, banks, that mobile payments embodies. To hear Ray Kurzweil tell it in his newest book, The Singularity is Near (Viking, 2005), the rate of such change in the next ten years will be exponential, and a line graph of it will be vertical. The change grows slowly and imperceptibly at first, he says, but when the pieces are all in place, its acceleration explodes.

This is important not just because the world we've lived in is about to more or less end, but because of the backdrop against which innovations like mobile payments will take place. ...."

Follow the link for the whole article.

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