Visa helped attendees define the next big trends in payments. We forum began with an overview of the market today, its opportunities and challenges, and focus on how progress in technology, legislation and product thinking create conceptually new opportunities and new market roles. Then practical feedback was shared from the mature market participants who have who have undergone this change and can provide clear reflection on how they were able to leverage it. Specific examples and ideas on how the industry goes forward in the payment space and where Visa can help finished out the session.
New Payment Synergies for Mobile Operators
The Future of Payments in MNO Forum focuses on exploring synergetic opportunities to revenue growth and client acquisition/attrition improvement. Since MNOs are becoming increasingly crucial to people’s ability to make payments, we need to adapt to make the most of this growing sector of the digital economy.
Module 1 evaluated where we are now, and what tools the MNOs are using. Do consumers really value combined card and mobile bundles? What is driving (or indeed inhibiting) growth in the market, and therefore revenue? What can we do to drive this further, what tools do we have at our disposal?
Module 2 covered the Era of Digitalisation. From tokenisation, to APIs, biometrics, and openbanking, we want to know what the hybrid players of tomorrow have got up their sleeves. Here, we discussed the gaps in the market that will undoubtedly be filled with digitalised payment solutions and the problems they could subsequently face. Drawing upon the European experience, we apply these market trends to the Russian market and explore how digitalised banking may evolve.
Module 3 gave us a chance to prototype a product and project its journey in the market. By exploring a product’s development and how it interacts with its potential users, we gained meaningful insight into how the market has grown thus far and where it could be headed.