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Ka-Ching: Mobile Payments Predictions For 2014

http://www.forbes.com/sites/tomtaulli/2014/01/01/ka-ching-mobile-payments-predictions-for-2014/


There seems to be only one thing that matters in the tech world nowadays: mobile. It certainly has been the key for putting Twitter’s (TWTR) stock into the stratosphere. But mobile has also rejuvenated companies like Groupon (GRPN).

Yet what about mobile payments? Will this market go mainstream?

It does seem inevitable. Companies like Starbucks have shown that many consumers are ready.



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So to get insight on what we may see with mobile payments for the upcoming year, I had a chance to get some commentary from top operators in the business.

Here’s a look:

Bill Ready, CEO, Braintree (the company was recently purchased by eBay for $800 million)

“Time spent shopping on mobile devices has continued to rise over the past several years, but most of this time is spent browsing — not actually converting. By the end of 2014, mobile conversions will increase dramatically as businesses optimize the payment process. Businesses that don’t eliminate the friction from mobile transactions will lose out.”

Guy Goldstein, CEO, Check

“By the end of 2014, the majority of Americans will do at least one mobile payment transaction. We will see significant marketing spent by the big vendors promoting their mobile payment products. More and more big players will partner with mobile payment specialists. We will see a plethora on new payment startups, some major investments and lots of consolidation.”

Evan Blair, COO, FriendGuard

“In 2014, we can expect Square to continue to forge ahead with its business-focused mentality and a clear lead in the mobile payments realm. Another key prediction for 2014 is an expected big year for mobile payments operators focusing on acquiring end users that want to ‘pay for goods’ with their phones. Unfortunately, while mobile has the power to immediately process these payments aimed at assisting worthy causes, hackers and thieves seeking their own financial gain will place a giant target on people utilizing mobile payments, not only seeking to be compensated financially, but also hunting for their social identities and to glean any and all information on mobile devices.”

Wences Casares, General Manager – Mobile, LifeLock

“We will finally realize that point of sale is irrelevant for mobile payments to take off and consumers will begin to adopt mobile wallets for uses other than paying at point of sale.”

Scott Sanborn, COO, Lending Club

“At the request of borrowers, we are currently piloting text messaging as a way to communicate. Based on early positive feedback, we plan to roll this out in early 2014. More than 2/3rds of the US population have smartphones and our prediction is that mobile communications, especially texting, will be the fastest growing communication channel in financial services.”

Tomer Shoval, CEO, Simplee

“High deductible plans frustrate patients because of much higher bills yet little information. Mobile will play a central role in 2014 as innovators shift to point-of-service to close the dual gaps of transparency and convenience, helping patients understand what they owe and making it easier to pay.”

Will Wang Graylin, CEO, LoopPay

“Mobile Checkout will become more and more important to mobile apps and mobile commerce. Convenient checkout for consumers on mobile is a requirement and solutions like PayPal Express Checkout are well positioned to take advantage of this trend.”

Tom Taulli (@ttaulli) operates MasterCFO, which helps early-stage companies with accounting, payroll and taxes.