Fintech leads the way in consumer payments innovation

Beginning with a society where goods were bartered, we moved to a cash-based society, exchanging money for
goods and services. But cash is no longer the king – While far from dead, today’s consumers have a plethora of
options at their disposal, ranging from mobile payments to crypto currency. And fintech is where it all starts.
In this world where the consumer is king, providing a convenient seamless experience is the key to winning over
consumers. Uber’s success over regular taxis could partly be attributed to its easy payment system, allowing
consumers to just hop out of the cab once their destination is reached. Amazon Go’s cashier-less store uses AI
(artificial intelligence) to allow the consumers to just “grab and go” providing a convenient and seamless shopping
As far as fintech is concerned with regard to consumer payments, mobile wallets are definitely well integrated into
the consumer experience. Younger consumers are demanding an exceptional digital payments experience on all
platforms – most importantly on their smartphones – and want to be compensated through targeted rewards,
offers, and discounts, at a cut-throat rate. These younger consumers will ultimately force traditional banks and
payments players to either think beyond the functional aspect of mobile payment apps and create an engaging
customer experience or risk getting squeezed out of the process. It is therefore likely that payments will become
less fragmented. Instead of several mobile wallets – as is the present case – we may be left with only two or three
big players in the market.
Talking about fintech will inevitably lead to talking about crypto currencies. What if every organisation could create
its own currency? Suppose the Big Mac was a currency itself, issued by McDonalds and redeemable by the bearer
for 1 Big Mac. It would be a globally recognised unit of value backed by the reputation of a globally recognized
brand. It could just as easily be a Cappuccino Coin from Starbucks or CocaCoin. Holding these coins does not mean
you want Big Macs, it just means you trust the organisation in question to deliver on the promise the coin
While the future of retail payments is difficult to predict, convenience is going to be ground zero in the battle for


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