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Oct 1, 2013

The Future Of Money

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Automatic Merchandiser, October 2013

By Paresh Patel

Over 4,200 innovators gathered at the Money 2020 conference in Las Vegas, Nev., which covered the latest innovations in payment and financial services. There were three themes that were woven throughout the conference: 1) simple is key, 2) user experience is important and 3) mobile wallets are the next big innovation in payments. But not all speakers were optimistic on the current state of mobile wallets.

Cyriac Roeding, CEO of shopkick, argued that mobile wallets are a solution in search of a problem. He said, “Most consumers don’t really like “pay”. It’s necessary, but not what people want to do. What people want to do is “shop.” Mobile payment by itself is not the solution. Mobile wallet is trying to replace something that is working.” His point was that mobile wallets need to more than just enable payment for it to become enticing for consumers to switch from plastic to mobile.

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