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JPMorgan Chase is spreading its bets as it explores emerging payment technologies, but it is also choosing carefully.
It suggests simplifying the often byzantine process of contesting fines and tickets and advises, in a somewhat jargonized way, outsourcing receivables to well-capitalized commercial banks or other private vendors "to leverage emerging payment channels".
The company is betting that improving the existing credit-card system is going to be easier and more appealing for people than newly emerging payment technologies, including ones reliant on near-field communications chips in phones.
Times reporter presents the volatile evolution of an emerging payment system that facilitates innovative transactions and reduces costs to merchants while assuring privacy to users.
While this adoption isn't necessarily staggering per se, if one considers global trends and parts of the world like China where 95% of the population has used smartpay, we can make assumptions about emerging payment preferences in the US.
Editor's note: Robert McCarthy has designed, developed, researched and evangelized mobile products and technologies, with a focus on mobile and emerging payment eco-systems, for more than 15 years.
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Jorn Lambert is the group executive for emerging payments at MasterCard.
Ed McLaughlin, a cofounder and the former CEO of Paytrust, is currently the chief emerging payments officer at MasterCard.
The emerging payments market is really starting to flourish and some of the new platforms and the level of inter-connectivity they offer will be game-changing.
"The personalization of consumer products has reached far deeper than it ever has before," said Ed McLaughlin of MasterCard, whose title is chief emerging payments officer.
Previously, Kelvin was the consumer financial protection bureau's program manager for Emerging Payments, where he was the bureau's point person for understanding payment-related technologies domestically and abroad.
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