Looking to the Future: Creating the Framework for Continued Payments InnovationChris McWilton | January 31, 2012
Each of these products represents how an everyday experience, from listening to music to interacting with friends and family, has been enhanced through innovations and technological advancements. Simply put, it’s a move from the analog world of yesterday to the interactive, digital world of today and tomorrow.
This type of evolution isn’t limited to just entertainment activities. At MasterCard, we’re continually looking for ways to build upon the success of our business – and something you rely on every day – the piece of plastic in your wallet/confidence in the payment experience.
This week, we announced our framework for a transformational shift in the payments industry. In this shift, MasterCard is focused on upgrading the infrastructure that will serve as the foundation for the next generation of products and services developed to enhance the way consumers pay.
As the U.S. begins to migrate from magnetic stripe cards to EMV and other technologies, consumers will benefit from payments tools that best fit their evolving needs and wants.
With a simple touch, click or tap, consumers will be able to interact with merchants across a variety of touch points. By adding value through functionality like loyalty programs and e-coupons, consumers can use the method that best fits their lifestyles and needs, regardless of where they are across the globe.
The evolution to EMV will not happen overnight. That said, we believe the roadmap we’re presenting today will help issuers, merchants and acquirers “future proof” their technology decisions, rather than potentially commit to a short-term fix that will not yield the maximum benefit them in the long run.
We’ll work with issuers, merchants, including the Merchant Advisory Group, and acquirers to help objectively clarify the opportunities and the way they can get there, serving as the committed partner for both today and tomorrow.
To that end, Mark Horwedel, Chief Executive Officer of the Merchant Advisory Group, noted to us that “MasterCard has demonstrated a real willingness to engage with the merchant community on cardholder validation at the point-of-sale. We look forward to continued dialogue as the payments industry continues to evolve.”
As new solutions are developed, what would you like to see in the next generation of payments products?
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