B2B payment company CSI Enterprises, Inc. won top honors for a new product at an Innovation Project 2013 gathering at Harvard University in March. The company nabbed an award thanks to its globalVCard, a service where businesses can use any mobile device to instantly process credit card payments.
GlobalVCard is intended to make payments easier for small retailers, service providers and others who were once tied down to a traditional credit card processing system. With the globalVCard, payments can be processed as long as the mobile device can connect to the Internet. It is backed by the MasterCard network and accepted wherever MasterCard is accepted.
The Innovation Project brought together industry leaders to share ideas on new payment developments, such as methods for credit card processing or mobile retailer payments, and was sponsored by PYMNTS.com, a platform for the payments industry. The industry is gaining speed as more consumers and businesses move away from cash transactions, but outlets like Deutsche Bank Research note that the field of mobile payments is still in its infancy.
The United States leads in the use of mobile B2B payment and other mobile payment types, followed by Japan, but even these frontrunners’ markets are filled with players whose business models are only one or two years old.
Deutsche Bank notes that more competitors, such as PayPal, Apple or Google, are jumping on this market. In addition, American Express invested $19 million in Payfone, a mobile payment provider for B2C and B2B payment transactions. According to American Express executives, the payment industry is undergoing a fundamental shift from traditional card payment models to mobile payment applications.
While the mobile payments industry involves stand-alone payments companies like CSI, Deutsche Bank points out that the moves from Internet and card firms mean big changes for the traditional banking industry. Banks would do well to be proactive and adapt quickly to the new payments, the analysis indicates, or they risk losing enormous market share.
Major banks do appear to be adding more technology specialists to their ranks: A study by Forbes and online job search engine Indeed.com found that big banks such as Capital One, CitiGroup, and the Bank of New York Mellon are all hiring high-paying ($80,000 or more) positions in many technology areas. Along with jobs for risk managers and compliance officers, which are traditional banking jobs, the institutions also want tech project analysts, IT senior managers and app developers.
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