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May 04, 2010

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David Lended

Micro payments are just a vehicle to push people away from using cash for everyday transactions into a recordable system that will aim to total remove cash from the system so that all transactions are accountable

Heather Dawson, Distra.

I agree- most banks still rely on legacy infrastructure that is around 30 years old!. With the expiration dates looming of existing legacy payment solutions, hopefully banks will use this opportunity to embrace next generation, innovative payments solutions.

Michael Aston, Distra

Have been saying this for some time. Think the difference between WAP on mobile phones nearly 10 years ago and now the experience on iPhone. The key difference is the 3G network. Financial networks are like 1G (actually much worse) - mostly batch rather than real time and hopeless at integrating with other systems and providing information around the transaction. Financial networks need to be upgraded to the 3G equivalent at which time the explosion in mobile payments and other innovations will match that seen with the iPhone and similar devices. In the meantime, it is not surprising that early signs of such innovation are coming outside of the banking industry where they are not encumbered with these legacy networks.

Simon Ashcroft

In many regions of the world the situation is even worse. The Middle East is a prime example. http://www.innovatepayments.com/blog/?p=31

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