The Bankwatch

Tracking the consumer evolution of financial services

Successful cashless payments test in New York but proliferation of payment methods hinders progress

I had to check the author of this piece in the mainstream FT talking about wireless payments.  It turns out it was not Dave Birch, so maybe payments are making some small progress with the FT picking it up.

Finance: More flash than cash |

Last year, Lucas Scheybal challenged himself to live for two weeks in New York handling no cash or payment cards – instead using only a futuristic watch with a wireless chip.

It turned out to be easy. With a swipe of the device across a special reader, he was able to buy coffee at 7-Eleven or Starbucks, meals from outlets including McDonald’s and Subway, as well as cinema tickets and even petrol. “I did survive. Gasoline and food were not a problem. It was easy getting around New York because there are 20,000 taxis that accept contactless payments,” he says.

The downside is that the content revolves around yet another startup.  I commend Lucas Scheybal but the big worry for payments is reflected in the multiple devices we see in Asia on merchant counters.  I am afraid some kind of standard and common device / protocol agreement is needed to make this consumer friendly and gain traction.

Written by Colin Henderson

March 20, 2012 at 17:47

Posted in Uncategorized

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