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Mobile payments, easier billing

How the digital revolution is changing our lives – Part 6: Finance

17.12.2014
© dpa/Monique Wüstenhagen - Payment Systems

A click on your smartphone as you jump onto the train – and the ticket is there. You pay online by credit card, direct debit, your mobile phone bill – or a mobile payment system. All you have to do is hold your banking card next to a payment terminal – and the transaction is completed. Things that speed life up and make it more mobile are changing an entire industry. As more and more fintech (financial technology) systems come between customers and banks, the latter fear they might lose their traditional business models. In 2013 more than half of all transactions with banks worldwide were already conducted online or mobile. And this trend is moving very fast. International management consultants Bain & Company are therefore urging banks to drop the cashier’s desk and focus on an intelligent 
combination of digital and analogue offers with flagship stores, satellite branches and omni-channel communications. ▪