Today, thousands of leaders, innovators and visionaries from the financial technology industry gathered at
ETA’s Transact 16 to discuss how the industry is leveraging emerging technologies to make payments more seamless, simple and secure.
In my keynote I outlined new trends that are impacting the digital payments market, shared an overview of some global research we conducted with in store merchants around the world, and discussed the opportunities that we have as payment and commerce providers if we partner together to give merchants and consumers more choice.
The entire commerce experience will be rewired in the next 3-5 years, as the industry shifts to mobile and enables new innovation. There’s never been a better time for industry players to come together to bring more choice and greater opportunities for consumers and businesses alike.
During my talk, I shared a few new ways we’re working together with partners from Facebook to Vodafone to create better payment and commerce solutions. It’s through partnerships like these that we will continue to help move the industry forward together as consumers connect and shop in new ways.
PayPal also unveiled new research today on
Mobile and the New Digital Store. We interviewed merchants and consumers from around the world on their expectations on how retail is fundamentally changing.
Merchants and consumers are now looking to bring the power of digital shopping to physical stores. Add to this the mass adoption of mobile devices, and retail stores are undergoing perhaps their largest transition in recent history.
Several new digital technologies have emerged to capitalize on this shift, but true revolution of the in-store experience won’t come from technology alone. On the contrary, the new digital store must solve a real consumer need – threading together the planning, inspiration, delight, speed, convenience and incentives that people have come to expect.
As an industry, we need to help merchants and consumers leverage the power of mobile to bring consumers back into the store and showcase the value mobile can deliver. With new engagement experiences, the possibilities are endless to better integrate loyalty offers, promotions and private label cards to create a more personal experience, while delivering a great customer experience.
PayPal values the players who understand the untapped opportunities and potential to truly change the current landscape of digital payments. In order to move forward as an industry, organizations that may have traditionally looked at each other as competitors, will need to work together. We are very excited about the opportunities that lie ahead, and we realize that success will not be achieved alone. This is just the start, and we look forward to collaborating, partnering and innovating with organizations that share our vision to make our financial systems better, faster, and more secure.