Keeping up with today’s technological advancements in the marketplace is now more difficult than ever. Mobile banking payments and e-commerce tools continue to evolve and become more sophisticated every single day, thus making it imperative for organizations to understand key consumer trends in order to successfully improve the company’s bottom line.
On Friday, October 11, 2013, the Institute for Business Innovation at the Haas School of Business organized the “Mobile Money Conference: Launching the Next Payments Platform” at the Wells Fargo Room at Haas. The conference was hosted by Glenn Woroch, Senior Policy Scholar and Executive Director of the Center for Research on Telecommunications Policy at UC Berkeley.
The event brought together academic and government researchers, in addition to mobile corporate leaders, across the U.S. who have dedicated strenuous efforts into examining and executing the historic and current positions of various mobile payment industries existent in America and abroad.
Chairman of the Global Economics Group, David Evans, presented the keynote address entitled “Igniting Mobile Payments Platforms”. Although myriad Near-Field Communications (NFC) technologies have been introduced during the past decade, merchants and consumers alike are hesitant and unwilling to use contactless payment options. His talk basically outlined the reasons behind the lack of adaptation of the mobile point-of-sale (POS) payment platforms. Read more about his thesis here.
Presenters who focused on mobile payments in the United States included Boston University’s economics professor, Marc Rysman, who shared his research on the current market and future prospects of mobile payments in America at retail POS; senior economist at the Federal Reserve Board of Governors, Max Schmeiser who provided data on consumer usage of mobile financial services; Kansas City Federal Reserve economists Fumiko Hayashi and Terri Bradford who demonstrated the merchants’ perspective of the mobile payments experience; and dean of McMaster University’s business program, Len Waverman, who spoke about what the mobile money enterprise sought for.
There were also talks on mobile payment lessons adopted and learned from the developed and developing nations. The speakers included Stanford professor Kenji Kushida’s findings on the mobile payments industry in Japan; the Gates Foundation’s program officer, Jake Kendall who discussed payment habits and mobile adoption in South Asia; and Haas economic analysis visiting professor from NYU’s Nick Economides and Haas’s very own undergraduate marketing professor, Przemek Jeziorski’s investigations of mobile money trends in Tanzania.
The event also provided a roundtable session where mobile payments industry leaders gave insights into the latest mobile payment innovations. Among the panel of mobile executives were Dwolla Inc’s COO, Charise Flynn, Visa’s Head of Global Mobile Products, Bill Gajda, Wipit Inc’s CEO, Richard Kang, and DCAnalytics’s principal, Dickson Chu.
The conference wrapped up with some endnotes by Thomas Brown, lecturer at the Berkeley Law School and Partner at Paul Hastings LLP, Harvard Business School professor Andrei Hagiu, and Senior Economist from the Federal Reserve Bank of Boston, Joanna Stavins.
The seminar aimed to provide attendees with an overview of the mobile payments industry, as well as offer prominent approaches into leveraging mobile payment technologies for an organization’s success in the future.
Below are comments from some Haas undergraduate students who attended the Mobile Money conference:
“Mobile Money 2013 definitely offered us an eye – opening experience of the latest payment innovation. It gives entrepreneurs like myself a valuable lecture of learning opportunities in the ecosystem of consumer technology. And, having the access to the key players of the industry sets us on the upper side of the competitive edge.”
-Enya Hsieh, Class of 2015
“I attended [the conference] because it sounded interesting. Mobile payment is a new trend and I thought [it] would be great to learn about where the industry is at and what are some of the solutions people are working on. [The Mobile Money 2013] event might not be immediately useful, but was really insightful and mind-opening!”
-Kenny Yu, Class of 2015
Class of 2014