By Randy Smith,
Mobile Wallet Media
June 28, 2013
About Mobile Wallet Media
Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, marketing, loyalty commerce, security, prepaid, virtual currency, daily deals and the convergence of them all with social and local. The Chief Editor, Randy Smith, was the primary founder, inventor and former CEO of MobilePayUSA, a TechCrunch Disrupt Startup Alley Winner.
Media Partners
Discussing the Future
of Mobile Commerce!
The 6th Mobile Commerce and Payment Innovations Summit delivered relevant innovation and insights from top mobile payments and mobile commerce executives.
I'll start by featuring companies to watch and then share key bits of the conversation.
Our SuperCommerce Series
Search, Social or SuperCommerce?
The key to commerce shall be the seamless completion of the value and convenience chain for consumers and merchants alike.
How may Google, Facebook and First Data disrupt Daily Deals? Will EVOLUTION lead
to REVOLUTION? How about M&A?
Daily Deals Manifest Destiny
Can one live on deals alone?
Tour D' Mobile Payments
Mobile Wallet & Main Street
PayPal, Google Wallet, ISIS, Square & more. What are the barriers to adoption and how they may be overcome?
The Future of Money
See the 2020 Vision!
Where will payments be in 2020? Will mobile over take cards & cash? Learn how a 'Secure, Social & Rewarding' wallet will disrupt it all?
Bridging the POS GAP
Disruption is Overdue!
NFC is Tortoise and the 2D Bar Code is the
hare. Retailers, simplify the myriad of choices!
Learn how DISRUPTION is RIPE for 2013!
Greed is NOT GOOD!
Cause Commerce IS!
Cause Commerce can set you apart! Learn what it is, why it will soon be, non-optional, and how it will add to your Social Brand.
Loyalty LIKE Never Before!
SuperCommerce is Seamless!
The convergence of Social & Rewards is here!
Learn how Top of Mind & Automation will rule! Maximize, Mobilize & Unify Ads & ROI!
Companies and leaders, to remain relevant and profitable, must embrace innovation or risk becoming irrelevant or extinct.
Top 5 Killers of Innovation!
What stands in your way?
HDTV - High Def. Total Vision Where are your Blind Spots?
Connect the dots! See the big picture!
If your Mobile Strategy is unclear, you may be
missing key pieces. Get a holistic perspective.
New Series for 2013
The 'Disruptive Innovation Meteor' named MOBILE has struck the world's of retail payments, banking and marketing. Firms wanting to survive, compete and win in this new environment must adapt by embracing disruptive innovation or risk becoming irrelevant or extinct. Read story

Disruptive Innovation and Dysfunctional Dinosaurs
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Key Takeaways from 6th Mobile Commerce & Payment Innovations Summit
First off, znap unveiled a mobile payment solution it is soon to launch in the US market. The mobile payment app may be used to pay bills, pay in retail and ecommerce. Of course I'm a retail hound dog, so I stay focused there. The app works through using a mobile phone to scan a 2D/QR bar code at POS, on screen via mobile or online or any print ad. The solution requires no new hardware and integrating new software is optional for merchants using tablets at POS. While a fully integrated solution will be available, with a tablet in use at POS and no integration, payment confirmations are delivered in real-time to the point of sale as pop-up messages. Integrated within the app are loyalty, coupons and offers. With no NFC reader or bar code scanner needed by merchants to enable mobile payments, this solution has a chance to capture some mobile market share.

The znap solution is similar to one my former company, MobilePayUSA, planned on launching in 2011. If znap employed my 'Mobile Payment Card Initiation' invention, previously revealed a few weeks back, it could expand it's potential merchant base. This would expand their ability to any merchant accepting credit cards, all without any new software at any POS terminal or cash register. Kind of a game-changer, no? There's no question about the potential for the technology just described to flourish. The question is will this startup be able to withstand the onslaught of payments power houses such PayPal, MCX, any of the payment networks, processors or banks should they decide to implement a solution similar to theirs or one paired with one of my solutions?
Just last week I published an overview of their innovative services and interview with one of their all-star mobile payments team. I will add here they have been there done that and know very well what merchants want and expect. They also understand the hurdles faced in this ever-competitive and expanding space. Look for big things from this small startup.
Yes, State Farm Bank, may enter the mobile wallet space. They built a mobile wallet and ran a limited private pilot at their corporate headquarters. State Farm Bank VP Andrea E. O'Conner shared "We had no concrete business use case for a mobile wallet app and will not move forward until we do."

Just think of the possibilities. Tens of millions of Americans are insured by State Farm and only a small percentage of those customers have a bank or credit card with their bank. It seems to me the cross/upsell of internal services and cross-marketing opportunities with 3rd parties would be huge.

They could deepen their relationship with their customers, of which they have very limited interaction with, to more than just billing or to times customers must call upon the company to provide their insurance coverage. Either of those interactions are not necessarily a pleasant experience for customers. What if they engaged merchants and product brands to create something like BankAmeriDeals? Card-linked savings and offers, plus their 1% cash back on all purchases, and maybe a one-time up front gift from merchant partners would make for a strong play in the marketplace to add banking customers, revenues and enhance customer loyalty.

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Key Companies to Watch / New Entrants to the Mobile Payments Space Race
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