Focus on Innovation

Today's top innovations are tomorrows acquisitions or industry standards. Of course we know it does often work out that way. Nevertheless all these companies are displaying technology that could be around for some time to come. I focus on innovation first, for this is what moves, alters or disrupts markets.

Even incredible invention without resources may never turn into actual innovation. Climbing the mountain from invention to innovation requires first a creative, relevant and useful product to build, then hard work put in by a talented team, which requires ample capital, connections and timing. All of these companies deserve consideration for investment in, acquisition, a partnership or becoming a customer of their technology.

If you made it to Money2020 or not here's a handful of gems I found there. I may have missed a few. You know who you are. If you did make it to Money2020 you may have been too busy, focused on company agenda, to discover much innovation. O.K. enough banter, let's roll.

Top Innovations @Money2020
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Money2020 Top Financial and Payments Innovations
By Randy Smith,
Mobile Wallet Media
November 20, 2014
Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, commerce, daily deals, security, loyalty, marketing, prepaid cards, virtual currency and the convergence
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LoopPay took us once again thru a loop de loop. I could not resist the play on words as it aptly describes their copper coil technology used to produce a magnetic emmulation of the swipe of mag-stripe card. It also is a fitting description for what it may do to other mobile wallet players.
LoopPay CEO, Will Graylin, presented an intriguing display of their latest technology.
LoopPay bridges the POS gap by enabling mobile payments at 90% all POS terminals. It works by simply tapping a button on the phone and placing it next to the card reader. A LoopPay app and card case or dongle are all that is required to pay by phone.
A dongle is used to swipe cards and load unto phone. No actual card credentials are stored on the phone. Card numbers are encrpted upon swiping and securely stored in the cloud. If someone attempted to enter your card onto their app it must be matched by name of account on file with LoopPay. Cards swiped that do not match are not stored on file and flagged.

By comparing to Apple Pay it is easy to see how useful LoopPay really is. Apple Pay works at 3% of retailers, while LoopPay works at 90% of retailers. Apple Pay only works using an iOS device while LoopPay works on most every smart phone or device. Apple Pay works with 10 banks vs. Loop Pay 5,000+ banks.
But I almost forgot to tell you that with their new card case you can remove from your phone to hand to the waiter to pay in restaurants. The biggest bummer is that I just paid $35 for a new card holding card case for my new iphone 6 plus. Why is this bad news? LoopPay announced their card case, with their tech built in, is only $49.95.

To close the loop here I'll add what likely most everyone missed about LoopPay that is the most intriguing of all. Will Graylin said, unless I misheard him, they are working on an integrated version of their technology that could cost as little as $1 to add to phones.
I had the opportunity to sit down with Zumigo's CEO Chirag Bakshi. I've often pontificated about pairing location of device with location of merchant using GPS. Well Zumigo is doing it.
This is just the tip of the iceberg here. They are the only player combining identity and location on a global basis. Zumigo will also enable mobile wallet and ecommerce transactions and deliver local offers all without consumers downloading another app as their technology works on the network level. They are partnered with every major bank and mobile network operator in the U.S. and Canada for rollouts in the near future.

Zumigo has partnered with Equifax which enables automatic form population for shopping carts, including card numbers. That's right, no card entry. Upon signup users are authenticated from both Equifax and mobile carrier contact information data. I'm excited to see this technology come to market and use it.

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