‘Mobile is the new plastic’ and ‘The Bank of Me’ were some of the intriguing phrases coined by our speakers during the EIF-EPFSF Dinner Debate about the future of e-Financial Services and the innovative payment options that should bring a range of benefits both for consumers and businesses.
Financial institutions are rapidly adapting to these new trends in consumers’ behaviours and needs. This debate highlighted the current trends in these sectors, as well as the regulatory framework in which they operate and the opportunities and challenges that they entail.
Most important for the future of e-Financial Services is the fact that the building blocks are in place now. Smart phones exist, high-speed network connect them and allow us to have an appropriate customer experience. Consumers have understood that you can do much more than calling and texting with a phone. Standards have been agreed on or are in the process of being agreed on and business models for innovation are in place. Technologies such as Near Field Communication will be an accelerator of the shift from a cash economy to an e-payment economy which in turn will have an impact on the grey economy and can tackle money laundering.
But all of the above will only be possible if consumers believe that the services are secure. Operators are working hard to make sure that there is for example a virtual passport to access your electronic wallet and that when you lose your phone-wallet you can transfer your money to your new phone-wallet without your digital money being stolen. Mechanisms such as asking for a password every 10 transactions are aimed at maximum protection against unauthorised use of your e-wallet. Interoperable standards should make the technology transparent and should make it easy for as many businesses as possible to adopt the technology. Agreeing on the standards will be key for a successful adoption and implementation.
Mobile payments have been around for several years already but the early services were subscription-based services. When people would buy a ringtone or a logo on their phone they often did not realize that there were monthly fees associated with this purchase. This left a bit of a stigma on mobile payments, but the definition of what a mobile payment is has vastly expanded over the years. We are now moving into a much more sophisticated payment system that goes far beyond these early services. We can now make payments at point of sale for instance by 'touch to pay' to buy a coffee or a newspaper. The idea however is that this will also be possible for high value transactions in the near future.
Mobile payments would eventually replace the use of plastic cards to pay at a point of sale and credit cards would in fact become applications residing on the phone of your sim card with part of the information being stored in the Cloud. What remains crucial is that within that entire payment spectrum there is adequate protection for these payments for all parties, i.e. consumers, merchants and banks and that there is a maximum choice of handsets available to use as such a payment method and that payments are device agnostic. One speaker also begged the question 'who will want to pay extra for using a mobile phone as a payment tool and will the burden for this be on consumers or not?'
Enabling e-financial services will depend on security, convenience and utility and on the idea that it would be available anytime, anyplace, anywhere. As ironic as it may sound, cash is the most used but also most expensive method of payment. For innovation to progress, various players called upon the Institutions for a focus on outcome based standards and promoting competition to allow new entrants. The 'Bank of Me' is only a question of time it seems.
See event
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Fintech transforming digital economics and the economy
Free movement of data in the EU
Copyright and Creation in the Internet Era - the Copyright Directive Proposal
Open Service Platforms – Opportunity for industry and users?
The new European Electronic Communications Code
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Taxation in the digital economy
EIF Summer Reception with EU Commissioner for Research, Science and Innovation Carlos Moedas
Digital service platforms
World Standards Day: standards and interoperability in the DSM
Digital Transformation of Europe’s industry and enterprises
Digital Single Market: Barriers to e-Commerce
EIF debate with European Commission VP Andrus Ansip in charge of Digital Single Market
The Digital Single Market
Online payments and e-Signatures
Enhancing Consumer Satisfaction in Online Retailing
Building the future of e-financial services
The potential of online advertising for Europe's competitiveness
The role of standards in promoting innovation
Compelling Content for Smart Growth
Completing the digital single market: what strategies do we need?
Follow-up on Commission Telecom Package
Trademarks in the digital economy
Investing in the future of digital Europe
Copyright in the Digital Single Market
Mid-term review of the Digital Agenda With Roberto Viola
Innovation, mobile commerce and the future of digital retail
Connected Cars
Free movement of data in the EU
Copyright and Creation in the Internet Era
EECC – (R)evolution of the EU Telecom Rules
The Future of European Content in Europe
#EIFAsks: How to ensure access to pluralistic and vibrant content in Europe?
How to solve EU's taxation problem?
EIF met the EU Commissioner Carlos Moedas
#EIFAsks: How to solve EU's taxation problem?
#EIFAsks: More diversity - more innovation in Europe
The Future of Content Portability in the DSM
Online Platforms in Europe – next steps forward
EU assessment on the role of Online Platforms
Standards, the backbone of the Digital Single Market
Digital Transformation of Europe’s industry and enterprises
DSM: Digital identities unlocking e-Government
Digital Single Market: Barriers to e-Commerce
EIF met VP Andrus Ansip, EU Digital Single Market Chief
A Pan-European Trust Mark: a tool to gain consumers' trust in Europe's e-commerce
Building the future of e-financial services: is mobile the new 'plastic'?
Online advertising. Privacy and the trust factor
The role of standarts in promoting innovation
Compelling content for smart growth
Completing the Digital Single market: what strategies do we need?
Kalin Tomov, Permanent Representationof Bulgaria, on investing in digital Europe
Jan Olbrycht MEP and EIF Member, on investing in digital Europe
Michal Boni MEP and EIF Steering Committee Member, on investing in digital Europe
Günther Oettinger, EU Commissioner for Budget, on investing in digital Europe
Annemarie Beunen, Copyright Lawyer at KB, on Copyright in the DSM
Julien Roche, Director at Learning Center Innovation, on copyright in the DSM
Rosa Maiello, national President of the Italian Library Association, on copyright in the DSM
William Bowes, Director of Policy at The Publishers Association, on copyright in the DSM
Brando Benifei MEP and EIF Steering Committee Member, on copyright in the DSM
Keynote speech, Roberto Viola, Director General, DG CNECT, European Commission
Giles Derrington, Head of Policy at techUK, on data flows
Stephen Hurley, Head of Brexit Planning at BT Group, on data flows
Joakim Reiter, Group External Affairs Director at Vodafone, data flows
Daniel Dalton MEP and EIF Member, on data flows
Pilar del Castillo MEP and EIF Chair, on data flows
Matthew Mayo, VP MasterCard on Innovation, mobile commerce and retail
Peteris Zilgalvis, DG CONNECT, on Innovation, mobile commerce and retail
Margriet Keijzer, Dutch Retail Association on Innovation, mobile commerce and retail
Lambert van Nistelrooij, MEP, on Innovation, mobile commerce and retail
#EIFAsks: How to enable data economy in Europe?
Pilar del Castillo opens EIF debate on Free movement of data in the EU
Krzysztof Szubert, Ministry of Digital Affairs (Poland), on Free movement of data in the EU
Pearse O'Donohue, European Commission, on Free movement of data in the EU
Hosuk Lee Makiyama, ECIPE, on Free movement of data in the EU
Archie Ravishankar, Cogni, on Free movement of data in the EU
Dr. Klaus Mittelbach, ZVEI, on Free movement of data in the EU
Pilar del Castillo MEP on the new EECC
Steven Tas, ETNO, on the new EECC
Luc Hindryckx, ECTA, on the new EECC
Cornelia Kutterer, Microsoft, on the new EECC
Ursula Pach, BEUC, on the new EECC
Sabine Verheyen MEP opens EIF debate on Access to Content in the DSM
Nicola Frank EBU on Access to Content in the DSM
Colin Bortner Netflix on Access to Content in the DSM
Markus Reinisch Vodafone on Access to Content in the DSM
Stefano Ciullo Sky Italia on Access to Content in the DSM
Kaja Kallas MEP opens EIF debate on taxation in the EU
Lars Andersen on taxation in the EU
Jerónimo Payan, TELEFÓNICA, on taxation in the EU
Egon Veermäe, Estonian Tax and Customs Board, on taxation in the EU
EU Commissioner Carlos Moedas at the EIF Summer Reception
Pilar Del Castillo MEP welcomes EU Commissioner Moedas
The Future of Content Portability in the Digital Single Market
Sabine Verheyen MEP opens EIF Debate on Content Portability
Agata Gerba (DG CONNECT) on Copyright & Content Portability
Prof. Dr. P. Bernt Hugenholtz on Content Portability
Anne Carole Nourisson (Watchever) on Content Portability
Malene Ehlers (Nordisk Film Production) on Content Portability
Prof. Eugenio Prosperettion on Content Portability
Agustin Reyna (BEUC) on Content Portability
Online Platforms in the EU: what should policy makers know?
Michal Boni MEP: Why Online Platforms are important for the EU?
Brian Williamson, Communications Chambers, on Online Platforms
Thibault Larger, Oxera, on Digital Service Platforms
Gerard de Graaf, DG CONNECT, on Online Platforms
Michal Boni MEP on standards in Europe
Kerstin Jorna DG Growth on standards in Europe
Luis Romero ETSI on standards in Europe
Stefane Mouille Eurosmart on standards in Europe
Margarida Abecasis DG DIGIT on standards in the EU
Antti Peltomäki DG Growth on Industry 4.0.
Carsten Rossbach (Roland Berger) on Industry 4.0.
Alessandro Curioni IBM on Industry 4.0.
Hubertus von Roenne BT on Industry 4.0.
Michal Boni MEP on Digital Identities
Andrea Servida (DG Connect) on Digital Identities and eIDAS
Afke Schaart (GSMA) on Digital Identities
Claudio Arciprete (Telecom Italia) on Digital Identities
David Birch (Hyperion) on Digital Identities - via Skype
Günther Oettinger, EU Commissioner, 'Towards the Digital Union'
Vicky Ford MEP on the DSM: Barriers to e-Commerce
Jörgen Bödmar EMOTA on the DSM: Barriers to e-Commerce
Oliver Prothmann, Choice in eCommerce, on the DSM: Barriers to e-Commerce
Clare Josa on the DSM: Barriers to e-Commerce
Paul Alfing on the DSM: Barriers to e-Commerce
Ursula Pachl BEUC on the DSM: Barriers to e-Commerce
Monique Goyens (BEUC) on the Digital Single Market
Christian Verschueren (EuroCommerce) on the Digital Single Market
Claire Bury (DG MARKT) on the Digital Single Market
#EIFAsks on investing in digital Europe with EU Commissioner Günther Oettinger and others
#EIFAsks: How can the EU make a balanced copyright framework for the DSM?
#EIFAsks the Director General, DG CNECT on the mid-term review of the DSM strategy
EIF interviews Commissioner Gabriel
#EIFAsks: How can Europe enable home grown e-commerce solutions to emerge?
#EIFAsks: Does the EU need evolution or revolution in our regulatory framework for EECC?
#EIFAsks: How to ensure access to pluralistic and vibrant content in Europe?
VP Andrus Ansip meets EIF
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