Mobile payment expert Sammy Tuffaha affirmed the imperative need for the standards unification of mobile payment acceptance and presented a new system to enable such universalization in order to dramatically increase the utilization of mobile payment.
During his presentation at the 2014 annual Mobile Payment Summit in New York city, Tuffaha, stated, “With hundreds of mobile payment programs springing-out all over the world, the scope of each services will remain limited as transactions can only take place within the program closed network. Accordingly, clients are not able to utilize their mobile payment service outside the network or in other geographies.”
Tuffaha then presented a new system to facilitate the delocalization and universal acceptance of mobile payments, based on the current financial industry infrastructure, while maintaining various commercial programs and technologies. In addition, he reviewed discussed the legal and technical ramifications for such implementation.
Tuffaha then added, “Mobile is the future of all personal financial services including payment, banking, and commerce. Soon, everyone will manage all finances via their mobile handset without the need to carry a wallet or a check-book. We already see this convenient and time saving evolution taking place in many countries via various service providers and technologies. But what the industry needs today is interoperability and universal acceptance. The consumer simply needs a simple service that works everywhere.”
Tuffaha also explained that the industry today has two main challenges: The first is to replace cash in developing markets. And the second is to educate the consumer and change the existing payment culture. These challenges can only be accomplished by providing practical mobile money services that are simple to manage and universally accepted.
And in his closing remarks, Tuffaha called for increased collaborations among the mobile finance service providers and concerned sectors to create a national and international mobile money ecosystem and provide consumers with a quality practical service that works.
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