Mike Scott, Managing Director of Ecentric Payment Systems spoke at the 4th Annual Mobile Financial Services of the Future Conference in Johannesburg, South Africa. Scott, a leading transaction processing specialist took to the stage to share insight on local retailers’ journey with mobile payments and how to craft a mobile strategy that is inclusive and accessible to all.
Mobile payment services are becoming a major priority for MNOs, banks, retailers and tech start-ups alike. With Africa’s mobile transaction value forecasted to reach $160 billion by 2016, mobile financial services have become a hot topic, particularly in regions where financial inclusion is limited.
“Despite high levels of interest, mobile payment success stories have been few and far between” said Mike Scott. Over the past two years, a number of mobile payment services have hit the South African market. Scott added “local retailers are beginning to explore payment methods outside of traditional cash and card acceptance – and they now have a lot of options. The challenge lies in implementing a mobile strategy that suits the South African context. Whilst we have mobile penetration exceeding 128%, varying mobile phone capabilities and complexities at point of sale hinder the uptake of mobile payment services.” Both retailers and their customers want simple, secure and ubiquitous payments. “At Ecentric, we believe that the future lies in connecting mobile, payments and loyalty to all people. We are excited to work with our clients to craft a mobile payment strategy that fits their retail environment.”
Scott’s presentation delivered an overview of the global mobile payment ‘disruption’, South African retailers’ journey with the mobile phone and provided insight into what the future could hold.