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How do you work with mobile payment stakeholders?

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Mobile payments are transforming the way people pay for goods and services, both online and offline. But they also involve a complex network of stakeholders, such as customers, merchants, banks, payment platforms, regulators, and telecom operators. How do you work with these different parties to create a seamless, secure, and efficient mobile payment experience? Here are some tips to help you navigate the mobile payment ecosystem.

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Ritesh Kumar Agarwal

Founder-CEO at INVOYZ Financial Solutions Private Limited
Hamish Blythe

Founder @ Trilo | Reshaping Shopping

1 Understand the customer needs

The first step to working with mobile payment stakeholders is to understand the needs and preferences of your target customers. What are their pain points and expectations when it comes to paying with their mobile devices? How do they perceive the benefits and risks of mobile payments? What are the features and functionalities that they value the most? By conducting market research, user testing, and feedback surveys, you can gain insights into the customer behavior and satisfaction with mobile payments. This will help you design and deliver solutions that meet their needs and enhance their loyalty.

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Ritesh Kumar Agarwal

Founder-CEO at INVOYZ Financial Solutions Private Limited
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Mobile Payments mean "transaction approval on self mobile device". .. any other definition is useless. It means that banks, regulator and merchants MUST work over a tech that has speed, repudiation and is seamless with banks. Policy makers must not make it free, as then the ecosystem will not support it. Banks must charge a flat fee and NOT in %; as their operational costs are in absolute numbers. Merchants MUST understand that cash-transactions are not absolutely free.

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Hamish Blythe

Founder @ Trilo | Reshaping Shopping
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One thing we've noticed while working with merchants and consumers on the highstreet is how important speed is, but not in the way you'd think. The speed of payments does need to be high, but it's the speed of the whole shop that truly matters. If a new payment system is able to create a faster, more shopping experience, consumers will flock to it. After all, we don't go to the cafe to wait in a queue and to pay, we go to a cafe to enjoy a coffee. The sooner you can give a customer a coffee the better, regardless of how long the payment experience is. What's more, done correctly, you're able to create a shopping experience blending payments and loyalty together, like what you can see in Asia and here in Europe and the UK with Trilo.

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2 Engage with the merchants

The second step to working with mobile payment stakeholders is to engage with the merchants who accept mobile payments at their point of sale. Merchants are key partners in the mobile payment value chain, as they influence the adoption and usage of mobile payments by customers. How do you convince them to adopt and promote mobile payments? How do you support them with the installation, maintenance, and training of mobile payment terminals and software? How do you address their concerns about fees, security, and compliance? By communicating the benefits and incentives of mobile payments, providing technical and operational assistance, and resolving issues and disputes, you can build trust and collaboration with the merchants.

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Hamish Blythe

Founder @ Trilo | Reshaping Shopping
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Something we've seen while growing and building Trilo is how vital it is to a merchant that their shopping experience isn't degraded by a new payment experience. If a mobile payments experience is cheaper but causes more friction to the overall journey, it's a no-go from day one. The real beauty of building a new mobile payments experience is that you're able to reinvent how shopping works. There is no need for installation, no need for hardware, even no need for apps or software. Done correctly, you're able to offer merchants a simple, hardware-free way to handle payments and engage with their customers, a way that can help them truly transform their sales. Focus on the upside, what can you bring to a merchant, how you help them grow.

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3 Align with the banks and payment platforms

The third step to working with mobile payment stakeholders is to align with the banks and payment platforms that facilitate the processing and settlement of mobile payments. Banks and payment platforms are essential intermediaries in the mobile payment ecosystem, as they provide the infrastructure, standards, and protocols that enable the transfer of funds between customers and merchants. How do you integrate your mobile payment solution with their systems and networks? How do you comply with their rules and regulations? How do you negotiate the terms and conditions of the service level agreements and contracts? By establishing clear and consistent communication, coordination, and cooperation with the banks and payment platforms, you can ensure the reliability and security of mobile payments.

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Hamish Blythe

Founder @ Trilo | Reshaping Shopping
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The beauty of building a payments platform in a greenfield setting is that we're able to to build without reliance on older tech and players. We are able to take advantage of new regulation, which gives us the versatility to focus on delivering the best product to our customers, rather than picking through the net of almost centuries-old tech and bureaucracy. Through PSD2 and Open Banking you're able to open up new user experiences and revenue streams, without a direct relationship to the banks. So in fact, working with the banks and other payment platforms is not needed. You can build your own fresh payments platform and shopping experience entirely by yourself, with the freedom to focus on what your customers want and need.

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4 Comply with the regulators

The fourth step to working with mobile payment stakeholders is to comply with the regulators who oversee the legal and regulatory framework of mobile payments. Regulators are responsible for ensuring the safety, soundness, and fairness of mobile payments, as well as protecting the rights and interests of customers and merchants. How do you obtain the necessary licenses and permits to operate your mobile payment solution? How do you follow the laws and regulations on data privacy, consumer protection, anti-money laundering, and taxation? How do you report and disclose your mobile payment activities and performance? By adhering to the regulatory requirements and standards, you can avoid fines, penalties, and reputational damage.

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5 Collaborate with the telecom operators

The fifth step to working with mobile payment stakeholders is to collaborate with the telecom operators who provide the connectivity and access to mobile payments. Telecom operators are vital enablers of mobile payments, as they offer the mobile devices, SIM cards, and network services that customers and merchants use to make and receive mobile payments. How do you leverage their customer base and distribution channels to reach and acquire mobile payment users? How do you optimize their network quality and coverage to ensure the availability and speed of mobile payments? How do you share the costs and revenues of mobile payments with them? By forging strategic and mutually beneficial partnerships with the telecom operators, you can expand and enhance your mobile payment offering.

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6 Innovate with the ecosystem

The sixth and final step to working with mobile payment stakeholders is to innovate with the ecosystem. The mobile payment landscape is constantly evolving, with new technologies, trends, and opportunities emerging. How do you keep up with the changes and challenges in the market? How do you anticipate and respond to the customer and merchant needs and demands? How do you differentiate your mobile payment solution from the competition? By fostering a culture of innovation, learning, and experimentation, you can create and deliver value-added services and features that enhance the mobile payment experience for all stakeholders.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you work with mobile payment stakeholders?

1

2

3

4

5

6

7

1 Understand the customer needs

2 Engage with the merchants

3 Align with the banks and payment platforms

4 Comply with the regulators

5 Collaborate with the telecom operators

6 Innovate with the ecosystem

7 Here’s what else to consider

Financial Technology

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How do you work with mobile payment stakeholders?

1

2

3

4

5

6

7

1 Understand the customer needs

2 Engage with the merchants

3 Align with the banks and payment platforms

4 Comply with the regulators

5 Collaborate with the telecom operators

6 Innovate with the ecosystem

7 Here’s what else to consider

Financial Technology

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