Coming home from Paris Fintech Forum we’re realising that most banks are looking for mobile payment solutions, but they don’t know what to focus on first. Now that’s a problem.
Everyone wants mobile payments these days but it’s a big leap from launching a mobile wallet to really succeeding with mobile payments.
We have had great success with a methodology we call “The Scandinavian Way”. This is the method that has led to 65 per cent mobile payments penetration in Norway, Sweden and Denmark.
Auka has been one of the leaders behind this “payments revolution” and this is also why we were invited to Paris Fintech Forum last week.
We find that conferences (at least some of them) are good arenas to meet banks that want to succeed with mobile payments. Our aim for being there was obviously to meet with potential new customers but also to be a part of a panel debate about open vs. closed wallets.
Our CEO and founder Daniel Döderlein, participated in the debate that was later considered one of the most fruitful debates during the entire conference (not only according to myself!)
The audience was amused by Daniel’s controversial statements about the mobile payments landscape in Scandinavia in comparison to the rest of Europe.
Looking at the other payments providers at the conference it’s clear that Auka has a different position as we provide a holistic white-label mobile payment solution to banks.
Most providers offer either NFC solutions with a very limited scope or P2P solutions that are more or less impossible to monetise by themselves.
This puts us in a position where we feel that we can ask the annoying but all important questions.
How do you plan to capitalise on PSD2? How does your mobile payment app relate to cards? What is your market strategy for merchant payments?
When talking to the banks at the conference, it became clear that all banks are looking for mobile payment solutions. However, they are not necessarily sure about what to focus on first and how to eventually monetise such a mobile payment solution.
That’s why, when engaging with banks, we always spend time to understand what challenges they face internally and how our products can fit the needs of the banks.
This sounds pretty obvious, but looking at all the failing wallets out there, it’s becoming clear that many banks would benefit from looking closely at how Scandinavia has achieved its mobile payments success.
It’s definitely possible for EU banks to reach the same success as their Scandinavian counterparts. But not without a proven methodology, and not after first answering a string of hard questions.
Contact us for more information: firstname.lastname@example.org