Which emerging payment types will have the quickest adoption rates?

Merchant Warehouse |

October 24, 2012

Henry Helgeson, CEO

NFC has been with us for a while in the form of contactless payments. There are over a hundred thousand merchants that already accept those. There's just not a wide spread acceptance or usage on the consumer side yet. The QR-based wallets have a lot less friction in them as far as getting them into consumer hands and not having to deal with the secure element and deal with the carriers on the issuing side. For those wallets, it's real easy to get them in the consumer hands, and there's a lot less friction there, but, of course, the challenge is getting them accepted at the merchant's counter top.

To be honest, I don't think there's a clear cut winner defined yet as far as which technology is going to be the most prevalent, and I also don't think there's going to be one particular technology that wins out in the short-term. I think what we're going to see is a combination of NFC, QR codes, even some Geo locations and empty hands transactions in the short- term. I think it's going to take years to flesh itself out, and I also don't think any of those technologies are exclusive of each other. I think we can use them all together in the Genius platform.