Global trends show that financial services are rapidly moving to mobile devices, and growing competition in the payment market encourages the search for new forms of payment. Monika Rimkūnaitė-Bložė, general director of Mobile Payments (MoQ) and Andrius Bičeika, business development manager of Revolut, will share their insights on changing payment trends at the Baltic Mobile Congress, an international mobile economy conference to be held in November.
This is the first one event In Lithuania, which will exclusively delve into rapidly developing mobile technologies, innovations and trends in this field are reviewed. M. Rimkūnaitė-Bložė and A. Bičeika will meet in a discussion where they will discuss the rapidly developing mobile economy and the future of mobile payments.
Today's technologies have provided users with wide opportunities for communication and information sharing, allowing goods, services, friends and information to be accessed quickly. For these reasons, the current financial system no longer meets the needs of modern man, so the way we spend money is also changing - the wallet is moving to the smartphone.
"The smartphone is turning into a terminal of everyday life, to which the camera and navigation have already jumped, and we check social networks on the phone more often than on the computer. When was the last time you hailed a taxi by simply dialing the number? Smartphones include more and more functions, and eventually they will "include" everyone's wallet. Consumer behavior research shows that three things are most important to shoppers at checkout: speed, convenience and security. Payments by phone meet all these criteria," M. Rimkūnaitė-Bložė has no doubts.
Revolut's business development manager A. Bičeika says that we have reached such a point of technological development that it is almost impossible to predict how we will pay for goods and services in five or ten years. But one thing is clear - payment cards are just a temporary stop, and such additional physical attributes in payments will definitely decrease.
"I believe that in the future, payments will move not only to mobile phones, but also to watches, or any other physical object that can be embedded with the necessary chip, such as jewelry." In addition, biometric technology is being improved more and more quickly, so it will be very interesting to wait for the days when it will be enough to scan a person's fingerprint or the iris of their eye to confirm the payment," says A. Bičeika.
According to experts, the growing competition in the mobile payments sector is pushing service providers to improve and look for better solutions, so it is possible that these payments will soon become the main payment method.
"Mobile payments are more than just a payment method - it is a platform that has the ability to enrich its main function - payment - with additional functions. For example, leaving a tip, donating to charity and the like. Therefore, it is quite realistic that in five or ten years, telephone payments will become, if not the main payment tool, then occupy a significant part of the payment market. Gradually, more and more buyers will ask why they need a wallet in their pocket, if they can have it on their phone as well?", predicts M. Rimkūnaitė-Bložė.
November 15 at the "Baltic Mobile Congress" conference, experts will discuss the security of mobile payment apps and the entire payment platform, the future of such innovative payments in Lithuania and around the world.
Reports at the conference will be read and accumulated experience on how to develop a successful business will also be shared by Nick Dawson, director of corporate business strategies and development at Samsung Electronics, "VoltLiis Rustel, head of the Baltic States, futurist and artificial intelligence expert Michael Ludden and other speakers working in the world's most successful companies.
The conference "Baltic Mobile Congress" will be held in 2018. November 15 In Vilnius.
About the international conference "Baltic Mobile Congress"
"Baltic Mobile Congress" is the first international conference of the latest mobile technologies and digital innovations in the Baltic countries. Global mobile technology experts will discuss the trends and future of mobile technology at the event, which will be held for the first time in Lithuania. More than 500 business leaders from the Baltic region and Scandinavian countries will not only hear the insights, experiences, and success stories of inspiring speakers, but will also be able to try out the latest mobile technologies in interactive exhibition spaces. The "Baltic Mobile Congress" conference is initiated by Samsung Electronics Baltics, a subsidiary of Samsung Electronics.
