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Payments Disruption in Action

Every so often, we can be witnesses to disruptive innovation in action. It’s exciting when it happens – for those who see it. Alas, most don’t see it – although they will eventually. Which pair of glasses are you peering through?

For those who can see it, there’s disruptive innovation in action at the moment in the merchant acquiring sector of the card payment system. The pieces on this particular game board are beginning to be moved around.

In one case, it’s the result of the combination of powerful technology (Apple’s iOS platforms) in the the hands of skilled designers and engineers from outside the traditional card payment system. They’re taking a beautiful new and powerful platform and shaping it to accelerate change in a stodgy legacy world. Envisioning a new world that leaves the legacy behind. After all, why not?

In another case, one of the important incumbents is reshaping its approach to an increasingly important corner of the market. It’s adapting to the new conversation that market has been having with stakeholders and beginning to evolve its traditional model into a next generation solution.

I’m reminded once again of the Albert Camus quote: “Great ideas come into the world as gently as doves.” There’s a bit of fluttering going on – all around. Can you see it, feel it? Are you adapting/adjusting or just sailing along?

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Beverley Anderson
Beverley Anderson
10 years ago

There are a number of things going on with Payments now. And I believe the main issue for International travelers is interoperability. Those that have contactless and chip and those that do not. And as we know international is bigger dollar spend – but it is being undermined – to some extent by technology.
Mobile on the other hand for US domestic is a great advocate for small business – in my humble opinion!

John Stevens
10 years ago

Beverley raise an important point on the growing equity brought to Main Street USA through mobile innovation at the sidewalk, ala Dorsey’s Square. Akin to what Etsy and others have done for the “hidden” craftspeople/artisans the world over. These are doves of Scott’s future economy.