The Internet of Things will drive the adoption and innovations of mobile payments too. "We will soon have a lot of connected devices, and whenever a device has Internet connectivity, commerce usually follows. This drives the need for a simple mobile payment solution that is able to work across all devices/platforms. For example, perhaps we'll be able to shop via the car dashboard and make payments in the car using a mobile wallet in future," said Woo.
"There's a perfect storm happening at the moment. Since fintech startups seem to have a better understanding of problems faced by the customers and are addressing those issues, banks should collaborate with them and other partners to unlock ways to improve mobile payment offerings and target the new generation of customers," advised Parker.
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