As merchants increasingly explore the realm of mobile payments, they are starting to explore ways to steer consumers toward certain purchase decisions, including which payment tender to use. And while those solutions are today being brought to market by innovators, that doesn’t mean financial institutions will fall behind, says Bruce Lowthers, Executive Vice President for FIS North American Retail Payments. In a recent interview with MPD CEO Karen Webster, Lowthers describes several important ways that financial institutions can stay ahead of these alternative services, and how they plan to benefit from the convergence of mobile, loyalty and payments.
KW: So Bruce, you are responsible for FIS’s North American retail payments division servicing three markets: financial services, emerging commerce and retail. What are some of the most significant trends you have observed in these sectors?
BL: Now more than ever before, we are seeing issuers and retailers focus on steering and influencing consumer purchasing decisions surrounding what payment tender to choose and what mobile device to use. Issuers are collaborating with merchants in merchant-funded offerings and offering retail-banking solutions in partnership with retailers.
See the full interview with Karen Webster on PYMNTS.com.