Industry News

MasterCard CIO: rise of 4G to boost mobile payments worldwide

The rise in 4G networks will help usher in a new wave of innovative mobile payment services for businesses to offer customers, according to MasterCard’s Chief Innovation Officer Garry Lyons. In an interview with UK online tech magazine V3, Lyons, who came from a startup background to join MasterCard in 2009, said that the ability to offer more innovative interactions and engagement with customers will enable merchants to boost mobile payments.

According to Lyons, 4G “allows you to offer whole new experiences around what the consumers want to do – about learning about products by watching videos, looking at images or being sent information after they’ve purchased an item, direct to their mobile.”

“Larger firms are really starting to get this and realise that it’s not some Minority Report futuristic thing but real and evolving now to allow them to do interesting things for consumers using smartphones and tablets.”

Lyons added that smaller firms are not as aware of the benefits 4G could bring, understandably given their small staff numbers, but were no less interested in the potential when it was made clear to them.

Lyons also said he expects mobile payment technologies to increase in capabilities as they offer smartphone users the ability to browse, shop and pay for items on their card through a single app.

Garry Lyons (Source: mastercard.com)

Garry Lyons (Source: mastercard.com)

This kind of integrated approach is reflected in the Cellum-developed MasterCard Mobile app, which has been downloaded by nearly 100 thousand users, and hundreds of merchants have joined.