LOS ANGELES, July 26, 2013 – There is no doubt in anyone’s mind that mobile technology is at the forefront of the series of innovations that is driving revolutionary change in the way that business is done worldwide.
While there are many applications for the technology, one that has companies and consumers most occupied at the moment is that of mobile payments.
One of the foremost experts on the direction of mobile is Erdolo Eromo, the SVP of Business Development and Client Relations for Payvia, a leading mobile payment platform that allows its users to make simple and secure payments via mobile phone.
At only 31 years old, Erdolo is one of the youngest senior executives in his industry. In a recent interview, he spoke very candidly about just how big of a part that mobile payments will play in our lives in the coming years.
“The question isn’t whether mobile payments will be the payments of the future”, said Eromo, “but which company will win the biggest share of the market within that space when it does.”
“If you look at device singularity and the research behind the concept you will find that people no longer carry cash”, he continued. “From a lifestyle perspective, everyone wants as much utility as possible from one device—their mobile phone.”
What many Americans may not realize is that this trend has already made a huge impact in other countries.
“Look at Japan as an example”, said Eromo. “Everything in that company is attached to their mobile phones. In the US, we’ve begun a march toward that same reality with weather, banking, social media, and photography all migrating to phones. Invoicing and payments are now simply following suit and beginning to move in this direction as well.”
There are currently four pillars driving the mobile payment landscape. There are POS (point of sale) solutions such as “the square”, an invention that has garnered recent popularity by allowing anyone to seamlessly collect and transfer money into a bank or paypal account via their phone.
Then there is near field communication (also referred to as NFC), which gives the user the ability to make purchases for local events such as concerts and sporting contests.
Then there are mobile wallets, the most popular of which right now is Google Wallet. Finally, there is direct carrier billing, which allows consumers to pay for goods and services directly from their mobile phones.
Direct carrier billing is what Eromo’s Payvia enables, and he asserts that it is a ripe opportunity with a lot of promise in terms of its probable growth trajectory in the coming years.
“There are tons of companies that share categories with well-known brands such as Skype, Pandora, and LaTimes along with small business people and even individuals who all have digital goods to sell. They want the ability to monetize their digital goods on digital devices. If an individual is already using their cell phone to search for goods, then the business they are inquiring simply has a higher probability of converting them from free to paid with a phone number as opposed to having them get a credit card and enter a ton of information.”
Eromo went on to compare Payvia’s direct carrier billing solution with similar well-known models that already exist on the market.
“iTunes exists for Apple and Google Play for Google/Android, but those platforms are exclusive to their respective technologies. Payvia works across all platforms and smart phones. It is 100% agnostic and, therefore, accessible to just about any smart phone user. Like those technologies (i.e. iTunes), it is accessible from a mere phone number, which allows it to enable 1-click conversions. This process structure allows Payvia to have a very simple checkout flow. Consumers love us. Merchants love us.”
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