FinTech at Mobile World Congress 2016: Thoughts of the Week

As the Mobile World Congress 2016 comes to an end, a growing number of exciting announcements are flooding the Internet. A massive, 100,000-visitor event, unveiled fascinating inventions and announcements in IoT, Mobile and VR.

While the conference is primarily focused on technology, robotics, mobile and VR, we have extracted the most important news on FinTech as attendees witnessed many interesting announcements made by Visa, MasterCard, Bell ID, Payfone and others.

In this review, we will go through some thoughts shared on Mobile World Congress 2016 by the representatives of the participating companies at the event.

On IoT…

The Internet of Things generates a lot of hype but the lack of integrated solutions from hardware to application level is a barrier for fast adoption. - Alicia Asín, CEO of Libelium

Just as the growth of the Internet of Things begins to accelerate, companies are facing the harsh realities of sun-setting networks and ever-changing standards. The rapid global deployment of a network for machines changes that dynamic and allows companies everywhere to leave behind obsolete technologies, and build and deploy IoT solutions with stability for decades to come. - John Horn, CEO of Ingenu

On Security…

As we become increasingly connected, mobile devices are the tip of the spear for new hacking methods. – Intel PR

It is becoming a global standard to require an identity document to perform all types of mobile transactions. - Jean-Louis Fages, A2iA President & Chairman of the Board

On Mobile Money…

Mobile money is driving social and economic impact for millions of people in emerging markets. Over the last decade, mobile money has done more to extend the reach of financial services than traditional bricks and mortar banking were able to do over the last century. With 411 million mobile money accounts today, mobile is an increasingly critical platform for expanding financial inclusion globally. - John Giusti, Chief Regulatory Officer, GSMA

On Payments…

Across the globe, cardholders are asking issuers and retailers to provide real-life, ready-to-use mobile payments options, as proven by the number social media comments more than doubling in just one year. As more choices are made available to them, the conversation has evolved and consumers seem to be fully embracing the next generation of payments. - Marcy Cohen, VP of digital communications at MasterCard at the Mobile World Congress 2016

More and more, consumers are relying on smart appliances and connected devices to make their lives easier. By adding payments to these devices, we are turning virtually any Internet connection into a commerce experience – making secure payments seamless, and ultimately more accessible, to merchants and consumers. - Jim McCarthy, executive VP of innovation and strategic partnerships at Visa the Mobile World Congress 2016

Mobile World Congress (MWC) is the world’s largest annual gathering for the mobile industry, organised by the GSMA, and held in the Mobile World Capital: Barcelona, Spain. Mobile World Congress 2016 has outpaced the scale of MWC 2015 and brought together some of the brightest professionals and businessmen to share cutting-edge technology and inventions. This year's congress will stay in attendees' minds as the official beginning of robotics, IoT and VR adoption. Most importantly for us, Mobile World Congress 2016 will be remembered by an extremely important for the international world topic - financial inclusion.