May 15, 2015
Most cash replacement products have been introduced and became popular because of their convenience benefits - checks, magstripe cards, mobile wallets, etc. While security is touted as a feature, that has never been the primary motivation for the consumer to adopt a new form factor or to form a new habit.
Think about some of the best payment experiences you have had in mobile payments so far. I am sure Starbucks is one of them. The Starbucks' app implementation is an illustration of the critical decisions that businesses have to take when it comes to convenience over security - the