I am a huge fan of mobile technology particularly for mobile banking and finance. Both my professional and private life depends on promoting and using mobile technology. In fact a quick count reveals 14 internet ready devices exist in my own home, including Sky TV box, Games consoles, phones, laptops, I-pads; ten of these are truly mobile (even my cat and dog are micro-chipped and connected to a database)
Similarly many of my clients using Autodesk digital design solutions are already reliant on mobile technology, such as Autodesk 360, to streamline workflows and reduce operating costs.
So on the day when Paym launches the latest mobile payment technology, delivering the convenience of financial transactions via your mobile phone number, perhaps now is an
ideal time for business leaders to reflect on how well their organisations have adopted mobile technology; not just for financial transaction but across all workflows and business processes.
Paym is beautifully simple concept, offering everyone the convenience of a cashless transaction - something we already benefit from by using chip and pin debit / credit cards or contactless payment technology. Paym simply adds another dimension, which will surely help us to split a bill in a restaurant, contribute to an office collection, donate to a charity or a sponsored event, pay for a car park tickets etc in fact just about anywhere we are normally found fumbling for loose change, or navigating painful automated systems which require account details (paying for car parking via mobile phone is just one of my many personal hates mainly because I have a touch screen and fat fingers !)
So the key benefits of Paym are convenience, simplification and efficiency. Something we all seek to achieve in business and Paym demonstrates that a little bit of investment time spent setting up and configuring your mobile phone to your bank account and you can removed some of the challenges from everyday life.
For B2C businesses the addition of another way to pay will surely be an advantage as there are virually no cost in setting up. For B2B, perhaps Paym marks the end of petty cash? or the company credit card? It will be interesting to see if it has much traction n B2B.
What about company expenses? I dont ever recall working for a company during the last 25 years where completing expenses was an enjoyable, quick and easy task. I dread to think just how much time is wasted on this arduous administrative activity; especially when they get rejected, or the odd receipt goes astray.
I believe Paym could be the catalyst which could streamline the tasks surrounding expenses. Wouldnt it be great if accounts could just provide individual employees with their expenses statement, via an e-mail, which simp[ly asks...tick here and confirm
As for transacting future B2B business using Paym, perhaps it may also improve timely payments against outstanding invoices. How much time does your finance team spend chasing payments? How often do your customers promise you a cheque, or a BACS payment, only for it to be delayed for just a few more days? With Paym you could potentially wait on the phone whilst the payment confirmation arrives via a text. Would that be awkward, or just acceptable? The people who would object I suspect are also the main source of our cash flow problems.
Much will depend on the popularity of Paym and the speed of its uptake. As with my clients using Autodesk 360 solutions, the new technology will suit some people some of the time. The key benefit of mobile technology such as Paym and Autodesk 360 is that customers get choice and the older slower technologies eventually fade away.
I suspect we will eventually living in a cashless world and that could be sooner than you think.
Just my thoughts
Andy Hadley
Symetri