I can’t help it – I’m a consultant; I love putting things into categories and into context. I always find pictures and “maps” help when things get confusing. So here’s my latest attempt at making sense of what’s going on with mobile payments and cards.
What really jumps out for me is the issue of card-not-present rules for cloud wallets. Particularly if these wallets are populated with issuer tokens, rather than full card numbers – it seems like it might make sense for the CNP rules to change.
I’m less concerned about the interchange impact here (although that is significant, for credit cards) and more about the liability issues. Of course, what makes sense doesn’t always happen – but I remain optimistic.
As a founding partner of Glenbrook, Carol has offered clients over 25 years of experience in product, marketing, and strategy development with leading financial services providers in both wholesale and retail financial services. She is a co-author of the book “Payments Systems in the U.S.” Before founding Glenbrook Partners, Carol was a managing director of the Global Institutional Services division of Deutsche Bank, in charge of marketing, client online services, and Internet development.
Carol began her career as a corporate lending officer for large multinationals at both Bank of America and Citibank. During her time at Visa International, Carol founded and managed Visa’s European product-development office, where she led a series of electronic-commerce and chip-card projects designed to bring European banks online. Carol formally retired from Glenbrook in June 2020, but remains important to the firm as both a friend and advisor.