Innovators taking bank customers

Challenger brands may profit from "confusion among consumers", Eftpos Australia CEO Bruce Mansfield says.

Speaking at the FIS International Conference in Barcelona last week, Mansfield considered the "raft of innovation and new entrants in the payments space.

"There is increasing complexity in payments. We have plenty of wallet solutions.

"We are seeing more and more mobile POS solutions such as Square, PayPal and iZettle and, as happened previously with credit and prepaid cards, a discussion around closed loop versus open loop solutions.
 
"Important to all of this is the myriad of modes of interaction - QR Code, NFC, SMS, iBeacon - and authentication approaches - PIN, Password, Mobile, biometrics - all of which impact the consumer.
 
"And, regardless of which path you are following, this is causing confusion among consumers ... and establishing new relationships that were traditionally owned by banks."

Customer expectations "are higher than they have ever been," Mansfield said.