Publisher’s Note: SNS members have been watching the world of paying electronically for a decade or more, from Smartcards (an early Japanese success story, vs. the U.S.) to Paying by Cellphone (also pioneered commercially here, although invented in Finland). Members also know that this trend is ready to move from Asia to the U.S. and Europe, and that it will involve the handling of billions of dollars in transactions, and may lead to a redefinition of how banking, bank cards, and cellular networks make their money.
William Saito has been kind enough to take time from his duties as CEO of Intecur to lay out the current landscape of electronic transactions in Asia. Despite cultural and use differences, members can be assured that some version of what they read here is already on its way to adoption in Europe and the U.S. Those who get in front of this trend will benefit hugely; those who ignore it will be at risk. This trend represents a deep structural change in the financial world. — mra.