Javelin Strategy & Research has released a new report titled 'Contactless Strategy & Forecast' ( Preview) that reports findings about how contactless technology will become mainstream for payment card transactions. According to Javelin, the report 'highlights how the promotion of non-network payment products will drive acceptance, thwart competition and pave the path for what card networks and issuers consider to be the eventual goal — mobile payments. In turn, the technologies and strategies described in the report will lead to radical changes in personal finance for every consumer, merchant and financial institution.' READ MORE

This morning's panel titled 'Omelettes and Eggs: Innovation' at the Digital Money Forum explored the extremes of the issues of innovation in payments.

Perhaps the most basic question asked from the audience was 'why does innovation matter?' "Because it does" wasn't exactly the collective answer from the panel - but the question got to the point that it's not often that technology itself drives innovation. (Opening new markets is, to me, perhaps the best answer).

A venture investor asked the panel where theyd' put their own money to work. Among the answers from the panel: prepaid and mobile, opportunities that might emerge from new real-time 'instant' payments (e.g. FPS in the UK), innovations that truly address user (as opposed to merchant) needs and can demostrate user adoption, and a prepaid solution that truly addresses the needs of minors.

Just listened to a fascinating talk at today's Digital Money Forum in London by Ronnie O'Toole, Chief Economist of the National Irish Bank. Last November, the bank provided a pre-budget submission to the Irish Department of Finance that contained four recommendations about how to reduce inefficiencies in the Irish payment system (Dave Birch blogged about it here). One of the four recommendations was to require that taxis in the country be equipped to for card-based payments as a compulsory measure. We've seen other examples of where transit payments have been the focal point for shifting from cash to electronic payments. Glenbrook's Carol Benson blogged about her experience with card-based taxi payments in New York City late last year.

[Glenbrook's Scott Loftesness writes...] I'm in London this morning at the Eleventh Annual Digital Money Forum hosted by Consult Hyperion. This year's Forum is sponsored by Visa Europe and WebMoney with support from ACI.

At this morning's session, about 100 attendees will be discussing a range of payments related topics including innovation in general as well as the future of retail banking, the future of money and, indeed, the future of cash. I'll be participating on a panel discussion at tomorrow's session titled "Meet the Bloggers".

[Update: Colin's blogging from the Forum too - with pictures! So is Aneace!]

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