PayPerks Blog

The latest news from PayPerks
  • Discussing how Mobile Money can impact Financial Inclusion

    I spent the day today attending The Money Event in Las Vegas and spoke on a panel with Lynn Eisenhart, Senior Program Officer at Bill & Melinda Gates Foundation, Financial Services for the Poor and Danny Shader, CEO PayNearMe. Our topic was mobile money and financial inclusion.

    My take-away comment is that financial inclusion in the US is not about what type of mobile wallet consumers will use or the technical details of the encryption used to secure the transaction, but whether consumers can use the technology easily and reliably, whether there is a solution that works most of the time (e.g. consumers are not going to spend effort adopting a system that will only work at 10% of the merchants they frequent) and whether the system can be trusted.

    Cash works, as Danny points out, because it meets these criteria. Existing forms of payment with a mag-stripe plastic card (such as a prepaid debit card) work, but are still confusing to many consumers (try paying for gas at a pump, finding in-network ATMs, or understanding the nuances of selecting credit vs. debit at the POS terminal).

    Whatever mobile money solution/ecosystem/apps/etc is/are eventually adopted by the mainstream consumer segment in the US, it will have to be easy to use, have nearly ubiquitous acceptance, and be trusted. I know we will see some elegant solutions, including Apple Pay, which was announced yesterday, to enable mobile payments, but in my opinion we have a while to wait until we see a mobile money solution that drives financial inclusion in the US.

  • PayPerks featured in American Express video series #SpotlightOnChange

    The team at PayPerks is honored to be the first start-up featured in the new American Express video series #SpotlightOnChange. Watch the video here and read more about the series below.

  • PayPerks speaks at launch of CFSI and JPMC Financial Solutions Lab

    Last night, Arlyn, PayPerks CEO, joined the Center for Financial Services Innovation (CFSI) and JPMorgan Chase & Co. (JPMC) for the launch of their new Financial Solutions Lab: a joint initiative to identify and enhance tech-enabled innovations that address consumer needs.

    Joined by co-panelists (from left to right, below) Max Gasner (CEO, One Financial Holdings), Tom Mikluch (Executive Director, Technology Business Development, JPMC) and Josh Wright (Executive Director, Ideas42), Arlyn discussed how PayPerks partners with financial institutions and governments to increase its impact on consumer financial health.

    You can sign up here to for Financial Solutions Lab updates.

  • What’s the difference between financial education and flossing? (Or how we think about behavior change)

    “Financial education is about as alluring as flossing your teeth.”

    That’s how I was introduced at a panel of financial inclusion startups at SOCAP14 earlier this week in San Francisco. Kat Taylor, the panel moderator and CEO of the very awesome Beneficial State Bank, was clearly trying to spice things up by starting off with that accusation. But I didn’t disagree.

    However, I responded, there is one huge difference between financial education and flossing. Flossing works.

  • PayPerks is leaving its Mark on the World

    Devin Thorpe, a “Champion of Social Good”, has created an excellent interview series called Your Mark on the World, highlighting the efforts of individuals and companies who are trying to make a positive impact. Arlyn and I are honored that he selected PayPerks as a company to be interviewed on his live streamed show.

    You can watch our interview from earlier today below or see Devin’s comments on his site here, download the audio podcast here, or subscribe on iTunes here.