The innovation required to re-do payments is quite complex. The reason for this is that payments is like a multi-tentacle octopus: it is a extremely complex eco-system that is integrated with many other systems. It is therefore unlikely to see a radical innovation changing payments as we know it overnight. Yet, one sees new start-ups all the time with a new angle on how payments can be re-vamped to be more effective, more ubiquitous and more secure.A case in point is Zunguz (Read here). Zunguz is a payment system where you can pay any other person that is registered on Facebook - merging the world of payments with the world of social networks. This is a great idea of course and probably logical. So I jumped on to Facebook and attempted to register for Zunguz. I gave up when I had to change my Facebook security profile in order to support the security requirements of payments. As an aside, I noticed that twenty people have already registered for Zunguz.
Maybe this is too a radical innovation in a world where continuous innovation is required.
