The application ecosystem for both wearables and mobile payments is relatively immature today, and providers will learn from their early mistakes. As they do, the user experience and overall value of the offerings will skyrocket. "I get most excited about this space becoming 'sexy,' developers wanting a piece, [because that] breaks down the 'walled garden' and brings more innovation," Moody says.
Capital One is also actively trying to establish itself as a player in the mobile payment space by offering promotions and discounts in popular mobile apps, including Uber.
"We're just starting to learn," Moody says. "You don't see the gaps until they're in market."
"Today there are lots of disparate pieces ... A lot of the small pieces will come together" in the not-too-distant future to create something highly contextual and relevant, according to Krishna. "
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