Joseph, who is responsible for running the Elavon payment services business at the Minneapolis-based bank, points to mobile as the most interesting thing happening in the industry right now.
Her position gives her a truly global view. Elavon provides payments services to 1.2 million merchants in the Americas and Europe.
Many eyes may be on outsiders like Apple and Google as drivers of change, Joseph says another factor is the industry's internal push to get past the magnetic-stripe card.
"The next 24 months will be very transformative in the mobile space as consumers adopt mobile wallets and merchants adapt the point-of-sale technology to accept mobile payments, which will be partially driven by the need to support the migration to EMV in the U.S.," says Joseph, who two years ago launched a contactless EMV-chip card, making U.S. Bancorp among the first to offer such cards to U.S. residents.
Also named as one of the Most Powerful Women in Banking, the 25-year-industry veteran says a big challenge for everyone in the payments industry right now is customer adoption of new technologies.
"We are all accustomed to swiping a card at the point of sale," she notes. "It's a fast, familiar and efficient way to pay. Consumers are intrigued by mobile payments, but it will take some time as they adapt to a new way to pay." Joseph, who also serves on U.S. Bancorp's Managing Committee, previously worked for Visa International as director of new market development and before that in various management positions at Wells Fargo & Co.
In five years, she predicts some customers will still be using cards at the point of sale. "However, the general consensus is once mobile is in place, adoption will be rapid. In five years, how you pay, receive loyalty points, redeem reward points, or coupons will predominantly be via phone versus plastic card," Joseph says.