Thin Is InThe Future of Digital WalletsOctober 18, 2011                1
Christina Nguyen WhiteUser Experience Designer, Mobile & Multi-channel                                                   2
This is an inspirational talk on     Digital Wallets                     in the eyes of a consumer   3
1. Who’s trying and succeeding?2. What questions should we be asking?  3. How do we make it real?4. How will it change the...
What’s your wallet personality?        ✔                                  5
What’s your wallet personality?                              ✔                                  6
What’s in your wallet?                         7
What else?             8
What is a digital wallet?                            9
Digital WalletPayment    Financial    Coupons     Comparison    Tickets/ Method   Management                 Shopping    P...
1Who’s trying?                11
12
Devices          13
What is an NFC Chip?             4”                       14
Devices          15
Financial Management                       16
Financial ManagementMint.com   Pageonce    USAA   Chase                                      17
Coupons          18
Coupons / Check-In IncentivesShopkick   Groupon     CardStar   Best Buy Reward Zone                                       ...
Comparison Shopping                      20
Comparison ShoppingRed Laser   Lasoo     Scan & Shop   Google Shopper                                                     21
Tickets / Passes                   22
Tickets / Passes / IDsJapan                 Japan                     Hong KongPublic Transit Pass   Mobile Airline Check-...
Payment Method                 24
Payment Method                 25
Payment Method                 26
Who’s close?               27
Who’s close?               28
Who’s close?       +               =       +                   29
Devices that will be replaced* by mobile phone usersaccording to mobile phone users worldwide, June 2010      % of respond...
2What questions should we be asking?                                      31
Who’s responsible for smartphone security?                               15%                               Feel the phone ...
What’s in your phone?                        33
Are digital wallets safe?                                   $3.3-8.6Bn annually                               US Credit Ca...
Are digital wallets safe?          France cut card fraud by more than   80% by using PCI compliant EMV Chip technology and...
Will digital wallets reduce fraud?Yes,          digital wallets will help reduce fraud.“Dynamic authentication is the key ...
Who are the players?Before         +        +After         +        +    +                           37
Who “owns” the digital wallet?Financial Institutions   Carriers   Retailers                                               ...
Financial Institutions       Carriers   Retailers               •  Payment ProcessingWhat they               •  Credit Car...
Financial Institutions                     Carriers              Retailers               •  Payment Processing        •  N...
Mobile CarriersThe North American ConundrumOS OS OS OS        OS OS OS OS   OS OS OS OSOS OS OS OS        OS OS OS OS   OS...
Financial Institutions                     Carriers              Retailers               •  Payment Processing        •  N...
Financial Institutions                     Carriers                       Retailers               •  Payment Processing   ...
Who “owns” the digital wallet?Financial Institutions   Carriers   Retailers                                               ...
45
Who “owns” the digital wallet?Financial Institutions   Carriers   Retailers          ✔               ✔           ✔        ...
Who influences the consumer?Financial Institutions   Carriers   Retailers                                                47
Who influences the consumer?Financial Institutions   Carriers   Retailers                                      ✔           ...
What needs to happen? 1   Financial Institutions, Carriers, and Retailers need to work together to     understand how to s...
Then what?Consumers don’t want a new way to spend   money faster.           vs.                                           ...
Then what?They want a new way to spend money   wiser.                                              51
3   How will we make it    a reality?                          52
Remember the telephone?                          53
Evolution of the Phone                            Email                   Caller                                     Camer...
Keep It Simple                 vs.        Phone          Wallet                                55
Remember running 1 application?                                  56
57
Avoid clutter                58
Gradually EnhancePayment Method   Financial Management   Coupons   Comparison   Tickets/Passes                            ...
Gradually Enhance          “Stroud” Curve of Downloadability                                              60
Your life is on your phone.                              61
Your life is on your Facebook feed.                                      62
But your private, personal information is in your wallet.                                                            63
Where does social belong?               Community Feed                                64
Social Network = Digital Wallet                                  65
Social Network influences Digital Wallet                                          66
…by helping start the conversation                                     67
…and continue the conversation.             LOYALTY             LOYALTY                                  68
4How will it change the way we buy?                                 69
Mom	  Driving	                       70
71
[Parking	  Lot	  Scene]	                                  72
73
74
75
[Kitchen	  Scene]	                           76
What’s in your wallet?                         77
What is your wallet?                       78
The Takeaways •    Think of consumer’s needs first •    Digital wallet is not JUST paying with your phone •    Keep it simp...
Thank You            80
Questions?             81
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SXSW 2010: Thin is In - The Future of Digital Wallets

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SXSW 2010: Thin is In - The Future of Digital Wallets

  1. 1. Thin Is InThe Future of Digital WalletsOctober 18, 2011 1
  2. 2. Christina Nguyen WhiteUser Experience Designer, Mobile & Multi-channel 2
  3. 3. This is an inspirational talk on Digital Wallets in the eyes of a consumer 3
  4. 4. 1. Who’s trying and succeeding?2. What questions should we be asking? 3. How do we make it real?4. How will it change the way we shop? This is an inspirational talk on Digital Wallets in the eyes of a consumer 4
  5. 5. What’s your wallet personality? ✔ 5
  6. 6. What’s your wallet personality? ✔ 6
  7. 7. What’s in your wallet? 7
  8. 8. What else? 8
  9. 9. What is a digital wallet? 9
  10. 10. Digital WalletPayment Financial Coupons Comparison Tickets/ Method Management Shopping Passes/ ID 10
  11. 11. 1Who’s trying? 11
  12. 12. 12
  13. 13. Devices 13
  14. 14. What is an NFC Chip? 4” 14
  15. 15. Devices 15
  16. 16. Financial Management 16
  17. 17. Financial ManagementMint.com Pageonce USAA Chase 17
  18. 18. Coupons 18
  19. 19. Coupons / Check-In IncentivesShopkick Groupon CardStar Best Buy Reward Zone 19
  20. 20. Comparison Shopping 20
  21. 21. Comparison ShoppingRed Laser Lasoo Scan & Shop Google Shopper 21
  22. 22. Tickets / Passes 22
  23. 23. Tickets / Passes / IDsJapan Japan Hong KongPublic Transit Pass Mobile Airline Check-In Octopus Wallet Watch 23
  24. 24. Payment Method 24
  25. 25. Payment Method 25
  26. 26. Payment Method 26
  27. 27. Who’s close? 27
  28. 28. Who’s close? 28
  29. 29. Who’s close? + = + 29
  30. 30. Devices that will be replaced* by mobile phone usersaccording to mobile phone users worldwide, June 2010 % of respondents TV 5% Personal ID card 18% eReader 22% Car Keys 24% Video Recorder 27% Personal Computer 27% Credit Card 31% Digital Camera 52% iPod or MP3 Player 54% GPS 54%Note: Ages 18+, *within 5 yearsSource: Oracle, “Opportunity Calling-The Future of Mobile Communications”, Sept 22,2010 30
  31. 31. 2What questions should we be asking? 31
  32. 32. Who’s responsible for smartphone security? 15% Feel the phone manufacturer is 30% Feel the cellular carrier is 55% Feel the individual isSource: cellphones.org 32
  33. 33. What’s in your phone? 33
  34. 34. Are digital wallets safe? $3.3-8.6Bn annually US Credit Card Fraud est. range based on the use of mag-stripe credit card technologySources: Secret Service, Oracle Financial Services 34
  35. 35. Are digital wallets safe? France cut card fraud by more than 80% by using PCI compliant EMV Chip technology and PIN number instead of mag-stripe and signature at the point-of-sale 35
  36. 36. Will digital wallets reduce fraud?Yes, digital wallets will help reduce fraud.“Dynamic authentication is the key to securing payments intothe future" Ellen Richey, Chief Enterprise Risk Officer at Visa 36
  37. 37. Who are the players?Before + +After + + + 37
  38. 38. Who “owns” the digital wallet?Financial Institutions Carriers Retailers 38
  39. 39. Financial Institutions Carriers Retailers •  Payment ProcessingWhat they •  Credit Card servicesbring to the •  Bank servicestable: •  Security InfrastructureWhat they •  Customer-Centric perspectiveneed to •  Technology to supportadopt: 39
  40. 40. Financial Institutions Carriers Retailers •  Payment Processing •  Networks & Location BasedWhat they Services & Messaging •  Credit Card servicesbring to the •  Bank services •  Drive Features & Standards fortable: OEMs •  Security Infrastructure •  Mobile Payment Services •  Direct Carrier BillingWhat they •  Customer-Centric perspectiveneed to •  Technology to supportadopt: 40
  41. 41. Mobile CarriersThe North American ConundrumOS OS OS OS OS OS OS OS OS OS OS OSOS OS OS OS OS OS OS OS OS OS OS OSOS OS OS OS OS OS OS OS OS OS OS OS 41
  42. 42. Financial Institutions Carriers Retailers •  Payment Processing •  Networks & Location BasedWhat they Services & Messaging •  Credit Card servicesbring to the •  Bank services •  Drive Features & Standards fortable: OEMs •  Security Infrastructure •  Mobile Payment Services •  Direct Carrier Billing •  Customer-Centric •  Standardized handsetWhat they perspective and OSneed to •  Technology to supportadopt: 42
  43. 43. Financial Institutions Carriers Retailers •  Payment Processing •  Networks & Location Based •  Shopping Experience &What they Services & Messaging Customer Perceived Value •  Credit Card servicesbring to the •  Bank services •  Drive Features & Standards for •  Consumer Datatable: OEMs •  Point of Sale •  Security Infrastructure •  Mobile Payment Services •  Customer Perceived Value •  Direct Carrier Billing •  Reduction of Processing Fees •  Customer-Centric •  Standardized handset •  Integrated Point of Sale What they perspective and OS “Everywhere shopping”need to •  Technology to support •  NFC embedded phonesadopt: •  Retail 43 partnership
  44. 44. Who “owns” the digital wallet?Financial Institutions Carriers Retailers 44
  45. 45. 45
  46. 46. Who “owns” the digital wallet?Financial Institutions Carriers Retailers ✔ ✔ ✔ 46
  47. 47. Who influences the consumer?Financial Institutions Carriers Retailers 47
  48. 48. Who influences the consumer?Financial Institutions Carriers Retailers ✔ 48
  49. 49. What needs to happen? 1 Financial Institutions, Carriers, and Retailers need to work together to understand how to split up the transaction fees, etc. 2 Figure out how industry will get enough consumers to use the digital wallet and enough merchants to accept mobile payments. 3 Ensure that the user experience is still easy to use & intuitive 49
  50. 50. Then what?Consumers don’t want a new way to spend money faster. vs. 50
  51. 51. Then what?They want a new way to spend money wiser. 51
  52. 52. 3 How will we make it a reality? 52
  53. 53. Remember the telephone? 53
  54. 54. Evolution of the Phone Email Caller Camera Alarm GPS ID Clock SMS Web Apps, Address Apps, Apps Note Book Games Book Mp3 Player 54
  55. 55. Keep It Simple vs. Phone Wallet 55
  56. 56. Remember running 1 application? 56
  57. 57. 57
  58. 58. Avoid clutter 58
  59. 59. Gradually EnhancePayment Method Financial Management Coupons Comparison Tickets/Passes Shopping 59
  60. 60. Gradually Enhance “Stroud” Curve of Downloadability 60
  61. 61. Your life is on your phone. 61
  62. 62. Your life is on your Facebook feed. 62
  63. 63. But your private, personal information is in your wallet. 63
  64. 64. Where does social belong? Community Feed 64
  65. 65. Social Network = Digital Wallet 65
  66. 66. Social Network influences Digital Wallet 66
  67. 67. …by helping start the conversation 67
  68. 68. …and continue the conversation. LOYALTY LOYALTY 68
  69. 69. 4How will it change the way we buy? 69
  70. 70. Mom  Driving   70
  71. 71. 71
  72. 72. [Parking  Lot  Scene]   72
  73. 73. 73
  74. 74. 74
  75. 75. 75
  76. 76. [Kitchen  Scene]   76
  77. 77. What’s in your wallet? 77
  78. 78. What is your wallet? 78
  79. 79. The Takeaways •  Think of consumer’s needs first •  Digital wallet is not JUST paying with your phone •  Keep it simple. Gradually enhance. •  Make it easy, effortless, and convenient. •  Find its relevant place within the shopping eco-system •  Enable and continue the conversation •  Be patient 79
  80. 80. Thank You 80
  81. 81. Questions? 81

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