Presentation from Cardware 2013 conference by Payfirma titled "Coping with the Shift to Virtual Payments". This gives an overview of virtual payments, the ecosystem, and tips for businesses to make the move into virtual (mobile & eCommerce) payments.
3. Cardware
2013
Stakeholders driving payment evolution & digital identity
Frictionless For Merchants
“I can take payments anywhere”
“I don’t waste money on hardware”
“I know my business numbers”
4. Cardware
2013
Stakeholders driving payment evolution & digital identity
Frictionless For Customers
“I can pay however I want”
“I can checkout fast and it’s simple”
“I can engage with the brands I love”
6. Cardware
2013
Stakeholders driving payment evolution & digital identity
Card
Associations
eWallets
C
O
N
S
U
M
E
R
S
M
E
R
C
H
A
N
T
S
Bank Credit Cards
(Issuers)
ISOs
Mobile Merchant
Providers
Processors Point of Sale
Terminals
Business Credit Cards
Closed Networks
Banks
eWallet
Platforms
Gateways
Online and In-Store
Merchant Providers
Integrated Systems
9. Cardware
2013
Stakeholders driving payment evolution & digital identity
I don’t want to buy hardware that will be
outdated in six months.
I don’t want to learn a new system and
have to train my staff.
I don’t want to make it more complicated
for my customers.
How Can a Retailer Keep up?
Definition of virtual payments is mobile, online, everything digital. We’re calling this Frictionless and frictionless means a good experience for your customers.
Because merchants understand what they want now
More importantly, *customers* understand what they want
Too many cooks: acquirers, issuers, associations, networks, banks...yeesh.
Look at all these players
Frictionless payments is happening around the world. This is a train stop in South Korea. Dude is buying beverages using his phone on a VIRTUAL STORE. Those are pictures btw, not actual grocery items. Virtual is not the future anymore – it’s now.
Something a little closer to home – Well.ca virtual store in Toronto. Works the same way. While you’re waiting for the train, you can shop and it’ll be waiting at your doorstep/it’ll be there the next day.