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trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
trendwatching.com's PERFECT PAYMENTS
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trendwatching.com's PERFECT PAYMENTS

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  • 1. PERFECT PAYMENTS trendwatching.com MAY 2014 Asia TREND BULLETIN Speed, convenience, value, access: consumers are demanding MORE from Asia’s mobile payment revolution.
  • 2. Asian consumers are leading the global mobile commerce revolution. 46% of consumers in Asia Pacific use their mobile for buying goods and services, more than in any other region (including 27% in Europe and 17% in North America). 42% of Asia Pacific consumers who use mobile to buy goods and services want to do it more, higher than in any other region (including 24% in Europe and 15% in North America). (The Mobile Consumer, SAP, September 2013) Want proof? Then we’ll start with a few numbers.. ;) PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 2
  • 3. 1. Three forces align Major forces have been driving the Asian embrace of mobile payment. Three BIG forces are driving Asian embrace of mobile commerce: • More smartphones: China, already the world’s largest smartphone market, is set to add a further 400 million smartphones in 2014. And the fastest growing smartphone market today? India, with 167% growth in Q4 2013 (Gartner, January & February 2014). • Unbanked consumers: In many Asian countries, mobile penetration exceeds access to traditional banking services. There are around three times more mobile phones than there are bank cards in China (MasterCard, September 2013). • Device culture: An absence of legacy technologies (yes, we mean PCs), has driven millions of Asian consumers to adopt the smartphone as a primary portal to the online space and wholesale lifestyle assistant, too. WHY NOW? PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 3
  • 4. 2. But really, this is all about people. Consumer desire – for payment methods that are faster, more convenient, more secure and that offer better value – is the most potent force of all. Deep structural forces may be driving the ascent of mobile payment in Asia. But at heart, trends are about people – and their deep-seated needs, wants and desires. The forces driving mobile payment in Asia are unlocking new ways to serve those needs and wants, and that means payment methods that are: • Faster • More convenient • More secure • Allow access to new kinds of personalized, actionable information • Allow access to new services, or novel combinations of services In short, consumers want – and can increasingly experience – a world filled with PERFECT PAYMENTS. WHY NOW? PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 4
  • 5. PERFECT PAYMENTS APAC consumers are embracing a host of world-beating mobile payment innovations that truly serve their needs for speed, convenience, new forms of access, better value, and more. DEFINITION PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 5
  • 6. At heart this trend isn’t just about payments. Yes, consumers will increasingly expect to use their (smart)phones to pay for anything, wherever they are: not just ‘online’, but for ‘real-world’ commercial transactions, too*. But we hardly need to remind you of the bigger underlying trend here. No matter what industry you’re in, no matter who your customers are (or could be), you should be thinking about how expectations cultivated online – of speed, seamlessness, ultra-convenience and more – are transferring into the offline world, and how mobile will reshape every interaction and experience. The bigger picture here? Yet another sign of how the online space and mobile technologies are reshaping ALL consumer expectations. * In fact, if you haven’t already, it’s time to throw out terms like e-commerce, m-commerce, t-commerce...it’s just all commerce now ;) PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 6
  • 7. We obviously offer much more than monthly Trend Bulletins... Your complete trend and innovation solution. Introducing our 2014 Premium Service Find out more 2014 Trend Report Trend Framework Innovation Database Industry Updates Apply Toolkit Monthly Updates 1-page Trend Handouts 1 2 3 4 5 6 7
  • 8. FEATURED INNOVATIONS Check out these brands and businesses already serving consumer desire for PERFECT PAYMENTS. PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 8
  • 9. FEATURED INNOVATIONS: PERFECT PAYMENTS WeChat Messaging app-enabled vending machines on Beijing subway PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 9
  • 10. FEATURED INNOVATIONS: PERFECT PAYMENTS Weibo Payment with Alipay Chinese social network app integrates payment functionality PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 10
  • 11. FEATURED INNOVATIONS: PERFECT PAYMENTS TransAD Abu Dhabi taxis to accept smartphone payment PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 11
  • 12. FEATURED INNOVATIONS: PERFECT PAYMENTS Lanka Indian Oil Company NFC-enabled smart stickers make fuel payments seamless PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 12
  • 13. FEATURED INNOVATIONS: PERFECT PAYMENTS Thai Metropolitan Electricity Authority: Smart Life App to monitor and pay for home electricity use PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 13
  • 14. FEATURED INNOVATIONS: PERFECT PAYMENTS SingTel mWallet & Visa payWave Payment by NFC-enabled smartphones across Singapore & Australia PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 14
  • 15. FEATURED INNOVATIONS: PERFECT PAYMENTS CIMB Niaga: Rekening Ponsel Indonesian bank service turns mobile number into bank account PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 15
  • 16. FEATURED INNOVATIONS: PERFECT PAYMENTS Telecom of Thailand: Just Pay State-owned telecoms company launches mobile wallet PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 16
  • 17. FEATURED INNOVATIONS: PERFECT PAYMENTS WeChat & Didi Dache 22 million taxis rides in China booked and paid for in one month PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 17
  • 18. Pantech World’s first fingerprint-enabled mobile wallet from South Korean manufacturer FEATURED INNOVATIONS: PERFECT PAYMENTS PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 18
  • 19. NEXT What are the implications of Asia’s fast-evolving PERFECT PAYMENTS ecosystem? PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 19
  • 20. 70% of consumers in Asia Pacific think mobile will become more important as a payment method in the future. (The Mobile Consumer, SAP, September 2013) PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 20
  • 21. Consumer demand and technological progress are pushing the PERFECT PAYMENTS trend hard, but regulatory interference remains an unknown quantity. In March 2014 China’s Central Bank suspended use of QR code payments and virtual credit cards, citing security concerns. Regulation NEXT PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 21
  • 22. But, whether you’re a street vendor or a retail multinational, Asian consumers will increasingly expect to be able to pay seamlessly, in an instant, via mobile. How many sales are you prepared to lose before you make it happen? Expectation NEXT PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 22
  • 23. Services such as CIMB Niaga’s Rekening Ponsel allow unbanked consumers access to new financial services. How many new customers will PERFECT PAYMENT initiatives bring you? VIRGIN CONSUMERS NEXT PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 23
  • 24. According to enterprise software firm SAP, 57% of consumers in Asia Pacific say they would increase use of mobile payments if they had assurances about data security. Who will create the m-payment services that make ALL consumers feel safe? Security NEXT PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 24
  • 25. Retailers, financial services providers, telecoms companies, tech giants, digital content makers: the race is on to form partnerships that offer consumers even more widespread, seamless, and secure mobile payments. And better still, discounts too! ;) Partnerships NEXT PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 25
  • 26. PERFECT PAYMENTSwww.trendwatching.com/trends/perfect-payments 26
  • 27. 1. Our free Asia Bulletins 2. Subscribe to our Asia Bulletins here. sUBsCRiBE ME » MORE... If you have any comments, suggestions or questions then please do let us know. Just email: PAUL BACKMAN Chief Client Officer paul@trendwatching.com About us Established in 2002, trendwatching.com is the world’s leading trend firm, scanning the globe for the most promising consumer trends, insights and related hands-on business ideas. Our Premium Service counts many of the world’s leading brands as clients, while our free monthly Trend Briefings go out to over 250,000 subscribers in 180 countries. More at www.trendwatching.com Should you be one of our 1,200+ Premium clients? now... Enjoyed this Trend Bulletin? Want more? Our 2014 Premium Service See how Premium will benefit you

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