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Payment Week - Andrew Barnes, Managing Director___Prepaid


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Payment Week - Andrew Barnes, Managing Director___Prepaid

  1. 1. AUGUST 25 - 29, 2014 visit Apple iPhone 6: The Powerhouse of Mobile Payments? Information Security Spending to Grow in 2014, Gartner Reports ALSO INSIDE: Discover and Amex Earn Top Credit Card Satisfaction Ratings PREPAID CARDHOLDERS AMONG TOP MOBILE PAYMENTS USERS
  2. 2. 2 F E A T U R E D A R T I C L E S Felix Shipkevich FOUNDER Kevin Xu EDITOR CONTENT STRATEGIST Andrew Barnes MANAGING DIRECTOR, EMERGING PAYMENTS Eric Wagner CONTRIBUTING WRITER Melanie Macinas CONTRIBUTING WRITER Michael Foster CONTRIBUTING WRITER Ellen Red CONTRIBUTING WRITER Atifa Imran CONTRIBUTING WRITER Amber John CONTRIBUTING WRITER Jason Mongiello DIRECTOR OF MARKETING GRAPHIC DESIGNER Corporate Office 65 Broadway Suite 508 New York, NY 10006 For Advertising Rates: 2014 Lamil Media Inc. All rights reserved. The content of this publication may not be reproduced by any means, in whole or in part, without the prior written consent of the publisher. Requests to reuse materials published in Payment Week should be directed towards our editor. M A R K E T P L A C E T E C H E M E R G I N G P A Y M E N T S PREPAID CARDHOLDERS AMONG TOP MOBILE PAYMENTS USERS Prepaid cardholders are not just ready for mobile payments; they are already among the top mobile payments users in the U.S. according to the latest report by Packaged Facts. S P O T L I G H T A R T I C L E 4 - Sequent Software Gets Mobile Payments Patent 3 - Apple iPhone 6: The Powerhouse of Mobile Payments? 5 - NYC Car Service App ‘Whisk’-ing Clients Away from Uber and Lyft A U G U S T 2 5 - 2 9 , 2 0 1 4 7 - Information Security Spending to Grow in 2014, Gartner Reports 8 - Gemalto Brings NFC Services to Japan’s NTT DOCOMO 9 - WeChat Facilitating Effective Online Bill Payments 10 - Prepaid Cardholders Among Top Mobile Payments Users 13 - Online Cash Payment Provider Ukash Teams Up with Yuupay 14 - Nearing IPO, Alibaba Besting Amazon, eBay 11 - Discover and Amex Earn Top Credit Card Satisfaction Ratings 16 - PayPal’s Powerful New Merchant Portal for Back to School 12 - Amazon Buys Twitch… Is Valve Next? 17 - Tipalti Rolls Out New Supplier Payment System 15 - Swedish Online Payments Provider Klarna Plans to Enter US
  3. 3. T E C H 3 Apple iPhone 6: The Powerhouse of Mobile Payments? By: Eric Wagner A s the launch date for the iPhone 6 approaches, the expectations are giving way to anticipation as there is mounting evidence that Apple has built NFC (near-field communications) into the device. This makes it potentially the most powerful and convenient mobile payments platform yet to be designed. Building on the tremendous faith put into the Apple brand, and the expectation that the new iPhone 6 will be eagerly adopted by the countless millions of ardent Apple followers, there is a good chance that this new iPhone 6 will bring back the original pioneering magic once delivered at such product launches. Apple has announced an event to be held on September 9th that many expect to be the unveiling of the iPhone 6. As we reported back in July, the scoop on the new iPhone’s internals show a fingerprint recognition built into the ubiquitous solitary home button. If you’re concerned about your biometric privacy or about Apple getting its corporate hands on your fingerprints, you’ll be happy to know that your bio data is safely secured in your device: The Touch ID sensor is essentially wired directly into a special area of your iPhone’s A7 CPU, called the ‘secure enclave’, that encrypts it using a key that is burnt into the chip. The data never leaves the enclave, and could not be read even if someone were to physically gain access to your handset and take it apart. It’s a combination of tech that may catalyze mobile payments adoption thanks to the ubiquity of NFC and the gaining of consumer confidence through robust security features. Understated and over-delivered has been the main mantra with Apple products for the past decade, and the anticipation level is at an all-time high with the new contender in the mobile payments platform arena. MOBILE Image credit: Pietro Zuco
  4. 4. 4 T E C H 4 S equent Software, which provides digital issuance and open wallet platform-as-a- service, has obtained a key patent that will simplify mobile payments and allow fast and seamless transactions at merchants. The “One Tap” mobile payments feature allows mobile wallets to transmit multiple cards simultaneously to a merchant’s point-of-sale (POS) system. This functionality is available to all mobile applications that use the company’s platform and APIs. “One tap functionality is arguably more important to mobile payments than ‘one click’ functionality was to e-commerce,” said Robb Duffield, CEO of Sequent. “By enabling coupons, loyalty and payment cards to be transmitted simultaneously to POS systems with a single tap of a phone, Sequent simplifies the cumbersome checkout process that forces consumers to carry multiple cards and coupons in stores today.” The US Patent No.8,811,895 covers the transmission of multiple digital accounts from a mobile phone to a merchant’s POS system through the Near Field Communication (NFC) technology. It covers two or more digital accounts being transmitted simultaneously, including debit, credit, prepaid, offers, coupons, loyalty and vouchers. “This patent award combined with our recently awarded patent on technology that easily turns apps into wallets and our patent-pending IP places Sequent in an excellent position to enable the next wave of innovation in mobile commerce: mobile app transactions in the physical world,” said David Brudnicki, CTO of Sequent. By leveraging Sequent’s platform, merchants can add the “One Tap” functionality to their apps and offer the best payment experience to consumers, Brudnicki added. Sequent Software Gets Mobile Payments Patent By: Melanie Macinas MOBILE
  5. 5. T E C H 5 T hink traditional car services will go extinct because of new apps? Think again. Whisk integrates established car services with mobile payment technology to provide rides throughout New York City. Whereas car apps like Uber and Lyft recruit their own drivers to compete with the traditional taxi industry, Whisk enables existing black car and livery companies to provide the same on-demand mobile service. Using only vehicles licensed by the NYC Taxi and Limousine Commission, Whisk guarantees their drivers are properly licensed and operate safe, inspected and legal vehicles. Whisk CEO and co-founder Michael Ibrahim explains the connection to conventional NYC car services. “We actively work with these companies to help modernize their technology and operations. Non- smartphone rides, which are still the vast majority of rides in New York, can never be fully penetrated until someone like Whisk enables the rest of the industry.” A New Yorker himself, Ibrahim envisioned utilizing GPS enabled devices while maximizing B2B cab connections and dispatching throughout the city. Whisk’s website underscores the company’s commitment to NYC’s transportation infrastructure: Whisk has worked harder than any other company to ensure that we offer innovative services to New Yorkers while upholding the letter and spirit of the New York public safety regulations. We actively engage the New York Taxi and Limousine Commission (TLC) and other relevant regulatory bodies. Whisk currently services about 3,000 cars and expects a 50% capacity growth in the next few months in addition to expansion to other US cities. Ibrahim notes “Traditional car service companies in the city are realizing they need to offer on- demand solutions for their corporate and consumer clientele, and they are coalescing around Whisk.” Corporate accounts make up approximately 15% of Whisk accounts. This service simplifies business travel by allowing riders to take advantage of their corporation’s already negotiated rates. Depending on the corporation, direct invoicing may also be available therefore freeing the employee from personally footing the bill. More information about Whisk and their corporate accounts solutions can be found by contacting NYC Car Service App ‘Whisk’-ing Clients Away from Uber and Lyft By: Gregory Sweet MOBILE
  6. 6. 6 T E C H 6 SOLUTIONS TO BOTTLENECK SERVICE Another advantage is the Priority Peak function which allows Whisk customers preferred service during elevated order times. A common problem in the car service industry is increased demand during major events and holidays. Riders traditionally have to pay more during these occasions. Ibrahim explains “Other companies manage this imbalance by raising prices so that most people seeking a ride decide not to request. Whisk manages this imbalance by reserving the cars for our most frequent customers.” When demand outstrips ride supply, rides are first given to Priority Peak members. They are also guaranteed standard taxi-comparable rates at all times. Subscription Whisk users and frequent riders are automatically enrolled in the program. OUT WITH THE OLD Ibrahim notes the company’s biggest challenge is dealing with the car service industry’s antiquated technology. He says many black car companies use a system from the 1980s and some are still not PCI compliant. Among his goals is to help these companies become more secure by upgrading their payment systems and protect client information. Whisk uses only fully PCI compliant providers and is a fully audit-able Delaware corporation, registered with DUNS, and has undergone verification from banks such as Chase and Citibank. Heard of the recent mix-ups when Uber customers try stepping into non-Uber cars? Whisk solves that problem by providing a description and photo of their vehicles within their app so they’re easy to find. The next time you’re looking for a ride in the city, or you’re just plain scared of the bedbug menace, remember Whisk is waiting to get you home.
  7. 7. T E C H 7 G artner, Inc., a leading information technology research and advisory company, reported that global cost on information security will reach $71.1 billion by the end of 2014. This global information security cost in 2014 is 7.9 percent higher than in 2013. According to Gartner, the data loss prevention part of information security recorded the fastest growth at 18.9 percent. Gartner added that in 2015, worldwide information security spending will reach $76.9 billion, an 8.2 percent increase from the 2014 spending. The latest Gartner report also revealed that starting in 2017, mobile security will become a higher priority for consumers. Lawrence Pingree, Research Director of Gartner, said in a statement that the rising adoption and interaction of mobile, cloud, social and information creates new security vulnerabilities. While new security vulnerabilities are formed, the Research Director of Gartner said,“It is also creating new opportunities to improve effectiveness, particularly as a result of better understanding security threats by using contextual information and other security intelligence.” The Research Director of Gartner reported that one of the information security trends that emerged in 2013 was the “democratization of security threats” brought about by the easy availability of malware and easy availability of infrastructure – through the underground economy – used to launch advanced targeted attacks. As a result of this “democratization of security threats,” Mr. Pingree said that organizations do not consider handling information security threats as a simple IT function, and are now investing heavily into managing these threats. Information Security Spending to Grow in 2014, Gartner Reports By: Ellen Red SECURITY Image credit: reynermedia
  8. 8. 8 E M E R G I N G P A Y M E N T S 8 G emalto is partnering with Japan’s largest mobile operator to bring NFC security and functionality to telco subscribers. Japan’s NTT DOCOMO, has over 63 million subscribers, and Gemalto will be providing its Allynis Trusted Service Management service, and UpTeq NFC UICC, a solution for secure SIM card and contactless designed to safeguard customer transaction details for payments and sensitive applications. What makes Japan such an appealing target for mobile payments and security? According to Michael Au, President South Asian and Japan at Gemalto, “Japan has the world’s largest contactless infrastructure so end consumers are already familiar to waving their mobile phone to enjoy contactless services.” With the rise of global mobile payments adoption, chances are that eventually there will be an emergence of a cashless society. As of now, the best thing for consumers is to give them not only choice in payments, but the peace of mind of security as well. For Gemalto, this move is exactly that, ensuring the company’s global position as a mobile payments security leader. Philippe Benitez, VP of Secure Transactions at Gemalto says, “We expect NFC mobile payments to complement cash, contactless cards and other payment methods for some time to come, so while Japan may not be entirely cashless in the near future, the demand for NFC indicates that consumers want all possible options on the table. We anticipate seeing similar trends in the U.S. before long.” Gemalto Brings NFC Services to Japan’s NTT DOCOMO By: Kevin Xu CARD SOLUTIONS
  9. 9. E M E R G I N G P A Y M E N T S 9 9 T encent’s WeChat now enables users to pay their utility bills using the messaging platform. This feature is a joint venture between Tencent and Shanghai Fufeitong Information Technology. Fufeitong Information Technology Company is responsible for allowing the users to pay their bills online, and now their partnership with Tencent will enable utilities customers in Shanghai to manage their bill payments on the WeChat platform. Fufeitong had earlier launched a trial version of their application and it was able to gain a lot of attention. The company boasts10 billion yuan in annual transactions. Fufeitong struck a deal with Tencent after it ended its five year deal with AliPay. Fufeitong is definitely looking for better avenues for its business and Tencent has shown traction in the mobile payments and online gaming businesses. Tencent has always given a tough competition to AliPay although AliPay enjoys a massive control over the online e-commerce market. However, AliPay’s existence was never threatened until the arrival of Tencent WeChat. Tencent’s earlier online payment system known as Tenpay was never a threat for AliPay, but the emergence of WeChat changed the entire scenario thanks to its ability to connect to customers through social enablement. WeChat not only allows in-app purchases, but it also has the ability to cater to the requirements of the organizations and companies according to their needs and infrastructure as seen through its collaboration with Shanghai Fufeitong. WeChat Facilitating Effective Online Bill Payments By: Eric Wagner CARD SOLUTIONS
  10. 10. 10 E M E R G I N G P A Y M E N T S 10 P repaid cardholders are not just ready for mobile payments; they are already among the top mobile payments users in the U.S. according to the latest report by Packaged Facts. Packaged Facts, a division of MarketResearch. com, publishes market reports on a wide variety of consumer market topics. In its Prepaid and Gift Cards in the U.S., 4th Edition report, Packaged Facts revealed that prepaid cards are transforming rapidly into portals that connect cardholders to a wide range of financial services. David Sprinkle, Research Director of Packaged Facts, said in a statement, “Thanks to the evolution of online and mobile technology, it’s apparent that card loyalty is not garnered from the card itself, but from the features that increasingly surround it, meaning the widening ecosystem through which the cardholder can engage easily with financial services products, services and educational tools.” Packaged Facts estimated that prepaid card transaction value will hit $274 billion by the end of 2014, an 11% increase from the 2013 prepaid card transaction value. The report also showed that direct deposit has a direct influence on cardholder retention as 60% of the prepaid card users said that the card they are using has a direct deposit feature. The Prepaid and Gift Cards in the U.S., 4th Edition report also revealed that young adults within the age range of 18 to 34 have an average of 2.3 prepaid cards in their wallets, making them the key drivers behind the prepaid card revenue surge. These young adults also spend more than the average per month and their transaction volume is higher than average, the report showed. It appears that the prepaid market’s mobile initiative is taking off due to its young and tech- savvy user. Prepaid Cardholders Among Top Mobile Payments Users By: Ellen Red CREDIT, DEBIT, & PREPAID Image credit: EP Technology
  11. 11. E M E R G I N G P A Y M E N T S 11 11 T wo of the top players in the credit card industry, Discover and Amex, have earned the highest customer satisfaction ratings according to J.D. Power. Both American Express and Discover earned 819 points out of a possible 1,000 in customer satisfaction. The ratings are based on different markers of customer satisfaction including the quality of feedback provided by the representative, benefits, credit card terms, billing, and follow up on the customer’s complaints. Discover and Amex has spent years of effort and matchless hard work to attain a portfolio of satisfied customers. This is American Express’ sixth consecutive year earning the top rank. Amex is known for the variety of credit cards it offers, currently targeting multiple consumer segments and separate teams for handling this diverse customer base. It’s become possible due to the unprecedented efforts of the whole team, says Kenneth I. Chenault, CEO at Amex. He claims this success to be the biggest asset for the company. David Nelms, Chairman and CEO of Discover said, “As we seek to help cardmembers achieve brighter financial futures, Discover aims to make every single customer interaction a positive one.” Discover has added to its the customer services interface by providing a mobile app for the customer care department where the customer’s queries can be entertained through a virtual platform. The credit card services industry is a difficult arena. However, these two companies have conquered this field with devotion and consistency. The practices and quality standards implemented by Discover and Amex are surely a role model and rule of thumb for all payment industry players. Discover and Amex Earn Top Credit Card Satisfaction Ratings By: Amer John Image credit: highriskpay CREDIT, DEBIT, & PREPAID
  12. 12. 12 M A R K E T P L A C E 12 A fter months of rumors that Google was looking to buy the video game streaming site, Twitch, Amazon ended up with the prize. Amazon has bought the site for $970 million, promising to keep it independent for now. The acquisition is the first major move Amazon has made to take YouTube head on. Earlier, Amazon has challenged Netflix with its own professional content and streaming service as the retailer moves away from selling physical goods and entering the highly competitive media space. With Netflix and Google clearly in the company’s crosshairs, Valve Software could be next. Since its inception, Amazon has been all about selling media to customers en masse. At first it was physical media, and as bandwidth and screens made it possible, the company moved towards electronic delivery, both with Prime and its Kindle tablet and phone. This has helped Amazon gain dominance in the book and e-book vertical, and it’s slowly becoming a contender in the movie and television market. But Amazon sucks for games. The purchase of Twitch is the first move to change that. Now Amazon will oversee gamers’ streaming of their gameplay, giving it an entry into the lucrative video game advertising market. Marketers will pay top dollar to promote their games on Twitch. That and the streaming service will give Amazon some insight into what games are popular with whom and why. Over time, Amazon can leverage that data to begin selling games to gamers more aggressively than it currently does. This may mean developing their own online gaming distribution service, like Valve’s Steam service. Or it could involve actually buying and integrating Valve into its ecosystem. With a game distribution platform,Amazon becomes the place where people buy and sell games, play games, stream games, and talk about games to each other. With that infrastructure in place, Amazon can become synonymous with gaming just as it once was synonymous with books and is trying to become synonymous with movies and TV shows. Amazon Buys Twitch… Is Valve Next? By: Michael Foster INDUSTRY LEADERS
  13. 13. M A R K E T P L A C E 13 U K-based online cash payment provider Ukash has further expanded its partner network with its recent collaboration with Singapore-based payment service provider, Yuupay. The partnership will allow merchants using the YuuPay system in Europe, Australia, and Asia to offer secure online transactions with Ukash. It will also increase payment choice for customers who shop and pay online without the need for a credit card or a bank account. Ukash is available for use across several sectors, including shopping, games, gift cards, bingo and poker. With this system, customers use cash to pay securely and conveniently online by exchanging coins and notes for a unique 19 digit code. Consumers then use the code to make a transfer, payment or buy online. “The Ukash brand is already well established with Asian and Australian consumers, so this new partnership with YuuPay provides a great opportunity for merchants to leverage the loyalty around our service, offering customers flexibility and security when they shop, play and pay online,” says James Allum, Chief Commercial Officer at Ukash. Yoav Elgrichi, CEO of YuuPay, commented: “Ukash offers the perfect fit for our customers as its universal and inclusive payment method helps consumers transact online safely and securely. Its simplicity makes it easy for consumers who don’t own a credit card or those who prefer to keep their personal information private when making online transactions.” Online Cash Payment Provider Ukash Teams Up with Yuupay By: Melanie Macinas GLOBAL & LOCAL
  14. 14. 14 M A R K E T P L A C E 14 C hina’s largest e-commerce company, Alibaba Group Holding Ltd., has out earned its two U.S. rivals combined. Alibaba’s operating income increased to $1.1 billion in June, which is 42 percent greater than Amazon and eBay during the same period. Alibaba’s success relies on its two chief platforms: Taobao and Tmall. These products offer the business models of both Amazon and eBay. Mobile transactions are of particular importance, and Alibaba counts 188 million monthly active users, up 15 percent from the previous quarter. While the share price of Alibaba’s IPO has not yet been announced, it is expected to approach $187 billion, only slightly less than the $228 billion value of eBay and Amazon combined. Perhaps the only negative to report is Alibaba’s decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) margin, which fell to 54 percent, down from 56 percent last year. They attribute the decline to an increase in marketing expenses. 54 percent is still incredibly high, however, as eBay (26.7%) and Amazon (5.7%) perform much worse in the same area. Alibaba will try to drive demand for its shares during investor meetings before the IPO. These will take place in Hong Kong, Singapore, and London before arriving in the U.S. on Sept. 8 – with a target stock debut of Sept. 16. Alibaba is well placed to succeed in the Chinese retail industry, which is expected to reach $395 billion by 2015. Alibaba has also diversified its interests by offering a new video streaming service in China that it has developed with Lions Gate Entertainment Corp. It also recently bought stakes in Singapore Post Ltd., Youku Tudou Inc., Intime Retail Group Co. and TangoMe Inc. Alibaba promises that its financial position will not be affected by accounting problems with its recently acquired Alibaba Pictures Group Ltd. Nearing IPO, Alibaba Besting Amazon, eBay By: Daniel Easley GLOBAL & LOCAL Image credit: Sam Churchill
  15. 15. M A R K E T P L A C E 15 S wedish e-commerce company Klarna, a fast- growing online payments solution popular in Europe, is setting its sights on the global market and it hopes to offer its services in the United States by early next year. Analysts say the company will face several challenges to make this plan a reality, but backers are betting on Klarna’s technology. Klarna makes buying simple by just requiring the customer’s email address and postal code to complete the purchase. It underwrites the financial risk for sellers until consumers pay for their purchases, either right after the checkout or upon the arrival of their orders. Klarna, however, may find itself stuck in debt if consumers fail to pay for their purchases. These may become more difficult as it expands its reach to consumers beyond Europe. Industry insiders say Klarna should have the technology to detect online fraud and security breaches if it wants to reach millions of consumers. Backers say this will not be a problem. “Klarna is like an iceberg because consumers only see about a tenth of what it does,” said Zurich- based early-stage investor Klaus Hommels. “The real secret sauce is how it analyzes credit risk.” Klarna is also expected to face intense competition from traditional finance players and e-commerce firms such as PayPal, which also offers a similar service (Paypal Credit) in the US. In spite of all the risks and challenges, there is still an attractive opportunity for Klarna, as consumers increasingly use mobile phones to purchase products online. And to rise above the competition, Klarna is determined to “make online payments as simple as using Google,” says Klarna cofounder Niklas Adalberth. Swedish Online Payments Provider Klarna Plans to Enter US Market By: Melanie Macinas
  16. 16. 16 M A R K E T P L A C E 16 T here are 148 million global active PayPal accounts in 203 markets and in 26 currencies; PayPal has created an impressive new portal aptly called PassPort which takes aim to connect the globe using information in a sleek new way. On first glance you feel the secure symmetry in the PassPort portal’s design and functionality, and immediately you begin to realize what a great big world that we can connect to. The information is designed to help merchants connect their goods and services with foreign markets using extraordinarily relevant information. What if you just finished a sale on back to school knapsacks on your website, and instead of marketing the prices back down you can market to a different nationality whose school year has a different start date. Better yet, what about the 6 month shift in seasons on the opposite side of the world? The opportunities are not only readily apparent but exciting in scope as PayPal has embedded tremendous functionality into PassPort; making it simple for business functions to be properly translated and currencies correctly calculated. Let’s not forget the amazing trail blazed by PayPal as the world’s most people friendly payment platform. Promoting this powerful tool is a smart move and a wonderful opportunity for almost anybody who accepts or sends payments using PayPal. It looks like the global markets are getting just a little more local and PayPal PassPort is meant to make global seasonal selling a bit easier. PayPal’s Powerful New Merchant Portal for Back to School and Beyond By: Eric Wagner MERCHANT SOLUTIONS Image credit: wohnai
  17. 17. M A R K E T P L A C E 17 C alifornia-based Tipalti, which provides enterprise-class automated pay-out services, has introduced the Supplier Portal, a new service designed to help Accounts Payable (AP) departments automate payments to any supplier, vendor, contractor or employee. The new Supplier Portal allows companies to automate payments for raw materials, rent, utilities, office supplies, independent contractors, and employees. Suppliers have access to a web-dashboard that asks them to select their preferred method of payment and enter any banking information associated with their chosen method. The payer can even add suppliers and their preferred mode of payment on their behalf. The Supplier Portal also has the ability to collect necessary tax forms from the supplier. “Accounts Payable departments can gain tremendous efficiencies by migrating their suppliers to electronic payment methods, but this typically places a significant burden on operations and IT resources,” says Chen Amit, founder and CEO of Tipalti. “The Supplier Portal offers the AP department a simple and effortless path to full automation of supplier payments, helps migrate suppliers to electronic payments, eliminates rejected payments, and reduces workload. Using Tipalti’s cloud- based system circumvents the need for costly infrastructure changes and requires only minimal involvement by the payer’s IT department.” Leah Rogerson, VP of Finance at next-generation technology platform PulsePoint, shares how Tipalti has improved the company’s publisher payment processes by reducing time, paperwork and the chance for errors. “Seeing the efficiencies gained by using Tipalti for publisher payments, we are now expanding the use of the system to our traditional Accounts Payable vendor payments,” she adds. Tipalti Rolls Out New Supplier Payment System By: Melanie Macinas MERCHANT SOLUTIONS
  18. 18. I N D U S T R Y V O I C E S 18