Banks are well-positioned to benefit from mobile payments, if they invest in the technology infrastructure and forge strong partnerships to out-maneuver emerging non-traditional players.

1. • Cognizant Reports
Mobile Payments: How U.S. Banks
Can Deal with Disruptive Change
Executive Summary • Retailers looking to enhance the point of sale
Mobile phones and disruption seem to go hand- (POS) experience.
in-hand. These devices have radically altered the
business landscape across industries over the Non-traditional players are shaking up the
past decade, driving significant operating model payments arena, threatening to marginalize
change. Companies that have failed to overcome banks’ role. These include mobile carriers, device
the challenges presented by mobile technology manufacturers, e-commerce players, alterna-
have learned the hard way how costly this can be. tive payment networks and software developers.
Globally, mobile payment adoption among
Now it’s the financial services industry’s turn. consumers is growing. As mobile devices become
Coupled with the rise of smartphones and the ubiquitous in consumers’ daily lives, they are
mobile Internet, mobility has changed the way reshaping the payment landscape, making it
people bank, shop and network. Furthermore, imperative for banks to create services that will
the use of mobile devices as a means of payment keep them ahead of the competition.
is perhaps the biggest disruption the banking
industry has ever seen. Much can be said about the potential mobile
payments trend, but in the U.S., it is still a
As mobile devices morph into wallets, they revolution in the making. A cohesive mobile
provide a new avenue of growth for banks in payment ecosystem will require adoption of a
a slowly recovering global economy. However, common technological platform for payments,
technological advancements have opened up interoperability and cooperation from key stake-
the mobile payments1 field to accommodate holders in different industries. Greater coopera-
non-banking players that could cut into one of the tion is also required to tackle another problem:
traditional strongholds of banks. Several factors a classic chicken-and-egg situation wherein
are driving this change, including: merchants/retailers are reluctant to embrace
• Consumer willingness to adopt new payment mobile payments unless consumer adoption
systems. increases, and vice-versa. Creating awareness
• Technological advancements in mobile about the benefits of mobile payments is
devices, such as mobile Internet, mobile wallet critical to its long-term success. That apart, data
and near-field communications (NFC). security has emerged as the primary barrier to
cognizant reports | april 2012

2. greater adoption of mobile payments at the • Prioritization of customer privacy and data
consumer end. security.
• Focus on customer education to generate
For banks, however, the writing is on the wall: greater buy-in.
These institutions are best positioned to • A strong value proposition to gain and retain
benefit from mobile payments, provided they customers.
act quickly and make the right moves. Even while
studies show decreased consumer confidence Mobile-Enabled Disruption
in the banking industry as a whole, customers Using mobile devices as a medium for payments
still trust banks to secure their money and their is by no means a new idea. In Japan, DoCoMo
personal data. How banks leverage this trust will introduced a mobile wallet service back in 2004.
determine their success in the long run. Going However, in the U.S. and Europe, several factors
forward, banks will need to invest in building have had to fall into place for this idea to become
capabilities to support a strong mobile strategy. more feasible. These include important develop-
The decisions they make regarding partner- ments on the infrastructure and technology front,
ships could determine whether they survive the including availability of faster wireless Internet
onslaught from emerging non-traditional players. access for mobile devices and the proliferation of
smartphones and applications.
On the technology front, banks need to invest
in creating an interface between their legacy Over the past few years, consumer behavior has
banking systems and their mobile operations. changed dramatically regarding Internet access,
This calls for investment in a new set of capa- with mobile devices becoming a key means of
bilities, including data management, security, doing so. In fact, the number of mobile Internet
technology deployment, application development users will surpass desktop users by 2015.2 Thanks
and management, etc. to their “anytime, anywhere” utility, smartphone
usage has surged in the U.S. over the past few
We believe the following are key imperatives years, overtaking feature phones in terms of
for banks: ownership among adult consumers.3 Growth in
• A clear strategy for partnering/competing smartphone ownership4 has meant consumers
with the different parties involved in the are increasingly comfortable using these devices
payment lifecycle. for a greater range of previously unheard of tasks,
• long-term view regarding investment
A including product comparison, shopping, etc.5
in technology.
Mobile Payments Expected to Grow Worldwide
Gross Value of Mobile Payments Transactions, 2009 - 2015
U.S. $m
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
2009 2010 2011 2012 2013 2014 2015
Source: IE Market Research, "3Q.2011 Global & Regional Mobile Payments Market Forecast", 2011.
Figure 1
cognizant reports 2

3. Moreover, smartphones have transformed transactions by 2013 and 100% of all card
the behavior of consumers in their personal transactions in 10 years.7 Driving this trend is
and professional lives. A Google and IPSOS OTX a proliferation of devices that are capable of
MediaCT survey6 of smartphone users found mobile payments and are supported by payment
that 79% of respondents used a smartphone to infrastructure providers and mobile network
help with shopping, while 74% made a purchase operators. For industries such as retail and banks,
after conducting research using their device. this channel provides an important medium
Meanwhile, individuals are growing more inclined for staying close to customers because it ties
to carry their smart devices to work and use them together multiple touchpoints such as stores and
for business-related purposes when away from Web sites. For example, retailers have been quick
the workplace. to implement mobile payment initiatives to create
an enhanced POS experience in which customers
The millennial generation is at the forefront of check out using their mobile devices through
smartphone adoption. This generation is known applications downloaded to the smartphone.
for its savvy purchasing behavior, using these
devices to seek advice, research products and For banks, this is an opportunity to break
services and find the best possible deals. They traditional payment boundaries and expand
are active on social networks and prefer to into in-store and non-proximity payments. To
transact with their banks online. When it comes accomplish this, it is imperative for banks to work
to purchasing, they move across channels with closely with players outside their domain, such as
ease and are increasingly comfortable using mobile network operators (MNOs). With mobile
mobile phones as a means of purchase. Mobile payments, this relationship will evolve, and banks
device manufacturers, meanwhile, have upped will have to open up to additional players in
the ante by developing highly intuitive devices the payment ecosystem, such as mobile device
capable of handling more complicated tasks than manufacturers and application developers.
their predecessors.
State of Transformation
These developments have been complemented The ongoing transformation in the payment
by key trends in the payments ecosystem. Mobile landscape has huge implications for all consumer-
payment volumes are expected to grow expo- facing industries. Some companies in these
nentially over the next few years (see Figure 1, industries have taken the first steps toward
previous page), representing 15% of all card a mobile payment-driven future. A survey by
Consumer Convenience is Top Driver for Mobile Payment Initiatives
Q: What are the top two pressures driving your company to focus resources on mobile payments?
Need for greater consumer convenience 61%
Desire to take advantage of customer's mobile phone
33%
or digital affinity
Need to improve customer retention and loyalty 28%
Desire to be a market leader 24%
0% 20% 40% 60% 80%
Percent of respondents
Source: “The Mobile Payment Opportunity: Get Paid Anytime, Anywhere,” Aberdeen Group, January 2012.
Response base: 75
Figure 2
cognizant reports 3

4. Aberdeen Group found that 24% of respon- Several technological innovations are at play
dents across sectors such as retail, banking and in the mobile payments arena. These include
finance and hospitality have deployed mobile NFC-enabled devices, mobile wallets, mobile Web
payment-related technologies.8 Awareness is payments and payment stickers. Still unknown is
growing about payment options such as mobile which of these will emerge as the dominant tech-
wallets and NFC-enabled transactions, and nology driving mobile payments. Initial trends
several factors are pushing companies to point to NFC, which enables devices to read
adopt these initiatives. Top among these, not tags and conduct transactions.8 Handset
surprisingly, is the need to enhance the customer manufacturers have already begun shipping
experience (see Figure 2, previous page). NFC-enabled devices in greater numbers; about
100 million devices are expected to be shipped
In some cases, consortiums are forming to roll in 2012, and the number is expected to hit
out mobile payments, such as Isis’s mobile wallet 700 million by 2016.10 Developments in
application, which is provided through a partner- technologies supporting NFC have the potential
ship of U.S. credit card companies, mobile carriers to support POS systems and mobile applications.
and banks. In other cases, individual companies NFC’s success will have much to do with how
are launching their own versions of the mobile retailers, MNOs and banks collaborate.
wallet, including Google and Starbucks, the latter
of which is seeing one in four card transactions Hurdles in the Way
now conducted via mobile device.9 Elsewhere, the The road ahead is not without stumbling blocks.
POS terminal is being transformed into a wireless Fast-paced innovation by industry players has
and paperless digital entity. These terminals can remained disconnected from the common goal
e-mail receipts, read signatures and, with further of creating a standardized mobile payment
advancements in technology, support mobile ecosystem. This has much to do with the highly
payments. POS terminal manufacturers are competitive nature of the market. In countries
offering their own wireless payment solutions to where mobile payments have taken off, such as
merchants. Collaborations like these imply that Japan and Singapore, a standardized payment
the traditional payment landscape is primed for infrastructure was implemented, led by the
a complete transformation (see Figure 3). dominant market player or regulatory body. This
infrastructure serves as the backbone for
Traditional Ecosystem Meets Non-Traditional Players
Traditional Payments Description
Ecosystem
Networks Device manufacturer Companies that research, develop and
manufacture mobile phones based on
consumer demand and technical
innovation.
Mobile network Mobile phone companies that sell NFC-
operators (MNOs) and other payment-enabled phones.
Issuing Bank Acquiring Bank
Value-added service Companies that provide additional
providers mobile services such as couponing,
loyalty, advertising, etc.
Software/application Companies that create mobile payment
Processors developers applications that come pre-loaded or
downloaded to the consumer’s
mobile device.
Alternative Companies with strong brand presence
solutions providers and known for developing consumer-
Consumer Merchant friendly mobile applications.
Trusted service Independent third parties responsible
managers for provisioning the consumer’s
financial information (credit, debit, etc.)
to the mobile device.
Source: “Dialing up a Storm: How Mobile Payments Will Create the Most Significant Revenue Opportunities of the Decade for
Financial Institutions,” PricewaterhouseCoopers, 2011.
Figure 3
cognizant reports 4

5. interoperability of various mobile payment emerged as the top barrier to adopting mobile pay-
offerings in these countries. ments (see Figure 5, next page). Creating greater
buy-in for mobile payments will require banks,
Comparatively, the U.S. mobile payment scene which are viewed as custodians of consumer trust,
is at a nascent stage, with different proprietary to address these concerns beforehand.
mobile payment solutions available. Regulatory
intervention to create a standardized payment Perhaps as important as sharing revenue is
infrastructure is highly unlikely. This means sharing customer data. At a time when a huge
that market players will have to voluntarily amount of customer data is being generated at
collaborate on creating standards that will help to various stages of the buying cycle, companies
reduce redundancy and costs in the long run. in the mobile payment value chain will want
access to customer data to enhance insights into
Revenue sharing between players is another patterns of customer buying behavior. This
important area that calls for cooperation between data can be used by banks, retailers and mobile
companies across industries. Making payments networks for different purposes. It is critical,
at a POS terminal through a virtual debit card therefore, that this issue is handled carefully by
embedded in a mobile phone means that different all parties involved.
parties need to agree on sharing the revenue
from these transactions. As of now, there is little Business Model Transformation
clarity on a revenue-sharing model, but surveys No other entity in the mobile payment value
indicate that partnerships between financial chain stands to be impacted more by these
institutions and mobile operators are the most via- ongoing events as banks. The mobile payments
ble option (see Figure 4). Going forward, revenue market is already highly competitive, and in
sharing will act as the key incentive for market addition to emerging non-traditional competi-
participants to create awareness and demand tors, players across the value chain are upping
among consumers – critical to overcoming the the ante to garner early market share. So while
initial reluctance of consumers and merchants. banks can play a crucial part in the mobile
payments value chain, they will need to signifi-
For consumers, apart from the adoption of pay- cantly change their business and organizational
ment technologies by merchants, security has models to remain competitive.
Revenue-Sharing Models: Banks Play Critical Role
Q: What is the most feasible mobile payments business model?
Mobile-financial institution partnership 43
Open federation model (common platform
shared by alliance of carriers and financial 26
institutions)
Third-party intermediation model (PayPal 20
mobile, MobileLime, etc.)
Mobile carrier going solo 7
Financial institution going solo 4
0 10 20 30 40
Percent of respondents
Source: "Cell Me the Money: Unlocking the Value in the Mobile Payment Ecosystem," Deloitte, 2011.
Figure 4
cognizant reports 5

6. New-age competitors such as Google pose a clear The threat for banks is clear: They could
threat to banks’ hegemony in payments. The be pushed to the sidelines as easy-to-use third-
mobile wallet service offered by Google allows the party mobile applications take center-stage on
company to position itself uniquely at the POS consumer smart devices. Countering this threat
terminal and provide value-added services such will require banks to overhaul their mobile
as financial planning. Mobile transfer facilities offerings to make them attractive to end users.
provided by MNOs is another threat for banks, as
they allow customers to bypass the mobile/online Imperatives for Banks
banking services that banks offer. In this model, As mobile payments evolve, banks find
banks are pushed to the back-end, virtually out of themselves in unfamiliar territory, dealing with
the consumer’s sight. competition from players that have developed
niche capabilities to target customers precisely
Then there are the innovations at the POS termi- where they spend their time shopping, such as
nal. Retailers, many of which are well-positioned retail stores and mobile Web sites. As banks move
to understand their customers, are known to be into a highly regulated future that could add
working on their own mobile payment solutions.11 to their compliance costs, mobile payments
Other start-ups, such as Boku, are introducing have emerged as a welcome source of revenue.
innovative platforms that mobile carriers could Banks that have invested in building mobile
provide to their subscribers, allowing them to use infrastructure now stand to benefit by extending
a prepaid debit card to make online, mobile and these capabilities to the payment arena. Mobility
in-store payments. is an effective distribution channel that has the
potential to cost-effectively help banks reach
Online payment company PayPal, in the mean- new customer categories, such as the unbanked,
time, has already created a strong presence in emerging affluent and new-to-credit customers.
mobile payments. Its mobile payment volumes
jumped five times, reaching $4 billion in 2011, and Historically, banks have lagged behind in
it has launched a new device for scanning cards adopting new customer-facing technologies, such
at the POS terminal, similar to the one offered by as mobile banking. In May 2011, research firm
Square, a mobile payment startup that doubled Forrester found that 94% of banks surveyed
its payments processing from $2 billion per year had a mobile banking strategy in place, of which
to $4 billion per year between October 2011 and 38% were put in place less than a year before.13
March 2012.12
Data Security: Key Concern for Customers
Reasons for similar or decreased usage of smartphone for payments
I'm concerned about security/fraud 39%
I prefer to pay with debit cards 38%
I prefer to pay with cash 33%
I prefer to physically go to stores to see
29%
what I am buying
I prefer to pay with credit cards 25%
I don't know how paying for things with a
14%
smartphone works
It's harder to manage finances/
9%
account balances
0% 10% 20% 30% 40% 50%
Source: "Appeal of Mobile Payment Solutions," Radius Global Market Research, March 2012.
Response base: 1,005
Figure 5
cognizant reports 6

7. With mobile payments, too, there has been a banks have an opportunity to improve their
tendency to adopt a wait-and-watch approach customer retention rates. This needs to be
toward emerging and dynamically changing accompanied by efforts to promote the mobile
technologies that are likely to dominate mobile channel for banking, which would involve
payments, such as payment through WAP, SMS, educating customers about the benefits of
mobile application, m-wallet and NFC. Neverthe- using mobile devices for payment and offering
less, it is clear that banks need to act quickly and promotions to generate buy-in.
intelligently to remain competitive.
• Protect customer data privacy: As
Here are some key points that banks must illustrated earlier, data privacy and security
consider in order to play an important role in the have emerged as critical issues over the past
future of mobile payments: few years. Banks hold important personal
• Create an enhanced mobile presence: information about customers, and the
Mobile has proved to be an essential channel introduction of mobile devices introduces
for reaching consumers,14 as well as a lower new threats of data hacking and fraud.
cost one. To protect their share of the mobile Adverse incidents could harm customer
payment market, banks need to apply more trust and, hence, retention. This becomes
fire power to this channel. This calls for a even more critical in a scenario where play-
comprehensive mobile strategy to be put ers across industries want access to customer
in place, backed by in-house capabilities for data. Industry players should employ trusted
creating a seamless and convenient cus- platforms and authentication protocols at
tomer experience through mobile. Banks that different stages of the transaction to main-
have invested in building a mobile banking tain the highest level of data security. Trusted
infrastructure and creating a presence service managers could emerge as key
across the buying lifecycle through mobile intermediaries to handle customer data as
applications, Web sites and applications will it passes through the mobile payment value
have a head start. chain. Here again, banks — historically seen as
trusted guardians of personal data — need to
• Build partnerships: With the threat of margin- educate customers about the technology they
alization and disintermediation, partnerships have put in place to secure data. This becomes
will play a key part in banks’ go-forward mobile more critical at a time when customer trust in
payments strategy. Such a strategy will need alternate payment channels is on the rise.
to be based on banks’ vision of where they fit
in the mobile payment arena. Based on this, • Invest in technology: In the race for mobile
they must identify and prioritize partnerships payments dominance, banks will have to work
and revenue-sharing agreements with MNOs, with a technology backbone that allows for
mobile phone manufacturers and technology standardized processing of mobile payments
vendors. Google Wallet and Isis are prominent and interoperability of different payment
examples of what banks can expect, and as platforms. An open platform along the lines of
the market matures, partnerships like these Isis or Google Wallet is the most likely model
are the best way for banks to maintain their that will emerge as players realize the value
prominence in payments. it offers in terms of reduced costs and better
user experience. This means banks will have
• Improve the customer value proposition: At to invest in creating technological layers that
a broader strategic level, banks need to revisit allow their legacy systems to work with such
their customer value proposition on mobile a platform.
devices. As mobile payment services increase,
cognizant reports 7

8. Footnotes
1
The Aberdeen Group defines mobile payments as the ability for a consumer to fulfill payment
transactions using a consumer-owned mobile or tablet device at a merchant or retail POS/check-out
location or elsewhere. Mobile payments technology includes but is not limited to the use of mobile
contactless or near-field communications (NFC), short message service (SMS), payment sticker, mobile
wallet, wireless application protocol (WAP), direct mobile billing, pre-paid, smart poster and loyalty.
2
”Internet Trends,” Morgan Stanley, April 12, 2010, http://www.morganstanley.com/institutional/
techresearch/pdfs/Internet_Trends_041210.pdf.
3
”Pew: Smartphones Overtake Feature Phones Among Adults in the U.S.,” BGR, March 2, 2012,
http://www.bgr.com/2012/03/02/pew-smartphones-overtake-feature-phones-among-adults-in-
the-u-s/.
4
”Comscore Reports October 2011 U.S. Mobile Subscriber Market Share,” Comscore, Dec. 2, 2011,
http://www.comscore.com/Press_Events/Press_Releases/2011/12/comScore_Repor ts_
October_2011_U.S._Mobile_Subscriber_Market_Share.
5
“Mobile Shopping Goes Mainstream: Majority of U.S. Smartphone Owners Performed Shopping
Activities on Their Phone in September,” Comscore, Dec. 5, 2011, http://www.comscore.com/Press_
Events/Press_Releases/2011/12/Mobile_Shopping_Goes_Mainstream.
6
“The Mobile Movement: Understanding Smartphone Users,” Google/IPSOS OTX MediaCT U.S.,
April 2011, http://www.gstatic.com/ads/research/en/2011_TheMobileMovement.pdf.
7
“Non-Cash Payments Grew 8% Globally in 2010,” Bank Technology News, Sept. 14, 2011,
http://www.americanbanker.com/issues/176_179/mobile-payments-1042189-1.html.
8
“The Mobile Payment Opportunity: Get Paid Anytime Anywhere,” Aberdeen Group, Jan. 1, 2012,
http://www.aberdeen.com/Aberdeen-Library/7476/RA-mobile-retail-shopping.aspx.
9
“One in Four Starbucks Transactions Now Done Via Card, Including Mobile,” Mashable, Dec. 5, 2011,
http://mashable.com/2011/12/05/starbucks-26-million-mobile-transactions-in-2011/.
10
Stephen Shankland, “NFC-Equipped Phones Set to Surge,” CNet, Sept. 14, 2011, http://news.cnet.
com/8301-30685_3-20106237-264/nfc-equipped-phones-set-to-surge/.
11
Robin Sidel, “Retailers Join Payment Chase,” Wall Street Journal, March 2, 2012, http://online.wsj.com/
article/SB10001424052970204571404577255261085314318.html/.
12
Alex Cocotas, “Square's Growth Reveals the Size of Mobile Payments Opportunity,”
Businessinsider.com, March 7, 2012, http://articles.businessinsider.com/2012-03-07/news/31130950_1_
revenues-climb-note-insight.
13
Penny Crosman, “What’s the ROI of Mobile Banking? 15.7%, Forrester Says,” Americanbanker.com,
May 2011, http://www.americanbanker.com/bulletins/-1037534-1.html.
14
The Rise of Mobile Marketing: New Opportunities for Consumer Companies and Mobile Operators,”
Booz & Co., 2008, http://www.booz.com/media/uploads/Rise_Mobile_Marketing.pdf.
cognizant reports 8

9. References
Abhi Dhall, Dan Ewing, Kausik Rajgopal, Tariq Shaukat, “Payments 2020: Scenarios for Dynamic
Evolution,” McKinsey & Company, March 2011.
Gary Matuszak, Tudor Aw, Sanjaya Krishna, Charlie Garbowski, Kunal Pande, Patricia Rios, “2011 KPMG
Mobile Payments Outlook,” KPMG, July 2011.
“Dialing up a Storm: How Mobile Payments Will Create the Most Significant Revenue Opportunities
of the Decade for Financial Institutions,” PricewaterhouseCoopers, 2011.
Divakar Goswami, “Cell Me the Money: Unlocking the Value in the Mobile Payment Ecosystem,”
Deloitte Touche Tohmatsu’s Technology, Media & Telecommunications Industry Group, 2011.
Alenka Grealish, Stefan Mohr, Carl Rutstein, Jürgen Schwarz, Niclas Storz, Michael Urban, “Global
Payments 2011: Winning After the Storm,” The Boston Consulting Group, 2011.
Monica Adractas, Philip Bruno, Olivier Denecker, Viken Gazarian, Kiyoshi Miura, Kausik Rajgopal,
“The Road to Mobile Payments Services,” McKinsey & Company, September 2011.
“World Payments Report 2011,” Capgemini, The Royal Bank of Scotland PLC, EFMA, September 2011.
John Ginovsky, “Lowly POS Terminal Now a Key Link,” ABA Banking Journal, March 6, 2011.
“Mobile Payments: Risk, Security and Assurance Issues,” ISACA, November 2011.
Credits
Author
Akhil Tandulwadikar, Senior Research Analyst, Cognizant Research Center
Analyst
Shruthi Kalidindi, Research Analyst, Cognizant Research Center
Subject Matter Expert
Vinay Kumar, Senior Consultant, Cognizant Business Consulting, Banking and Financial Services Practice
Design
Harleen Bhatia, Design Team Lead
Suresh Sambandhan, Designer
cognizant reports 9

10. About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process
outsourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered
in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep
industry and business process expertise, and a global, collaborative workforce that embodies the future of work.
With over 50 delivery centers worldwide and approximately 137,700 employees as of December 31, 2011, Cognizant is
a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the
top performing and fastest growing companies in the world.
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