Analysis of Mobile Payments in Singapore - v0.3 Jan 2018Jerry CHI 迟欣
1.Mobile Payment Players:
Banks & FIs: PayLah, Dash, UOB Mighty, OCBC Pay Anyone
Digital Giants: Apple Pay, Android Pay, Samsung Pay, AliPay, Wechat Pay, etc.
Others: GrabPay, Uber, Starbucks, AirPay, etc.
2. Formula of Successful Mobile Payments:
Learned from PayPal, AliPay, Wechat Pay etc., successful payment products need to bring relevance (strong user scenarios) and convenience (smooth user journey).
Strong user scenarios:
Offline, online, in-app;
Restaurants, taxi, fast-food, stores, café, markets, e-commerce market places, app stores / google play, games, etc.
Smooth user journey:
DO NOT complicate payment flows w/ Counter Code, physical token
3. Some open discussions:
Card schemes vs. direct bank connections;
NFC vs. QR Code;
Merchant QR Code vs. Customer QR Code;
The Future of Mobile Payments – Role of mobile wallets in consumer purchase j...Data N Charts
This report will look into why US consumers aren’t warming up to mobile payment services and how mobile wallets can integrate shopping and peer-to-peer transfers to make payments relevant with smartphone owners for wider adoption.
The value proposition of e-wallets to brands and consumers
Consumer acquisition Improving consumer adoptions of electonic wallet and the consumer adoptions process.
Mobile Payments in The Financial Services IndustryPenn Mutual
A comprehensive overview of the payments space specifically mobile payments, and how macro trends are driving revolutionary changes in how consumers purchase and transact. Mobile Payments (mPayments) is rapidly becoming the payment vehicle of choice for consumers worldwide. The primary drivers that have influenced this growth include mobile banking, social media, enabling technology, “unbanked” communities, and consumer/retailer acceptance of mobile commerce.
Growth in mobile and tablet sales is outpacing computers and in many markets now exceeds those of computers.
Acceptance and usage of mobile/tablet banking, payments, money movement, and other financial transactions are growing rapidly.
Mobile social media’s global exponential growth has become the primary channel for people to interact with friends and brands.
Convergence of mobile/tablet usage combined with social media are evolving into new, dynamic interaction models and ecommerce opportunities.
Financial service companies, most notable Banks, are faced with disintermediation and must rethink payment models and customer centric experiences.
Introduction of E-Wallets, its types, Advantages,Disadvantages, Examples of E-Wallet,Needs of E-Wallet, Top E-Wallets in World and in India, Description of Mobikwik, its Steps, Architecture of transfer between two wallets, About Paytm, How does Paytm Earn, Recharge on PayTm, Steps to use Paytm, Web Technologies of Paytm, Good at Paytm and Bad at it, Our own proposed system to overcome the disadvantage of existing system
Analysis of Mobile Payments in Singapore - v0.3 Jan 2018Jerry CHI 迟欣
1.Mobile Payment Players:
Banks & FIs: PayLah, Dash, UOB Mighty, OCBC Pay Anyone
Digital Giants: Apple Pay, Android Pay, Samsung Pay, AliPay, Wechat Pay, etc.
Others: GrabPay, Uber, Starbucks, AirPay, etc.
2. Formula of Successful Mobile Payments:
Learned from PayPal, AliPay, Wechat Pay etc., successful payment products need to bring relevance (strong user scenarios) and convenience (smooth user journey).
Strong user scenarios:
Offline, online, in-app;
Restaurants, taxi, fast-food, stores, café, markets, e-commerce market places, app stores / google play, games, etc.
Smooth user journey:
DO NOT complicate payment flows w/ Counter Code, physical token
3. Some open discussions:
Card schemes vs. direct bank connections;
NFC vs. QR Code;
Merchant QR Code vs. Customer QR Code;
The Future of Mobile Payments – Role of mobile wallets in consumer purchase j...Data N Charts
This report will look into why US consumers aren’t warming up to mobile payment services and how mobile wallets can integrate shopping and peer-to-peer transfers to make payments relevant with smartphone owners for wider adoption.
The value proposition of e-wallets to brands and consumers
Consumer acquisition Improving consumer adoptions of electonic wallet and the consumer adoptions process.
Mobile Payments in The Financial Services IndustryPenn Mutual
A comprehensive overview of the payments space specifically mobile payments, and how macro trends are driving revolutionary changes in how consumers purchase and transact. Mobile Payments (mPayments) is rapidly becoming the payment vehicle of choice for consumers worldwide. The primary drivers that have influenced this growth include mobile banking, social media, enabling technology, “unbanked” communities, and consumer/retailer acceptance of mobile commerce.
Growth in mobile and tablet sales is outpacing computers and in many markets now exceeds those of computers.
Acceptance and usage of mobile/tablet banking, payments, money movement, and other financial transactions are growing rapidly.
Mobile social media’s global exponential growth has become the primary channel for people to interact with friends and brands.
Convergence of mobile/tablet usage combined with social media are evolving into new, dynamic interaction models and ecommerce opportunities.
Financial service companies, most notable Banks, are faced with disintermediation and must rethink payment models and customer centric experiences.
Introduction of E-Wallets, its types, Advantages,Disadvantages, Examples of E-Wallet,Needs of E-Wallet, Top E-Wallets in World and in India, Description of Mobikwik, its Steps, Architecture of transfer between two wallets, About Paytm, How does Paytm Earn, Recharge on PayTm, Steps to use Paytm, Web Technologies of Paytm, Good at Paytm and Bad at it, Our own proposed system to overcome the disadvantage of existing system
Consumers Perception Towards Growing Mobile-WalletAshitha Devan
The study provides the insights of the consumer’s behavior and preferences towards M-wallets. Findings reveals that security, necessity, time, satisfaction of the services used are the factors which influences the consumers towards M-wallets and the respondents also feel that M-wallet saves time and has made life easier. Moreover the study identified the hurdles that consumers face when they want to adopt M-wallet as their mode of payment, the study witnessed that security issue is the prime concern of the respondents.
PRESENTATION ON MOBIKWIK AND CONSUMER ADOPTION IN MOBILE WALLETMd Sadique Suleman
SECTOR INFORMATION (DIGITAL WALLET) WORLD WIDE AND INDIA
GDP CONTRIBUTION
FUTURE FORECAST OF DIGITAL WALLET WORLD WIDE AND INDIA
RESEARCH PART CONSUMER ADOPTION IN MOBILE WALLET
FINDINGS OF RESEARCH
Visa master card contactless payment in china_v1Kelvin Tai
This presentation is to give the overview of VISA/MasterCard contactless payment technology in China and suggest the way how VISA/MasterCard to improve the contactless payment POS in China as strategy move against the barriers posed by Unionpay
An app design idea for E wallet for teenagers.
The name PaySay is close to 'paise' which is the currency form in India. The app is designed after understanding the need of modern ways of dealing with money in this era of mobile and technology.
Apple Pay & its potential impact on the Australasian marketWilliam Belle
ApplePay & its potential impact on the Australasian market
By William Belle - October 2014
Non animated Version, if you want the orignal one, contact me.
This work is based on my knowledge and my personal research.
__________
William Belle
| Junior Marketing & Business Development Manager in Mobile Payment & Ticketing |
http://williambelle.wordpress.com/
Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today.
Hardware-software complex to manage accounts, e-wallets, payment and loyalty cards in single application.
A mobile platform turning a smartphone into a powerful payment and loyalty tool.
- All-in-one,
- Simple authentication & authorization,
- P2P transfers,
- Pay by QR code,
- Pay by NFC,
- Pay by cards linked to an account,
- Mobile acquiring,
- Invoices,
- Loans,
- E-policies,
- Consolidation of loyalty programs,
- Discounts and promotions,
- Ticketing.
www.mwallet.pro
www.m-processing.com
[Case study] Apple Pay, the first French users go to the till Dynvibe
Eagerly awaited by fans of the Apple brand, the Apple Pay mobile payment system was launched in France on July 19th. By registering bank cards from banks who are partners of the application, the service allows users to make purchases online and in shops that are equipped with a no-contact terminal. Dynvibe, specialist in social media strategic monitoring, has analyzed nearly 2000 conversations to understand the strengths and weaknesses of this new mobile payment service and draw strategic insights for the brands.
[Eng] IoT day 2017 - eWallets: the Internet of Things Invades the Financial S...Gerson Rolim
Presentation about the importance and impact of the Internet of Things to the Banks.
- Subject: eWallets, Internet of Things and Fintechs
- Date: Apr/09/2017
- Time: 19:30h to 20:00h
- Place: Cultura Bookstore - São Paulo - Brazil
Masabi, the leader in mobile ticketing and innovative fare collection for transit, invites you discover what the latest updates from Apple - Apple Pay - mean in the context of mobile ticketing, NFC and Open Payments.
Mobile wallets have made it easy to carry out online shopping payments, online utility bill payments, mobile recharge online, DTH recharge online, online bus / movie ticket booking.
In India there are options like Paytm, Mobikwik, Vodafone M-pesa, Chillr, Free-charge, Airtel Money, Oxigen etc.
Consumers Perception Towards Growing Mobile-WalletAshitha Devan
The study provides the insights of the consumer’s behavior and preferences towards M-wallets. Findings reveals that security, necessity, time, satisfaction of the services used are the factors which influences the consumers towards M-wallets and the respondents also feel that M-wallet saves time and has made life easier. Moreover the study identified the hurdles that consumers face when they want to adopt M-wallet as their mode of payment, the study witnessed that security issue is the prime concern of the respondents.
PRESENTATION ON MOBIKWIK AND CONSUMER ADOPTION IN MOBILE WALLETMd Sadique Suleman
SECTOR INFORMATION (DIGITAL WALLET) WORLD WIDE AND INDIA
GDP CONTRIBUTION
FUTURE FORECAST OF DIGITAL WALLET WORLD WIDE AND INDIA
RESEARCH PART CONSUMER ADOPTION IN MOBILE WALLET
FINDINGS OF RESEARCH
Visa master card contactless payment in china_v1Kelvin Tai
This presentation is to give the overview of VISA/MasterCard contactless payment technology in China and suggest the way how VISA/MasterCard to improve the contactless payment POS in China as strategy move against the barriers posed by Unionpay
An app design idea for E wallet for teenagers.
The name PaySay is close to 'paise' which is the currency form in India. The app is designed after understanding the need of modern ways of dealing with money in this era of mobile and technology.
Apple Pay & its potential impact on the Australasian marketWilliam Belle
ApplePay & its potential impact on the Australasian market
By William Belle - October 2014
Non animated Version, if you want the orignal one, contact me.
This work is based on my knowledge and my personal research.
__________
William Belle
| Junior Marketing & Business Development Manager in Mobile Payment & Ticketing |
http://williambelle.wordpress.com/
Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today.
Hardware-software complex to manage accounts, e-wallets, payment and loyalty cards in single application.
A mobile platform turning a smartphone into a powerful payment and loyalty tool.
- All-in-one,
- Simple authentication & authorization,
- P2P transfers,
- Pay by QR code,
- Pay by NFC,
- Pay by cards linked to an account,
- Mobile acquiring,
- Invoices,
- Loans,
- E-policies,
- Consolidation of loyalty programs,
- Discounts and promotions,
- Ticketing.
www.mwallet.pro
www.m-processing.com
[Case study] Apple Pay, the first French users go to the till Dynvibe
Eagerly awaited by fans of the Apple brand, the Apple Pay mobile payment system was launched in France on July 19th. By registering bank cards from banks who are partners of the application, the service allows users to make purchases online and in shops that are equipped with a no-contact terminal. Dynvibe, specialist in social media strategic monitoring, has analyzed nearly 2000 conversations to understand the strengths and weaknesses of this new mobile payment service and draw strategic insights for the brands.
[Eng] IoT day 2017 - eWallets: the Internet of Things Invades the Financial S...Gerson Rolim
Presentation about the importance and impact of the Internet of Things to the Banks.
- Subject: eWallets, Internet of Things and Fintechs
- Date: Apr/09/2017
- Time: 19:30h to 20:00h
- Place: Cultura Bookstore - São Paulo - Brazil
Masabi, the leader in mobile ticketing and innovative fare collection for transit, invites you discover what the latest updates from Apple - Apple Pay - mean in the context of mobile ticketing, NFC and Open Payments.
Mobile wallets have made it easy to carry out online shopping payments, online utility bill payments, mobile recharge online, DTH recharge online, online bus / movie ticket booking.
In India there are options like Paytm, Mobikwik, Vodafone M-pesa, Chillr, Free-charge, Airtel Money, Oxigen etc.
How to Accept Bitcoins and Any Type of Credit Card from anyone in the world?KANNAN RENGARAJAN
Review of Mobile Payments Platforms created by Circle Plus Payments. Learn as a small business owner how to process payments without contracts and without paying fees! visit www.circlepluspay.com
If you're looking to develop a digital wallet app, this guide is for you. In this comprehensive guide, we'll take you through the entire process of developing a digital wallet app, from conceptualization to deployment.
A short summary of trends and technology in mobile payments. A brief look into the past, present and future of mobile payments. We will have detailed sessions on each in the coming versions.
A No-Confusion Guide to Build a Secure Mobile Wallet App in 2019Innofied Solution
Mobile payments apps have witnessed a major increase in demand lately. Wallet apps like Paytm, PayPal and others have revolutionized the online world. If you want to develop an e-wallet, watch this presentation now!
Initio Digital Innovation Digest #9 - Q1 2018Initio
Once per trimester, the Business Line Digital Transformation & Innovation of Initio publish the Digital Digest; a highlight of three recent innovations in financial industry.
The innovations selected are not the most popular and or spectacular but those we esteem to be the more representative of the digital groundwave who deeply transform the European banking and Insurance markets.
Created first for internal training and market watch, the Digital Digest became quickly popular among our clients and we choose now to share it with a larger audience.
Regularly we also producing on-demand Digests to support innovation workshops or thematic studies for the trade press.
Discover why accepting contactless payments can boost your small business, increase your customers, their average spend and isn't as expensive as you might think. This free guide has all you need to know about the fast emerging technology of contactless card payment.
Between Filth and Fortune- Urban Cattle Foraging Realities by Devi S Nair, An...Mansi Shah
This study examines cattle rearing in urban and rural settings, focusing on milk production and consumption. By exploring a case in Ahmedabad, it highlights the challenges and processes in dairy farming across different environments, emphasising the need for sustainable practices and the essential role of milk in daily consumption.
You could be a professional graphic designer and still make mistakes. There is always the possibility of human error. On the other hand if you’re not a designer, the chances of making some common graphic design mistakes are even higher. Because you don’t know what you don’t know. That’s where this blog comes in. To make your job easier and help you create better designs, we have put together a list of common graphic design mistakes that you need to avoid.
Expert Accessory Dwelling Unit (ADU) Drafting ServicesResDraft
Whether you’re looking to create a guest house, a rental unit, or a private retreat, our experienced team will design a space that complements your existing home and maximizes your investment. We provide personalized, comprehensive expert accessory dwelling unit (ADU)drafting solutions tailored to your needs, ensuring a seamless process from concept to completion.
Hello everyone! I am thrilled to present my latest portfolio on LinkedIn, marking the culmination of my architectural journey thus far. Over the span of five years, I've been fortunate to acquire a wealth of knowledge under the guidance of esteemed professors and industry mentors. From rigorous academic pursuits to practical engagements, each experience has contributed to my growth and refinement as an architecture student. This portfolio not only showcases my projects but also underscores my attention to detail and to innovative architecture as a profession.
White wonder, Work developed by Eva TschoppMansi Shah
White Wonder by Eva Tschopp
A tale about our culture around the use of fertilizers and pesticides visiting small farms around Ahmedabad in Matar and Shilaj.
Book Formatting: Quality Control Checks for DesignersConfidence Ago
This presentation was made to help designers who work in publishing houses or format books for printing ensure quality.
Quality control is vital to every industry. This is why every department in a company need create a method they use in ensuring quality. This, perhaps, will not only improve the quality of products and bring errors to the barest minimum, but take it to a near perfect finish.
It is beyond a moot point that a good book will somewhat be judged by its cover, but the content of the book remains king. No matter how beautiful the cover, if the quality of writing or presentation is off, that will be a reason for readers not to come back to the book or recommend it.
So, this presentation points designers to some important things that may be missed by an editor that they could eventually discover and call the attention of the editor.
2. 2
Payment domains covered: Point of sale, Retail & online commerce, P2P
Trends discussed (small business, consumer)
1. Small businesses adopt mobile & cloud based new POS solutions in-store.
2. Skip the wait- enabled by new POS, multi-channel & mobile technology
3. Pay without “the hassle” of pulling out your credit card
4. Personalized, hyperlocal experiences seek to provide value to shoppers
5. Buying with digital wallets- “Hidden” and “invisible” payments accelerate
6. Blockchain’s going to be big “soon”…
7. P2P payments, a way into broader consumer finance & payments
8. Cash persists
Payment domains not covered: Bill Pay, B2B, Invoicing, Payroll & Govt. payments
5. 5
A lot has to come together to make this “fraction of a
second” work…
has an iPhone
early adopter
cares about convenience and/
or security
willing to change behavior
Customer set up
wants to offer customer
choices
early adopter
uses NFC enabled POS
enables Apple Pay
SB set up
NFC
Touch ID
Secure Element/
Tokenization
Passbook/ Wallet
Apple Pay
Servers
Card issuer
SB’s bank
Merchant acquirer
Payments Processor
Card networks
Technology
innovation
Parties enabling
transaction
+
+
+
Source: https://docs.spreedly.com/guides/apple-pay/
6. 6
Take it to the next level OR get it really wrong…
“Apple Pay with Apple watch feels magical.”
7. 7
But, most of us aren’t tapping to pay in stores yet…
“Do they accept Apple Pay?”
“Hard to determine if a location accepts it,
and I feel like a tool asking, when I can just
as well pull out a credit card”
“Why do I need it…”
“How is it any faster than
pulling out my credit card?”
“Still have to carry my
wallet around…”
“Until I can get my entire wallet on the phone,
I see no point in replacing any part of it.”
47% of Apple Pay users reported that
they had experienced a failed transaction
at least once
“Doesn’t always work…”
What makes payments
products successful?
So, let’s ask ourselves…
Even though Apple Pay is a well designed user experience
9. 01.
Small businesses adopt mobile & cloud
based new POS solutions in-store.
9
94%
6%
retail sales in brick
& mortar stores
sales value of brick & mortar
retailers = $3.9 trillion
sales value of ecommerce
retailers = $294 million
https://www.nchannel.com/blog/retail-data-ecommerce-statistics/
10. Background: Opportunity in the gap
10
1. Traditional POS
Cumbersome sign up
Need training to use
Expensive, static terminals
Functionality addressed in
store checkout needs
(scanning, receipts, record
transactions)
Manual toiling to get to reports
& insights
Fear of hardware failure
In store
Opportunity in the gap
Couldn’t take card payments on the go
Can’t get merchant account
Simplified sign up & Simple pricing
Good looking & Extremely easy to use
SB perceived savvy, great conversation starter
SB’s customer didn’t have to change a thing
2. mPOS
On the go
Solves real pain
Exceptional experience
Socially cool
Square’s card swiper3. POS 2.0 (SMART POS)
Closed by cloud based, tablets or mobile
terminals, equipped with point-of-sale apps
11. 11
“Right for me”
specialized solutions per industry
“Don’t have to change
everything”
Works with existing processors
& systems
“Great experience for
my customers”
Mobile support, rewards, multi-
channel shopping
“Helps me stay on top
of my business”
Get insights, real-time sales
tracking & inventory status
Experience- SBs get “right for me” benefits with POS 2.0
“Accept many payment types”
Accept many payment methods- Apple Pay, Chip
cards, mobile apps
“Gives me control”
Scalable & flexible to cover many
locations, employee roles
“Customize it (apps) to help my business grow”
Built in OR developer platforms for loyalty, rewards, inventory,
ecommerce, order management, customer feedback & more
LOWER
GET
PAID
SELL
MORE
Top POS systems- Clover/ First data, Square (mobility), Shopkeep (multiple locations), Revel (restaurants)
12. Background: EMV liability shift, a reason for SBs to upgrade POS
12
WHAT IS EMV?
EMV -- which stands for Europay, MasterCard and Visa -- is a global gold standard for cards equipped with computer chips and the technology used to
authenticate chip-card transactions. EMV Liability shift in US went into effect on Oct 1 2015. SBs are liable for any fraudulent tons if they don’t use EMV
chip enabled devices and applications to process chip cards.
OR, DIP WITH CHIP
TAP TO PAY (NFC)
EMV CHIP CARDS: TWO WAYS TO PAY
Chip card payments much slower than swipe interaction
Dual mode cards make it easier to fall back on the swipe
Lots of businesses either haven’t experienced fraud or are in an industry where it’s all about
speed of checkout line i.e. don’t see a reason to switch
enables mobile device tap to pay
13. 01.
Small businesses adopt mobile & cloud based
POS solutions in-store.
Thought starters/ discussion….
14. 02.
Skip the wait-
enabled by new POS, multi-channel &
mobile technology
14
“1 in 3 shoppers abandoned their items when faced
with a 5 minute wait.”
http://digitalretailapps.com/death-checkout-line/
SHOPPER CONVENIENCE
15. Experience: POS enables SBs to offer their customers
15
Downtown crossing uses
LevelUp’s white labeled app
Posh Tomato uses Revel POS
with delivery management
“Buy online, skip the wait- pick up at store or have it delivered.”
16. Experience: Stores offer customers new ways to checkout
16
Pay right where I am
POS enables taking a sale to a
customer on floor. Some customers
report feeling pressured to buy.
Self checkout terminals
POS experience has evolved to a
customer friendly experience-
shoppers can check themselves out.
Mobile app self checkout
Scandit lets shoppers take
control by scanning items as
they shop and reduces
operational costs for retailers.
17. 17
Experience: Open Table’s “Pay and Go”
Customers say they feel
awkward when they get up
& leave; Unsure if the staff
knows you’ve paid.
18. 18
Wait to place order, Wait for coffee everyday/
multiple times a day
Carry loyalty card
Rewards & incentives are built in.
Order ahead, know exactly when your
coffee’s ready for pick up & skip the line
In store experience is reduced to pick
up & go
Solves real pain
Exceptional experience
Socially cool
21% of all transactions via Starbucks’ mobile app
Getting one out of every five orders through its smartphone app is an impressive feat for
Starbucks, considering mobile payments accounted for just 2.1 percent of U.S. retail
sales last year, according to estimates from Mercator Advisory Group.
Starbucks app
Rewards, killer app for
changing habits
Experience: Rewards proves to be payments killer app
19. 02.
Skip checkout lines-
enabled by multi-channel & mobile technology
Thought starters/ discussion….
20. 03.
Pay without “the hassle” of
pulling out your credit card
20
contactless payments, wearables, IOT, Biometrics
21. Experience: Tap to pay
21
Samsung Pay “works
everywhere”- unlike Apple Pay.
WHAT IS NFC?
NFC (near field communication), a set of communication protocols that enable two
electronic devices, one of which is usually a portable device like a smartphone, to
establish communication by bringing them within 4 cm (2 in) of each other.
Disney Magic
Band
Older RF technology,
Charge to my room
Samsung Pay
“Excruciating slow chip cards
finally give Apple Pay a problem to
solve.”
- wired.com
- Tokenization & fingerprint scanners
make device based payments more
secure than chip cards
Samsung Pay works anywhere (enabled with
LoopPay acquisition) unlike Apple Pay which
requires POS terminals to be NFC enabled.
Device based wallets predicted
to get some traction
22. Experience: London Transit’s tap & pay success story
22
Apple payChip Card
Time to buy a ticket
Time to buy Oyster card & top up
Have to calculate capping
Set up with chip cards you already have; Does
the calculations for you, so you’re always paying
the lowest amount
Tap and go- don’t hold up lines
Solves real pain
Exceptional experience
Socially cool
Explosive Growth when it meets a problem it can solve.
May 2016- VISA says contactless payments in Europe hit 3 billion transactions
mark in 12 months, from one-in-sixty to one-in-five. Contactless commuting on Transport
for London services is one key reason for this accelerated growth.
Contactless commuting
23. Futuristic: Will IOT make it easier to pay- “Put a ring on it”?
23
Visa’s smart jacket
MasterCard’s smart ring
MasterCard’s key fob
Futuristic payment solutions, MWC 2016, Barcelona
24. Futuristic: Easier to pay if you didn’t need devices or wearables?
24
PAY WITH YOUR FACE
Helsinki-based Uniqul uses “military-grade” facial
recognition algorithms
PAY WITH YOUR HAND
Biyo uses unique vein patterns in your palm to
create the most secure & convenient password that
you never have to remember.
Say Hi to Biometrics
25. 25
Japanese smartphone lets you pay with your eyes/ iris.
Fujitsu smartphone and Japanese telecom NTT Docomo use iris recognition in conjunction with fingerprint authentication. Users
will be able to unlock their phones and shop for things just by looking directly into the front-facing camera.
Futuristic- Easier to pay when you have to just look at it?
26. 26
FasTrak- Everyday “contactless payment”
70% of new cars expected to have internet
connection by 2020. Pay for gas, tolls,
drive-thru’s, parking with your car.
Futuristic- Connected Car Commerce
27. 03.
Pay without pulling out your credit card
Thought starters/ discussion….
29. Background: Beacons allow passive (not user-initiated) triggers to action
29
WHAT IS A BEACON & WHAT IS BLE?
Beacons are small wireless sensors that broadcast signals using Bluetooth Low Energy (BLE), for other nearby devices (100-130 feet) like
smartphones to act upon once received. BLE is the power & app friendly version of bluetooth built for IOT.
uses
[user identity
+ location]
to deliver
highly relevant, contextual,
communication
that drive action
make it easier to use or act on
personalized communication
app
beacon
Beacon technology
30. Experience: Payments go hands-free
30
WHAT IS A BEACON & WHAT IS BLE?
Beacons are small wireless sensors that broadcast signals using Bluetooth Low Energy (BLE), for other nearby devices (100-130 feet) like
smartphones to act upon once received. BLE is the power & app friendly version of bluetooth built for IOT.
SB initiates payment- user confirms
PayPal Beacon
Experience similar to failed Square wallet,
doesn’t significantly improve current experience.
Low user confidence because of lack of ubiquity
Beacons connected to POS systems recognize
customer. Users simply have to say, "I'll pay with
Google" and give their initials to the cashier. The
store employee checks the initials and a picture to
verify that they are who they claim to be.
Apple Google’s beacon platform
31. Experience Potential - solving for broader location-based needs
31
Teams are using beacons to track fan behaviors, movement,
spending inside stadiums. Exclusive, stadium-only promotions and
trivia to fans devices. The geomapping also helps alert fans on
closest restrooms or concession stands with the shortest wait times,
helps them find their seats, pay & upgrade to better seats etc.
Nordstrom bridging online
and offline
Their beacon-enabled app notifies consumers if any item in
their mobile shopping bag is in stock, as they pass by the store
which has a beacon installed at its entrance. This helps
Nordstrom provide an enriching online-to-offline shopping
experience to its consumers.
Way-finding, exclusive offers,
shortest line notifications
Events, retail, airports, hospitality, healthcare…
33. 05.
Buying with digital wallets-
“Hidden” & “invisible” payments
accelerate
33
34. 34
Mobile/Device wallet
Apple Pay, Samsung Pay, Android Pay
Digital/ Internet wallet
PayPal, Google
Branded wallet
Amazon, Walmart, Starbucks
Experience: Many types of “hidden payments” wallets
Most powerful,
multichannel capability
35. 35
FI wallets
Capital One, Chase
Lesser known wallets
Specialty wallets
KeyRing (Loyalty cards)
Capital One Wallet lets you turn credit cards
on and off- prevent unauthorized use.
36. 36
Will they continue to compete with each other?
Apple Pay on websites via
browser
People will be able to pay for goods and services
purchased in online stores through the Safari
browser on iPhones and iPads that possess Apple’s
TouchID fingerprint technology.
“Pay with Amazon” on
small business websites
Amazon Payments enables shoppers to buy at
other merchants’ websites using the payment
information stored in their Amazon account. Its
main constituency are the small- and mid-sized
merchants that are looking for new source of
customers and want to ensure their customers
that their information is safe.
37. 37
or play nice with each other…
While Apple Pay’s tap & pay in the real-world may seem
pretty mundane, it’s power to be disruptive may be really as a
device based wallet that can integrate with apps like Uber.
Branded wallet (Uber) & device based
wallet (Apple Pay) work together
38. 38
Experience: “Invisible payments” meaningful in-person
It’s snowing outside & I need a ride.
Don’t have cash to pay the cab guy.
Certainty that you’ll get a timely ride;
can track driver & contact them
Completely eliminates the awkward
payment method conversation after ride
Solves real pain
Exceptional experience
Socially cool
Uber's “invisible”
pay for your ride
NatureBox
Netflix
These subscription payments are
“invisible” too, but feel different.
39. 39
Conversational commerce- payments in context
Chat with the store to get additional info on product
& complete purchase in chat session
Chat with virtual assistant
Your virtual assistant, a form of AI,
comes up with purchase suggestions
from multiple stores. You complete
purchase within chat UI.
40. 40
Not easy- some have gotten this wrong before…
video 2:51https://youtu.be/eGM8mw7l4wI
41. 41
Experience: Using voice with your digital wallet
Alexa, ask Capital One to
pay my credit card bill."
“Alexa, order me some post-it notes”
42. 05
Buying with digital wallets—
“Hidden” and “invisible” payments accelerate
Thought starters/ discussion….
44. 44
Background: From internet era to blockchain era (internet of value/ trust)
Why’s everyone excited about BLOCKCHAIN?
It’s decentralized, and
has potential to impact all
industries on a global
basis that rely on or
utilize record keeping and
require trust, i.e. anything
today favoring
intermediaries like banks,
music labels etc.
Payments implications
- Instant settlement
- Lower costs
- Eliminates fraud
- Easier cross border
transactions
- Increased transparency
- Secure, inclusive and
efficient
- No downtime
NOTE- Bitcoin is the best known
example today of cryptocurrency,
using blockchain technology.
The block chain consists of
blocks that hold
timestamped batches of
valid transactions.
Each block includes the
hash of the prior block,
linking the blocks together.
The linked blocks form a
chain, with each additional
block reinforcing those
before it.
WHAT IS BLOCKCHAIN?
Blockchain is a distributed database that maintains a continuously growing list of data records hardened against tampering & revision. 44
Source: http://www.rogerharvey.net/blockchains-101
45. 45
Potential blockchain applications & barriers
Unknowns that may
slow down progress
Complex technology
Regulatory implications
Competing platforms
Implementation challenges
- Digital currency (Global payments)
- Record Keeping (Voting, Healthcare)
- Securities (Debt)
- Smart Contracts (Digital rights)
Examples of applications
45
47. 07.
P2P payments, a way into
broader consumer finance
and payments ecosystem.
47
Business Insider predicts that P2P payments will go from $5 billion in 2015 to a
transaction volume of $86 billion in the US by 2018.
48. 48
P2P payment experiences - what’s easier?
48
Could P2P change consumer behavior & promoting adoption of financial
products & commerce? Does that make it worth giving it away for free?
Social networks/ messaging Banks & Card NetworksPayments/ Technology
“Send money” in context of
a conversation
e.g. Facebook messenger
“Send money” from my
internet wallet - feels secure
e.g. PayPal Send Money
“Send money” from
where my money lives
e.g. Chase QuickPay
49. 49
Experience: Venmo &“social payments”
49
Venmo (PayPal) & P2P
Consumers used Venmo to transfer $1 billion in January 2016,
which is 2.5 times the volume from January 2015, and 10 times
the volume from January 2014.
Food delivery service Munchery and event tickets seller
Gametime have started accepting Venmo payments.
Splitting dinner bills or gifts or expenses with friends
Dealing with cash or checks and/or awkwardness of
asking for money
Easy sign up with Facebook & even easier to
find your friends & pay them
Made it fun for its millennial audience to post creative
comments, descriptors and inside jokes with payment
transaction, even auto-completes with emojis.
Solves real pain
Exceptional experience
Socially cool
50. 50
Experience: Getting P2P wrong
50
PayPal bump your phones to pay
socially awkward
wasn’t perceived as a significantly
better e2e experience
51. 51
P2P payments- mPesa (mobile money)
Don’t have a bank account
Banks are too far & security problems in
getting to them
Risky, i.e. High transaction costs for banks
Use any phone to transfer money via text
message
Convenient for locals who interact with these
intermediaries anyway when reloading mobile
balance
Solves real pain
Exceptional experience
Socially cool
m- Pesa in Kenya
WHAT IS mPESA?
M-Pesa, mobile phone based payment & money transfer service, allows people to transfer e-money between each other via text message. Virtual
money is backed up by real money in a bank account not owned by the user. Use it to deposit, withdraw, transfer money & pay for goods/ services
mPESA launched by Vodafone in 2007 for
Safaricom (Kenya) and Vodacom (Tanzania)
52. 07
P2P mobile payments moving at light speed.
Thought starters/ discussion….
54. 54
WHY WE DON’T LIKE CASH…
bulky,
messy,
less secure,
money out of my pocket now
(problem for both investment
savvy & for cash strapped),
expensive for businesses to
count, deposit & reconcile
and the list goes on…
CASH IS FADING…
“I have less than
$20 on me…”
54
Our wallets
increasingly
look like this…
55. 55
Why are some still holding on to cash?
No set up costs
No per transaction fees
More customers
Real money (perceived low risk)
BUSINESSES
Convenient for small purchases
Accepted everywhere
Only method accepted
Easier for unbanked households
Back up method when technology fails
Off the record spending
CONSUMERS
57. 57
Estimated cash usage worldwide…
Transactions via cash in India: 98%
Transactions via cash in US: 55%
Source: https://www.technologyreview.com/s/534021/technology-repaints-the-payment-landscape/
58. 58
FUTURE: CASH IN OR CASH OUT?
DENMARK TO BECOME THE
FIRST CASHLESS NATION…
CITIES PRINT THEIR OWN CURRENCY
TO BOOST LOCAL ECONOMY…
Source: news.com.auSource: http://www.bbc.com/news/uk-england-devon-34112438