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Mobile Payments Evolution


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The world of mobile payments is making exciting leaps forward. Consumers favor credit cards to cash at a ratio of 80:20. And, just as consumers were able to make that transition from cash to card, there’s an opportunity for consumers to accept and embrace a new form of payments with mobile.

Published in: Technology
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Mobile Payments Evolution

  1. 1. mobilepayments
  2. 2. www.solstice-mobile.com2 there are different companies, industries and technologies involved in mobile payments
  3. 3. Money rendered for a product or service through a portable electronic device such as a cell phone, a smartphone or a wearable. 3 what exactly are mobile payments?
  4. 4. www.solstice-mobile.com4 Today, evolution is accelerating exponentially because of increased consumer interest  coupled with a trend of companies investing in transaction friction reduction.
  5. 5. www.solstice-mobile.com5 This means that these advances in mobile payments are going to continue to happen, and at a faster pace than we have seen before.
  6. 6. Right around 2014, yearly gaps are becoming monthly gaps for new technologies to be invented. New companies are constantly getting involved.
  7. 7. www.solstice-mobile.com7 1997 Coca Cola Vending Machine via text messages 1998 First downloadable ringtones 1999 Integrated payments with i-mode 2012 Apple Passbook introduced 2011 Google Wallet with NFC debuts 2014 Apple Pay introduced 2004 First text to donate system 2006 Paypal P2P via text messages
  8. 8. www.solstice-mobile.com8 there are 4 categories of mobile payments
  9. 9. www.solstice-mobile.com9 Point of Sale (in person) Apple Pay Google Wallet CurrentC Starbucks Samsung Loop Microsoft (rumor) Peer 2 Peer (P2P) Facebook Paypal Venmo Chase Quickpay Square Cash Credit Card Enhancer Coin Plastc Stratos Wocket mCommerce Paypal Checkout Amazon 1-Click Paypal One Touch Visa Checkout Apple Pay Android Pay
  10. 10. www.solstice-mobile.com10 Google Wallet: 4% of mobile payments market (source: ITG) Apple Pay: 1 - 1.5%of mobile payments market (source: ITG) Launches Samsung Pay in 2015 right now,there’s no clear leader
  11. 11. www.solstice-mobile.com11 why is that? Many players Many use cases Divergent goalsDiverse consumer base
  12. 12. www.solstice-mobile.com12 F I N A N C I A L S E R V I C E S R E TA I L G I A N T S S TA R T U P S
  13. 13. www.solstice-mobile.com13 Merchants and retailers can still have an impact why is it important now? Mobile is still new The omnichannel experience Non traditional players can and have an impact Mobile wallets will eat up physical wallets market shares.. sooner or later
  14. 14. www.solstice-mobile.com14 source: McKinsey new checkout experiences Conveniently paying with points Custom offers and promotions what’s in it for the users?
  15. 15. 15 of Millennials Prefer Non- Traditional Payments 
 (source: FICO) Millennials Distrust financial institutions: 71% would rather go to the dentist then talk to a banker (source: Scratch) of Millennials have already used mobile payments 
 (source: Accenture) of mobile payments are made by millennials 
 (source: Nielsen) 52% millennials leading the way 45% 55%
  16. 16. www.solstice-mobile.com16 In order to succeed in mobile payments,, you have to combine both the merchant and the shopper.
  17. 17. www.solstice-mobile.com17 what’s in it for the providers? Harness the power of data Lock into services Revenue Loyalty
  18. 18. www.solstice-mobile.com18 source: Forrester mCommerce $42.5 Billion In-person payment $3.7 Billion Peer-to-peer transfer $5.25 Billion $51 billion market in 2014
  19. 19. www.solstice-mobile.com19 Business Intelligence 2018: 
 $750 Billion 2017: $718 Billion Gartner 2018: $707 Billion Juniper worldwide united states 2019: $142 Billion Forrester
  20. 20. www.solstice-mobile.com20 M-Pesa is used by 92% of Kenyans 54% of transactions on Alipay are on mobile in Paytm is used my 50 million individuals in India mobile payments are already wildly popular in other parts of the world
  21. 21. www.solstice-mobile.com21 ● Host Card Emulation - Google Wallet, Samsung Pay ● Virtual Card - Google Wallet ● Tokenization - Apply Pay, Samsung Pay, Android Pay technology used by the leaders in the industry
  22. 22. www.solstice-mobile.com22 overview of card payments
  23. 23. www.solstice-mobile.com23 google wallet
  24. 24. www.solstice-mobile.com24 tokenization - apple pay
  25. 25. www.solstice-mobile.com25 samsung pay MST (loop pay) Works at more than 90% of existing terminals
  26. 26. www.solstice-mobile.com26 FOR PHYSICAL MERCHANTS: ● POS terminals that support NFC and tokenization FOR APPS: ● Use PassKit framework ● Physical goods and services only, otherwise use In App Purchases (IAP) ● Need to use a payment processor or gateway. ○ Some processors have Apple Pay SDKs integrating apple pay
  27. 27. www.solstice-mobile.com27 ● API to allow developers to integrate payments. ● Google Wallet will use it. ● More details will likely be revealed at Google I/O on May 28 ● Will offer tokenization here’s what we know so far about android pay
  28. 28. www.solstice-mobile.com28 Pay with Wearables Apple Pay Facial Recognition CurrentC Voice Purchase Technology Trigger Peak of Inflated Expectations Trough of Disillusionment Slope of Enlightenment Plateau of Productivity Maturity Visibility All emerging technologies go through a hype cycle.  As soon as new technology triggers ‘never been done before’ experiences, the hype begins to build. The end of the hype cycle, like pay with wearables, will be moving into the mainstream mobile payments hype cycle
  29. 29. www.solstice-mobile.com29 so why aren’t mobile payments taking off?
  30. 30. www.solstice-mobile.com30 On-Demand Services mobile payments enable new experiences
  31. 31. www.solstice-mobile.com31 digital physical Mobile,beacons,IoT,and wearable technologies are blurring the lines between physical and digital experiences.
  32. 32. www.solstice-mobile.com32 This means omni-channel journeys need to be seamless and more engaging as customer’s tolerance for clunkiness plummets.
  33. 33. www.solstice-mobile.com33 You will see consumers switch to whatever brand or service offers them best experience,even if that means abandoning their previous brand loyalty.
  34. 34. www.solstice-mobile.com34 what’s next? DEVICES INTERNET TV MERCHANT METRICS CULTURE SHIFT
  35. 35. www.solstice-mobile.com35 what’s next? DEVICES • The devices people own will play a larger role in their payment. • Payments are constantly evolving - the lines are “blurring” between digital and physical. • Digital interactions will require less and less action on your part to achieve your goal, whether that goal is opening a bank account or buying lunch.
  36. 36. www.solstice-mobile.com36 what’s next? INTERNET TV • Internet TV hardware, such as Apple TV and Chromecast, will enable payments over your TV • When you see an ad for something you are interested in, you will be able to buy it then and there.
  37. 37. www.solstice-mobile.com37 what’s next? MERCHANT METRICS • Merchants will continue to contend with chicken and the egg problems for constantly implementing software and hardware solutions on their end to play with these emerging forms of payment. • The right strategy for merchants is to experiment on a small-scale and rollout larger deployments based on key success metrics, however they choose to define that success.
  38. 38. www.solstice-mobile.com38 what’s next? CULTURE SHIFT • There is a cultural and psychological issue that mobile payments are contending with, and winning. • Millennials are very wary of bankers — a lot of startups in the mobile banking space are keenly aware of this and building their products accordingly. • Some people and cultures rely more heavily on cash because they trust it. • Subscription services are gaining prevalence because they appeal to busy people, and time is becoming a resource just as much as money. • People’s thought process around payments is shifting from “Is this the lowest price” to “Will this save me the most time.”
  39. 39. www.solstice-mobile.com39 how frictionless is too frictionless? Do we want brands or services automatically buying things for us based on predictive analytics past on our past history? The answer is that it will be different for everyone.
  40. 40. www.solstice-mobile.com40 the digital & physical worlds are merging in new and exciting ways
  41. 41. www.solstice-mobile.com41 Technologies are being cross- fertilized and pollinated across all industries, and unlocking brand new customer experiences that we have never thought of before.
  42. 42. www.solstice-mobile.com42 “The best type of payment is the payment you don’t see. You want it to be invisible.” - John Lunn, former Global Director of Paypal
  43. 43. thank you 866.380.8472