Evolving Mobile Payments Industry Landscape

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1 Evolving Mobile Payments Industry Landscape Mobile Banking: Can the Unbanked Bank on It? Sargent Shriver National Center on Poverty Law webinar August 16, 2012 Marianne Crowe Federal Reserve Bank of Boston Disclaimer: 1 The views expressed in this presentation are those of the presenter and do not necessarily reflect the views of the Federal Reserve Bank of Boston or the Federal Reserve System

2 Agenda Overview Opportunities Challenges Conclusions 2

3 Mobile Banking & Payment Terms Mobile Banking Mobile device connects to FI to view account or credit card balances, transfer funds between accounts, pay bills, receive account alerts, locate ATMs Mobile Payment Mobile device used to pay at point-of-sale or Internet for goods, services or digital content, transit, P2P Payment initiated via SMS, browser, mobile app, NFC, or 2D barcode Contactless/NFC (near field communication) Communication protocol that enables contactless transactions, data exchange, and wireless connections between mobile phone and merchant terminal in close proximity. NFC chip embedded in mobile phone, on SIM card, or on MicroSD chip 3

4 Trends in U.S. Mobile Payments Consumers making more mobile internet, remote and POS purchases PayPal mobile payment volume grew 500% from 2010 to 2011, estimate $3 billion in mobile payments in 2012 Google mobile shopping searches grew 220% from 2010 to 2011 Driven by more smartphones, mobile apps; incented by m-coupons, discounts, and rewards Convergence of online, mobile, and POS channels Mobile wallet developments EMV security in U.S. Non-banks (Google, PayPal, Apple, Square, carrier billers) active in payment system Cloud (remote server) alternative for storing mobile payments 4

5 Millions of U.S. Adults Percentage of U.S. Adults with Mobile Phones Smartphone Adoption Driving Mobile Need smartphone to make contactless (NFC, barcode) mobile payments; download apps and access web; receive mobile coupons, discounts Smartphone adoption by feature phone owners grew 9.5% in past year* U.S. Adult Smartphone Adoption % Actual 66 36% 90 45% % % Projected % % % % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% U.S. Smartphone Market Share* 1Q % 30.7% 3.9% 1.4% Android Blackberry 51.0% iphone Windows 5 Smartphone users (in millions) Smartphone users Base: U.S. adults with a mobile phone Javelin Strategy & Research *By operating systems Source: comscore, May 2012, *comscore July 2012

6 How the Underserved Use Mobile Underbanked 90% have mobile phones 57% have smartphones 28% use mobile banking 22% plan to use in next 12 months 17% use mobile payments 62% pay bills 20% transfer money Unbanked 63% have mobile phones 26% have smartphones 10% use mobile banking 19% plan to use in next 12 months 12% use mobile payments 40% pay bills 33% make purchases 25% transfer money Most prepaid providers offer low cost smartphones ($49 and up) Virgin Mobile began offering prepaid iphone in June Source: Board of Governors of the Federal Reserve System, Consumers and Mobile Financial Services, March 2012

7 Evolution of U.S. Mobile Banking and Payments Customer comfort shopping online via mobile transcends to physical POS NFC & Wallet NFC/ Bridge Technologies Remote Mobile Payments via app, internet QR Barcode, microsd, contactless sticker 7 P2P bank and non-bank activity Advanced Mobile Banking - transactions Basic Mobile Banking - information Online Banking led to e-commerce then m-banking

8 Advanced Capabilities Money Movement Mobile Monitoring Mobile Banking Functions Offered by Banks Check balances (DDA) View recent transactions (DDA) Check balances (savings) ATM/branch locator View any other account Check balances (Credit Card) View recent transactions (Credit Card) Transfer funds between your accounts intra-bank Pay bills Transfer funds between FIs to your own accounts Transfer funds between customers at same FI Bilingual mobile website or application Mobile P2P transfers View rewards Other: Business Mobile Banking Check balances (prepaid) Mobile Remote Deposit Capture Mobile Personal Financial Management application View Current Rates View and redeem offers based on location Open accounts over mobile phone Enroll using a mobile phone 4% 4% 0% 30% 26% 26% 26% 22% 22% 13% 13% 61% 61% 100% 100% 100% 96% 91% 78% 78% 91% 87% 8 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100% Percent of Financial Institutions August 2011, n = 23 Base: All financial institutions reviewed Javelin Strategy & Research

9 Mobile Remote Deposit Capture 9 Mobile app uses camera to send check image to FI for deposit Usually immediate availability Consumers and small businesses Offered by banks and nonbanks USAA, Chase, Bank of America, Wells Fargo PayPal, Plastyc Fraud Controls Multi-factor authentication Secure (encrypted) transmission Limit on daily customer deposit amounts KYC, customer due diligence Monitor frequency of use Detection of duplicates, doubleposting

10 Mobile P2P Replaces checks, cash, money orders Small dollar money transfers via ACH Less costly than wire Bank/card network MC MoneySend, Amex Serve, Fiserv PopMoney Bank-owned ClearXchange Bank of America, Wells Fargo, Chase Non-bank PayPal, Western Union, Dwolla Risks More cross-border remittances Money laundering Need for more KYC 10

11 Mobile Payment Opportunities Remote Proximity Platform SMS text, WAP browser NFC Mobile apps 2D Barcode app Cloud Cloud Direct Carrier Billing 11 Services Remittances, P2P Retail POS purchases Benefits Donations Digital content Internet purchases Ticketing (airline, event, parking) QSR Convenience & drug store Public transit, taxis, parking Vending Loyalty and Reward Programs Location-based services Financial inclusion Increased security, payments monitoring, alerts

12 Mobile Wallet of the Future Bank Account/ ACH Credit/ Debit Card Cash Other (PayPal, DCB, itunes/cloud, merchant app/barcode) Prepaid account/access Loyalty, rewards, coupons Mobile wallet Application stored in secure element Controls access to payment credentials (debit, credit, prepaid, checking account), coupons, loyalty, transit tickets Initiates payments from mobile phone Mobile Wallet & Secure Element Secure Element Encrypted chip in mobile phone that stores payment credentials 12

13 Mobile Wallet Initiatives Wallet Provider Features Market Embedded NFC Google prepaid account (MC) Citi MasterCard Merchant deals, loyalty programs NFC SIM card Reloadable Isis cash card All major credit/debit cards Merchant deals, loyalty programs Remote server (cloud) POS at Home Depot, 15 other retailers Online commerce via cloud All major credit/debit cards & payment methods Sprint, Citibank, MC, First Data Launched September merchants, Transit AT&T, T-mobile, Verizon Barclaycard, Chase, Capital One, Amex, Discover, MC, Visa Summer 2012: Austin, TX, Salt Lake City, UT & UTAH Transit 9M existing PayPal merchants Over 103M active PayPal accounts Launch TBD Mobile NFC TBD 13

14 Mobile Payment Disruptors Disruptor Market Features Mobile plug-in device and app Small POS merchants can accept credit/debit cards Cash & check replacement Growing competition Cloud data storage 225M+ itunes accounts 100M+ iphones, 500K+ apps itunes mobile app Merchant acquirer Assumes liability, handles charge-backs Lower merchant fees Passbook app aggregates QR/barcodes, loyalty, gift cards, boarding passes, movie tickets Direct Carrier Biller Merchant driven 2D barcode with mobile app 14K US, UK & Canada venues 55K+ mobile transactions to date Intermediary handles payment to online merchant and charge to customer mobile phone bill Closed-loop prepaid account Reload funds, track rewards Low cost, easy entry In U.S., used for small value, low risk digital content, online donations 14

15 Mobile Payment Industry Challenges Low consumer demand, unclear value proposition Multiple stakeholders Security and privacy concerns Not enough NFC-enabled phones Uncertain business model between MNOs and Banks Lack of standards for interoperability Weak merchant business case Ownership of Customer Data Lack of regulatory direction 15

16 Principles for Successful Adoption of Mobile Payments in U.S. Mobile device to initiate and receive payments for purchases between consumers and/or businesses Open mobile wallet that supports multiple payment options (credit, debit, bank account, prepaid/stored value, etc.) in a secure container NFC technology for POS contactless mobile payments, with enabling phone applications Payments cleared and settled over existing channels (credit, debit, prepaid, ACH, mobile); open to new channels Dynamic data authentication deployed for security Standards developed for the U.S. based on evolving global standards and an industry supported certification process Regulatory clarity for oversight between applicable agencies Trusted Service Managers (TSMs) to provision secure elements 16

17 Mobile Payments Security Must be Addressed Holistically Physical security of mobile device Security of app, software, wireless network Customer Authentication Account/ Wallet Security Several risk points Need shared responsibility to monitor and protect Secure Element & NFC chip Unregulated technology & service providers Payment transaction security Mobile carrier security 17

18 Mobile Regulatory Landscape No one law or governing authority oversees mobile payments Fed, FDIC, OCC, NCUA, and CFPB for financial institutions FCC oversees mobile carrier standards and competition FTC looks at consumer protection and identity fraud more broadly State regulators cover MSB and money transmitters Alternative payment providers less familiar with banking laws Status of mobile regulation Fed and Industry Workgroup met with above regulators in April 2012 Primary concerns consumer protection, privacy and data security Stressed consumer awareness before engagement Regulations and laws applicable to underlying payment methods (credit, debit, prepaid, ACH) still govern mobile payments General consensus Still too early in mobile payments evolution to regulate Focus on education and communication between industry and agencies 18

19 Conclusions Non-banks will continue to play strong roles in innovation and implementation of mobile services and technology Security and fraud issues must be addressed collaboratively to reach full adoption of mobile payments Banks and non-banks have opportunities, technology, and tools to develop viable, costeffective mobile payment solutions to support the underbanked What incentives are needed to motivate them? 19

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