Different Mobile Payment Alternatives and Framework to Analyse Developments * under elaboration *

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1 Different Mobile Payment Alternatives and Framework to Analyse Developments * under elaboration * Päivi Heikkinen Senior Economist Päivi Heikkinen 1 Structure of the presentation Research questions Ways to analyse and classify mobile payments Framework for evaluating various applications Preliminary outcome of the paper 2

2 Wireless communication: early stage of a technological innovation Lots of initiatives globally Linked to mobile commerce Alternatives to existing payment instruments Search for business cases Technology development and convergence Sim, UICC Infrared, Bluetooth, RF, NFC W-lan, WiMAX 3 Research questions Is there a way to develop more accurate framework to understand mobile payment initiatives? based on the framework, to evaluate various mobile payment initiatives, from the entire payment process perspective? 4

3 Broad definitions of mobile payments Making payments using mobile devices incl. wireless handsets, PDAs, RF-devices and NFC-based devices.» Dewan Chen Sub-group to e-payments, where mobile phones or other wireless communication devices are used to access accounts and to use payment services.»ecb 5 Putting mobile payments in existing payments framework Use of mobile communication device, commonly mobile phone, to conduct a payment transaction in which money or funds are transferred from one party to another party via an intermediary, such as financial institution, or directly without an intermediary. Mobile payment itself is neither money nor a means of payment, but a payment instrument, i.e. a medium by which payments may be initiated, activated and/or confirmed.» Karnouskos (by Mallat) 6

4 Ways to analyse and classify mobile payments Scheme-based classification Technology-based classification Usage-based classification Payment type based classification 7 Scheme-based classification by Juniper Research Mobile Payment Segment/Scheme Remote digital/mobile phone bill Remote digital/premium SMS Remote digital/mobile web&wap billing Remote digital&physical/ SMSmobile wallet& account based Remote/P2P Remote physical/mobile web&wap billing PoS/text-pin-Bluetooth PoS/Contactless Description Operators, low value for digital content For digital content&interactive TV Non-SMS for mobile web digital content SMS-based using pre-registred account and/or mobile wallet SMS-based, downloaded application, account based or phone browser Mobile web browser with WAP billing Proximity text-based and Bluetooth transactions Phones waved in front of reader, NFC or FeliCa Example Providers Most operators Content providers UK s Payforit PayPal Mobile, China based SmartPay Jieyin&PayMate Obopay, Globe Telecom mporia, Rakuten, Digby PayMate, Vodafone New Zealand NTT DoCoMo, MasterCard PayPass, Visa Contactless 8

5 Technology-based classification (suggestion) Mobile technology Examples of payment applications Gsm fixed radio connection Sms-based payment applications like ringtones or Helsinki public transportation, or mobile-paypal gprs +3G/4G packed data transmission Payment application embedded in chip together with sim, using secure element or not. Smsbased solutions like Banxafe or UICC-based as described by MobeyForum.Browser based Internet-banking. w-lan + WiMAX RF-chip short distance wireless internet connection radio frequency transponder for NFC, either as separate device in mobile handset or embedded in UICC. Browser based Internetbanking, web-payment. I-mode, Visa Contactless, MasterCard PayPass, public transportation like Octopus, Helsinki Travel Card 9 Usage-based classification by Mallat 10

6 Payment type based classification Payment Sms-based Sim/UICC-card RF-technology infrastructure t used applications based applications based applications Billing Money remittance Account based transfers Card payments P2P Ring-tones, charities M-Pesa Mobile PayPal, Digiraha, Paybox MasterCard MoneySend Switching airtime Banxafe RMV-Handy-Ticket für NFC Visa Contactless, MasterCard PayPass, Osafu-Keitai-iD 11 Framework for evaluating various applications By using Karnouskos definition and payment type - based classification following assumptions are made: Mobile payments make use of existing payment transmission mechanisms (quasi systems or directly) Mobile communication device brings a new element in payment initiation The new payment method must have comparative advantages in order to succeed 12

7 Preliminary outcome of the paper Need to redefine mobile payments Card payment by chip, irrespective where the chip is located? Prepaid by chip, irrespective where the chip is located? Account based (credit transfer) irrespective how the ct is initiated? When evaluating the efficiency of mobile payments the payment processing canbekept as a constant Evaluate efficiency for end-users Evaluate the role of 3rd parties in the process 13 Comparison of existing mobile payment applications with current payment instruments Payer, payee and operator (service providers) view Financial incentives to use Investment cost Usage cost Gains in efficiency /ease Usage experience Speed Availability Security 14

8 Environmental factors Developed countries Number of unbanked people low Payment market is saturated Payment based societies Payment instruments vs cash Mobile payments must compete with existing payment habits Developing countries Number of unbanked people high Limited financial services Mobile payments may create new markets 15 Use of mobile communication device for payment has two paths: NFC proximity payment by use of secure module Mature payment markets where Sms-based schemes lack competitiveness Application based schemes need ease Current cheap payment instruments corrupt business cases Sms-based money remittance services For developing countries May develop to e-money and be adopted more widely 16

9 Thank you for your attention Päivi Heikkinen Bank of Finland Financial Markets and Statistics Oversight of Market Infrastructure Snellmaninaukio Helsinki, Finland +358 (0)

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