The Future of Mobile Payment. Christopher Boone President & CEO, Cimbal Inc. E: T: (650)
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1 The Future of Mobile Payment Christopher Boone President & CEO, Cimbal Inc. E: T: (650) September 24, 2013
2 Who is This Guy? Christopher Boone President & CEO, Cimbal, Inc. 20 years global experience in corp/ product development, inv banking, ecommerce and P&L management Senior roles: JP Morgan, AppCentral, Visuvi, Price Waterhouse BS Pre-Med/Physics, Notre Dame; JP Morgan Executive Finance Program (Harvard, Wharton, Columbia, NYU) Lead inventor on 12 patents in mobile payment, financial processing, virtualization, network security 2
3 Mobile Payment 101 Let s make sure we are all on the same page... 3
4 Mobile Acceptance is NOT Mobile Payment Acceptance Payment 4
5 Mobile Commerce is Not the Same as Mobile Payment Mobile payment means using the mobile device as the payment token instead of a plastic card, check, or cash Easy way to remember: if you can do the same thing on a computer browser, its mobile commerce 5
6 Why payment? Why mobile? 6
7 Transaction Markets Represent the Law of Large Numbers 7 US Market figures. Source: Fed Survey 2010.
8 Transaction Markets Represent the Law of Large Numbers $3.8 $USD Trillions ACH $1.5 Credit Cards Debit Cards 1200 U.S. Annual Credit and Charge Card Payment Volumes $36.9 ($) Billions Visa MasterCard American Express Discover* US Market figures. Source: Fed Survey 2012.
9 Mobile is the Lifestyle Device of Choice, Globally 9
10 iphone: Fastest Consumer Growth in History 10
11 ipod Changed Music iphone Revolutionized Telecom ipad Growth 3x iphone Changing PCs 11
12 Global Smartphone + Tablet Installed Base Exceeded PC Installed Base in Q
13 Mobile + Tablets = 24% of Online Shopping Black Friday 2012 (vs 6% 2010) ios 4x > than Android 59% CAGR 13
14 Android Phone Adoption 6x iphone! 14
15 Android has a Major Fragmentation Problem 15
16 Right Now It s a Two-Horse Race: ios and Android. Everyone Else is Toast. 16
17 ios is Where the Money Is Cross-Platform Revenue Comparison: ios vs. Android ios Spend c % of total mcommerce volume ios users spent 18% more on average 12% Android was 24% in
18 Something Doesn t Add Up ü ü ü Multi-Trillion dollar payment market 85% of the world has a mobile device Explosive mobile adoption trends So what s taking mobile payment so long? 18
19 Payment Innovation Lags Technology by 15 Years! 19
20 In History of Mobile Payment, Many Have Tried but No One Got it Right Ø No benefit to consumer Ø Require additional hardware Ø No targeted promotion Ø Disjointed user experience Ø Single channel limitation Ø Limited to one payment tender Ø E-receipts limited to summary information 20
21 EMV Global Penetration Today 2015 US Mandate Closing Fast Source: Richard Detura, Managing Director, Citigroup Global Consumer Fraud Risk Management 21
22 The Most Vital Key to Any New Payment Success Merchant Adoption 22
23 Crucial to Any New Payment Technology Merchant Adoption Which makes MCX all the more interesting! 23
24 What do Merchants Want? 1. Sales increase sales revenue 2. Loyalty - repeat sales, loyalty to brand 3. Data verified customer information 4. Security fraud reduction 24
25 Technologies NFC RFID Barcode Bluetooth 4.0 Watermarks Status quo VS 25
26 To NFC or Not to NFC That is the Question The Good The Bad Tap and go simplicity No network connection required Awful consumer experience to set up Expensive to deploy One financial instrument only Requires NFC enabled handset approved by telcos Inflexible in long term The Ugly Denounced by Mike Cook, Treasurer Wal-Mart Godfather of payments Closed ecosystem $0 billion today <1% addressable handset market 26
27 Barcode: Interim Solution or Long-Term Winner? The Good The Bad The Ugly Multiple apps, global standards Empower consumer with choice 100% addressable smartphone/tablet market MCX rumored to use barcodes Requires network connection (WiFi or carrier) Ugly Multiple formats (DataMatrix, QR, PDF417, Aztec, etc.) Consumer confusion QR is not truly open source If code is on phone, security can be questionable 27
28 Wallet to be Re-Imagined Over 600 Million credit cards in use in USA Average American carries 4 credit cards PLUS ü Check cards ü Loyalty cards ü Coupons ü Cash Average credit card borrowing rate is 18% vs. 2.8% 10-Year US Treasure note yield* Source: *Credit Card #s per Federal Reserve Bank of Boston, Credit Card interest rate per Indexcreditcards, 10-year Treasury yield are 01/31 averages, per Dept. of Treasury 28
29 Asset-Light Generation Wallet 29
30 The Economics of Mobile Payment Card-Not-Present rate ü Card organization contactless protocol ü Potential for new interchange class ü Google Wallet subsidizing difference between CNP and CP rates; ISIS will not. Value-add ü Targeted offers GPS (where you are) + personal information (who you are, what you buy) ü Digital coupons online to offline ü Data 30
31 Winning Mobile Payment Solution Will Include 31
32 Authentication: Leverage the Capabilities of the Device ATM/Kiosk Access via Mobile Device No Card, No Spoofing! Enhanced KYC Mobile device + PIN code Multi-factor authentication Cost effective Reduce risk Easily integrated into ATM/ kiosk & mobile app Wow! factor Less steps for best customer experience 32
33 Takeaways 1. Market: Payments represent a multi-trillion market opportunity 2. Device: Mobile is the device of choice, globally, double digit CAGR 3. Technology: ios vs Android and that s it 4. Key to a successful, new payment solution is one thing: MERCHANT ADOPTION The winning solution will be: ü Convenient to use, simple to set up ü Open, allowing any financial instrument (credit/debit cards, bank accts, stored value, etc.) ü Add value to consumers, merchants and banks ü Cloud based, not client based ü Multi-modal (in-store, online, proximity/p2p, other mediums) 33
34 Who is Going to Win? 34
35 Thank You Questions? Contact me Christopher Boone President and CEO Cimbal, Inc. T: (650) E: 35
36 Sources Appendix Mary Meeker, KPCB, Mobile & Internet Trends Henry Blogett, Business Insider, The Future of Mobile Morgan Stanley Equity Research Fed Reserve, various studies Creditcards.com GigaOm 36
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