Key Topics in Mobile Payments. Marianne Crowe Federal Reserve Bank of Boston m-enabling Summit June 10, 2014

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1 Key Topics in Mobile Payments Marianne Crowe Federal Reserve Bank of Boston m-enabling Summit June 10, 2014

2 Agenda Overview of mobile payments landscape Role of Federal Reserve Mobile Payments Industry Workgroup Opportunities for Mobile Financial Inclusion 2

3 3 Evolution of Mobile Payments NFC Card Emulation, Cloud, Wallet QR Code Prepaid Access Remote Payments mapp, Internet Mobile Remote Deposit Capture (mrdc) Mobile Banking Transaction Services Bill Pay, P2P Mobile Banking Information Services Online Banking & Card Payments 3

4 Consumer Adoption of Mobile Payments Slowly Increasing Mobile Payment Users Mobile Payment Users (Smartphones) 17% 15% 24% 24% 2013, n= , n=2291 Ubiquity of mobile phone is changing how consumers access and pay for financial services 66% of mobile payment users paid a bill online 17% of smartphone users made POS mobile payment 39% using QR code and 14% tapping phone at POS Unclear value and security concerns limit adoption of mobile payments 63% do not use mobile payments due to security concerns 61% see no benefit from using mobile payments Source: Federal Reserve Board, Consumers and Mobile Financial Services, March

5 Mobile Payments and Mobile Wallets Mobile phone is used to make a proximity or remote purchase Venue may be point-ofsale (POS), P2P, transit, e-commerce, digital content or mobile app Fund through credit/debit or prepaid account, bank account (ACH) or charged to a mobile phone bill. Mobile Wallet application controls access to payment credentials, loyalty programs, transit tickets, etc. stored in the secure element in mobile phone Digital Wallet application in mobile phone manages access to payment credentials stored in cloud. 5

6 Mobile Payment Technology Near Field Communication (NFC): Standards-based wireless communication technology that exchanges data between devices a few centimeters apart (e.g., mobile phone and merchant POS terminal). Secure element tamper-proof, encrypted smart chip in the mobile phone that stores customer account credentials for NFC payments. Host Card Emulation (HCE): Software that represents a smartcard, eliminating the need for secure element to store and manage access to payment credentials. Routes NFC communications through mobile phone s host processor and stores and transmits payment card credentials via the cloud. Cloud-based mobile payments have payment credentials stored in the cloud (i.e., a remote server). Payments may be initiated from a mobile app, QR code, NFC. 6

7 Mobile/Digital Wallets Wallet Provider Features NFC with Host Card Emulation (HCE) to tap & pay at point of sale Can load any credit/debit account with credentials stored in cloud JV between AT&T, Verizon and T-Mobile NFC with secure element in Isis-ready SIM card that stores payment credentials Prepaid account through AmEx Serve product Keys mobile phone number & PIN at POS to access PayPal account to pay Payment credentials stored in cloud Cloud-based for mobile and online purchases; not POS Customer can link Visa & other card accounts Top U.S. merchants; mobile app with QR code to pay at participating retail/grocery stores, restaurants, gas stations 7

8 Federal Reserve Role in Mobile Payments Goal to foster integrity, accessibility and efficiency of payment system Mobile payments viewed as new channel into traditional payments system Fed neutrality Fed experience as regulator and operator can help educate non-banks on payment and consumer protection responsibilities 8

9 Mobile Payments Industry Workgroup Represents major U.S. mobile payment stakeholders traditional and emerging payment providers Financial institutions Merchants and card networks Clearing/settlement organizations Payment processors Online payment providers Payment trade associations U.S. Treasury Mobile Network Operators Handset/OS manufacturers Chip makers Mobile solution providers Mobile carrier trade association Builds consensus on mutual points of value and challenges Works collaboratively to reach critical mass for secure, efficient retail mobile payment adoption Helps Fed understand industry role in mobile payments ecosystem 9

10 MPIW Activities Support key principles for successful U.S. retail mobile payment ecosystem Interoperability, ubiquity, open wallet, security of mobile device and transaction, regulatory clarity Convene MPIW and other industry stakeholders to share perspectives and issues on POS mobile payment developments Assess impacts of new technologies, solutions & risks Work to remove barriers to secure mobile adoption through analysis of potential risks and mitigation tools such as tokenization and authentication Identify potential gaps in mobile payment standards Keep abreast of regulatory developments 10

11 Challenges to Mobile Payment Adoption Fragmented market Strong merchant/ nonbank roles Data security and privacy Online, mobile & POS channel convergence Incentives for consumer adoption EMV Migration Competing technologies NFC, HCE, Cloud, QR code Lack of interoperability and standards Complex regulatory structure 11

12 Mobile Can Expand Financial Access and Inclusion for the Underserved Mobile provides real-time, 24x7 access to financial data Replaces cash/check/money orders with less costly and less risky electronic payment for bills, purchases, P2P, mrdc Customizable mobile alerts PFM/budget tools: track account balances, amount spent and available funds Source: FRBoard, Consumers and Mobile Financial Services, March

13 Prepaid Mobile Banking Services 22% of consumers use prepaid products Many are under or unbanked 69% of unbanked have mobile phones 49% of which are smartphones 88% of underbanked have mobile phones 64% of which are smartphones New account enrollment improves accessibility Can be offered with bank and non-bank prepaid accounts Can open account anytime, anywhere, via mobile web or app Not limited by branch operating hours and locations Source: FRBoard, Consumers and Mobile Financial Services, March

14 Prepaid Savings Tools 21% of underbanked and 21% of unbanked set aside emergency funds to cover three months of expenses Some products integrate savings features into mobile app AmEx Bluebird SetAside Account GoBank Money Vault Banking Up UPside Rainy Day Reserve Aspirational savings tools No minimum deposit or balance requirement No interest earned Transfer funds into savings portion of prepaid account Access funds by moving money from savings portion to spending portion of account Cannot pay or withdraw cash from savings portion to discourage frequent non-essential withdrawals 14

15 Examples of Mobile Banking/Prepaid Solutions GPR prepaid account card Mobile banking features: New account open, direct deposit, alerts, bill pay, P2P, mrdc, ATM access, free cash reload at Walmart GPR prepaid account card Mobile banking features: Alerts, mobile RDC, direct deposit, free cash reloads/withdrawals at Chase ATMs and branches COMMON FEATURES Green Dot Bank branchless mobile bank account Mobile banking features: Open new account, alerts, mobile RDC, P2P, bill-pay, direct deposit, ATM network, cash deposits at some retail/convenience stores All FDIC-insured. Bluebird and Chase Liquid have mobile apps. No minimum balances or overdraft fees. Monthly fees vary. Bluebird and GoBank offer aspirational savings tools GoBank has a PFM tool. 15

16 Potential Industry & Policy Issues How to secure mobile payment transactions endto-end on multiple technology platforms Addressing gaps in mobile standards Ensuring consumer data protection and privacy Ensuring a level playing field in financial services with accessibility for all consumer segments 16

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