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) April 23, 2014

2 A Little About Me Christopher Boone President & CEO, Cimbal, Inc. 20 years global experience in corp/product development, banking, ecommerce and P&L management Senior roles: JP Morgan, AppCentral, Cimbal, 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 1200 U.S. Annual Credit and Charge Card Payment Volumes ($) Billions US Market figures. Source: Fed Survey Visa MasterCard American Express Discover*

8 Future of Mobile Payment 1. HUGE predictable, low risk market 2. Adoption will grow into it Which form factor? 8

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 Future of Mobile Payment 1. HUGE market 2. Adoption will grow into it 3. Form factor = smartphones, tablets What ecosystem? 14

15 Right Now It s a Two-Horse Race: ios and Android. Everyone Else is Toast. 15

16 Android Phone Adoption 6x iphone! 16

17 Android has a Major Fragmentation Problem 17

18 Apple Does Not

19 Two Operating Systems Two Major OEMs

20 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 Android was 24% in % 20

21 Apple Has Your Number

22 Something Doesn t Add Up 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? 22

23 Payment Innovation Lags Technology by 15 Years! 23

24 In History of Mobile Payment, Many Have Tried but No One Got it Right No benefit to consumer Require additional hardware No targeted promotion Disjointed user experience Single channel limitation Limited to one payment tender E-receipts limited to summary information 24

25 EMV Global Penetration Today 2015 US Mandate Closing Fast 25 Source: Richard Detura, Managing Director, Citigroup Global Consumer Fraud Risk Management

26 The Most Vital Key to Any New Payment Success Merchant Adoption 26

27 Crucial to Any New Payment Technology Merchant Adoption Which makes MCX and Apple all the more interesting! 27

28 What do Merchants Want? 1. Sales 2. Loyalty 3. Data 4. Security 28

29 Value to Consumer Consumers want to make money or save money

30 Trust Still a Concern

31 Wallet to be Re-Imagined 31

32 Technologies NFC RFID Barcode Bluetooth 4.0 Watermarks Status quo VS 32

33 The Good NFC (Near Field Communication) Tap and go simplicity No network connection required The Bad The Ugly Awful consumer experience to set up Expensive to deploy One financial instrument only Requires NFC enabled handset approved by telcos Inflexible in long term Denounced by Mike Cook, Treasurer Wal-Mart Godfather of payments Closed ecosystem $0 billion today <1% addressable handset market 33

34 The Good Barcode Interim Solution or Long-Term Winner? Multiple apps, global standards Empower consumer with choice 100% addressable smartphone/tablet market MCX rumored to use barcodes The Bad The Ugly 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 34

35 Bluetooth 4.0 ( BLE) ibeacon Beacon idontthinkso 35

36 The Economics of Mobile Payment will Change Status Quo Card-Not-Present rate Card organization contactless protocol Potential for new interchange class Google Wallet subsidizing difference between CNP and CP rates; ISIS will not. Value-add Targeted offers GPS (where you are) + personal information (who you are, what you buy) Digital coupons online to offline Data 36

37 Authentication is Vital Verified device identity Firmware elements Dynamic, client + cloud Tokenized Verified financial identity Mitigate fraud Eliminate chargebacks Data + device driven 37

38 Winning Mobile Payment Solution Will Include 38

39 Who is Going to Win? 39

40 Who is Going to Win? 40

41 Thank You Questions? Contact me Christopher Boone President and CEO Cimbal, Inc. T: (650) E: 41

42 Explore a new era of payment systems CUNA Payments Roundtable May 5-6, 2014 Las Vegas, NV Join the major payment players from the credit union industry to explore the implications of payment systems and shape our industry s approach to payments as a whole. Topics covered: The Six Things That Will Change the Future of Payments The Rapidly Evolving Mobile Payment Landscape Bitcoin: What it is and Why it s Gaining Interest And more Make sure your organization is represented at this year s Roundtable. Learn more and register.

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