Preparing for The Fourth Pillar of Mobile Payments: Payments to Merchants and Retailers

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1 Point of View Preparing for The Fourth Pillar of Mobile Payments: Payments to Merchants and Retailers After years of hearing that the era of the mobile wallet has arrived, bankers have become weary of reports that are more hype than substance. While it s true that an increasing number of consumers are using mobile devices to pay bills, each other and move money among their own accounts, mobile payments to merchants and retailers are still in the development stage due to market fragmentation, competing business models and an uncertain value proposition. Until the market matures, financial institutions should seize the real opportunities that exist in the mobile payments space today, while laying a foundation that will allow them to benefit from future opportunities. Consumers have become increasingly comfortable using their smartphones for bill payments and other financial transactions, and experts predict that mobile devices are well on their way to becoming a primary tool for managing banking relationships. What the future landscape of mobile payments will look like, however, remains unclear particularly in the area of mobile payments to merchants and retailers. The Four Pillars of Mobile Payments Paying Billers Paying Self Even the definition of mobile wallet is still evolving. For financial purposes, it can be defined as functionality that allows consumers to store credit, debit, prepaid and loyalty card information on a smartphone and tap or swipe their phones to make point-of-sale purchases or payments. This definition is sometimes expanded to include the personal information consumers carry in physical wallets today government-issued IDs, driver s licenses, health insurance cards and the like. These uncertainties leave financial institutions wondering how to develop a holistic mobile payments strategy. The Four Pillars of Mobile Payments Defined in terms of their recipients, mobile payments fall into four main categories that can be referred to as the Four Pillars of Mobile Payments (see illustration): Paying Merchants Paying Other People Source: Fiserv Inc. Paying Billers making payments to a biller using a mobile app provided by a financial institution or the biller Paying Self using a mobile device to make transfers and deposit checks into a personal bank account via mobile deposit and funds transfer capabilities Paying Other People making person-to-person (P2P) payments to individuals or groups of individuals from a mobile device

2 Paying Merchants and Retailers in-store purchases via mobile proximity payments (making near field communication (NFC), quick response (QR) code, or cloud) or online via apps and mobile websites The first three pillars of paying billers, paying self and paying other people account for the majority of mobile payments today. The Elusive Fourth Pillar Various visions and definitions of mobile payments to merchants and retailers, which can also be described as mobile commerce, currently coexist. Three distinct types of mobile commerce payments exist today, based on the technology that is used. They include mobile point of sale (POS) payments, mobile proximity payments and mobile remote payments. Mobile POS Mobile POS refers to solutions that enable merchants to accept credit and debit card payments using a cardreading device attached to the merchant s smartphone or tablet. The most familiar example of this is the Square Reader, although there are multiple other device providers active in the market. Mobile Remote Payments Mobile remote payments are purchases made using a mobile website or mobile app. Mobile remote payments are big business and growing; one third of consumers surveyed by IDC Financial Insights use their mobile devices to make mobile remote payments to Amazon, itunes and other retailers that offer mobile apps and mobile-optimized websites. Nearly all mobile remote payments are made using a card on file. Three Types of Mobile Commerce Mobile POS (Merchant Technology) Merchant uses a mobile phone as a POS terminal Square PayPal Here SpotPay Mobile Remote Payments (Consumer Technology) Purchases made online via mobile browser or app, typically using a card on file Mobile Proximity Payments (Consumer Technology) Purchases at physical POS via: NFC Barcode Bluetooth low energy Cloud-based wallet 2 Fiserv

3 Mobile Proximity Payments Mobile proximity payments are contactless, in-store payments for goods and services that are made by holding a smartphone near or tapping it on a physical, technology-enabled POS terminal. Payments are initiated from a near field communication (NFC) chip, barcode, or Bluetooth low energy capability on the phone (such as Apple s ibeacon system). Typically enabling a consumer to pay using a card on file, mobile proximity payments can improve the loyalty experience for consumers by storing many loyalty cards in one app, providing contextual offers, and facilitating offer redemption. NFC payments are more widely used outside of the U.S., particularly in France, Japan and Singapore. Due to the proprietary payment technologies and apps required to leverage NFC, the technology has yet to fulfill its promise as the next big thing in the U.S. The Starbucks mobile payments app, which enables consumers to pay for their lattes by waving a phone displaying a barcode in front of a POS scanner, is currently the leading example of mobile proximity payments in the U.S. The solution to needing a proprietary app for every retailer may lie in the cloud. Emerging cloud-based mobile proximity payments use a mobile app to access a cloud-based service, in some cases eliminating the need for changes to a consumer s phone or a retailer s POS terminal. Depending on the provider s model, funds may be drawn from a debit or credit card on file, a prepaid card or a cash in the cloud account. Cloud-based proximity payments are taking off in emerging markets due to their low cost and have evolved from existing services such as PayPal and Telefonica. In Samoa, for example, users of the mobile banking app ANZ gomoney can now pay for goods and services offered by registered ANZ gomoney merchants. Who s Ready for the Fourth Pillar? As discussed in the Fiserv paper, The Four Pillars of Mobile Payments: Immediate Opportunities, the first three pillars of mobile payments are on firm ground, with strong adoption rates that will continue to grow. Consumers are going mobile to pay themselves, pay others and pay billers in significant numbers. But what is their appetite for paying merchants via mobile? And just how interested are merchants and retailers in offering mobile payment options? Mobile POS Solutions Work for Small and Large Retailers Mobile POS, which depends on merchants having mobile devices to which they can attach card readers, is gaining ground with small and large retailers alike. For many small and micro retailers, the technology has allowed them to accept card payments for the first time. Some large retailers are using mobile POS in addition to traditional registers, to reduce checkout lines and enhance the shopping experience. Point of View 3

4 Card-on-File Accelerates Mobile Remote Transactions A growing number of consumers are making mobile remote payments because they see a compelling value proposition and have become comfortable with the same model via e-commerce. Making purchases with their phones via a card on file is convenient and saves time. Amazon s 1-Click and Uber are good examples. A contingent of consumers remain uncomfortable, however, with letting retailers store their card information. Buyers See Little Advantage to Tapping Over Swiping at the POS Research has revealed that only about a quarter of all consumers and less than half of smartphone users are currently interested in using a smartphone to make in-store purchases. The industry has yet to convince the majority that paying with their phones is better than cards or cash. Moreover, the market has been slowed by the variety of competing payments systems and technologies, leaving retailers unsure about which technology to invest in. Hardware costs alone are making retailers hesitant to move to mobile proximity payments. Barriers to Mobile Proximity Payments For Consumers Credit cards and cash still work well and are ubiquitous No single mobile proximity or cloud payment solution is offered by the majority of merchants and retailers Security concerns make some unwilling to store sensitive information on phones and transfer that information to merchants when making purchases For Merchants Cost of updating POS terminals is an issue Stakeholders (including merchants, phone manufacturers, payment networks, technology providers and banks) have yet to collaboratively develop consistent standards, rules and business arrangements Carriers (telcos) and online providers (Google, PayPal) add middleman costs 4 Fiserv

5 Whose Wallets Will They Choose? While it s premature to announce the winners in mobile commerce, and particularly in mobile proximity payments, the industry will slowly gravitate toward a smaller number of systems and providers with time. Increasing consolidation and convergence, along with improved value propositions of the evolving offerings, will accelerate adoption by consumers and merchants. Financial institutions should be aware of three primary wallet models for mobile proximity payments: Third-Party Wallets Google Wallet TM, PayPal, Isis Wallet TM, LevelUp and others offer third party wallets in which the consumer s payment information (typically a credit card) is securely stored in the cloud and can be accessed using a mobile app to streamline the process of making a purchase. Unless one of the cards on file is issued by the consumer s financial institution (and particularly if that card is not top of wallet ), the financial institution is left out of thirdparty wallet transactions. Merchant Wallets Merchant-specific wallets such as the Starbucks app are seeing more usage, especially when they improve the customer experience. Merchant Customer Exchange (MCX), which is developing a single, integrated mobile payments platform for use by a wide range of major retailers, is promising to expand and lead the merchant wallet market in the future. The initial focus of MCX is on a flexible platform that can be customized by each retailer to meet the needs of smartphone users. As with third-party wallets, financial institutions participate in merchant wallet transactions only when consumers use their card as the top of wallet card on file. Financial Institution Wallets Some financial institutions are considering mobile wallet capabilities as an extension of their mobile banking platforms. These wallets will likely allow consumers to store their credit, debit and prepaid card information within each financial institution s own mobile banking application and to choose which card to use for each purchase or payment. For consumers concerned about the risks of storing their private information online and in the cloud, financial institution wallets may be a more attractive option. Leveraging the Trust Factor Financial institutions have a clear advantage to leverage when it comes to providing mobile payments to consumers. According to the 2014 Fiserv Billing Household Survey, 40 percent of consumers trust their financial institutions most to handle electronic payments, outpacing all other entities including billers, PayPal, Amazon and Google. Because consumers trust their financial institutions to safeguard their privacy and provide secure financial transactions, financial institutions have a significant opportunity to position themselves as leading providers of mobile payment solutions. However, it s important to understand that as consumers become more accustomed to mobile banking and payments, they will choose the tools and apps that best fit their lifestyles and deliver the most value. Innovations from non-bank competitors will continue to pose threats that must be taken seriously. To retain their position as preferred and trusted providers, financial institutions must be prepared to offer a competitive mobile payments platform with the choices and options that their customers expect. They should also focus on marketing programs that communicate the security, convenience and value of their offerings. Point of View 5

6 Finishing the Foundation for Mobile Payments Leading financial institutions are already benefitting from the first three pillars of mobile payments, which include mobile bill pay, mobile deposits, mobile P2P and mobile transfers, through higher retention rates and an increase in the profitability of customers who use these tools. Banks and credit unions that do not yet have a mobile banking platform should roll one out as soon as possible, focusing on enabling the first three pillars of mobile payments. And while there is no rush to develop products that consumers and merchants are not ready for, it is wise to pay attention to the activities of mobile commerce pioneers Isis, Google Wallet, Apple, PayPal and retailers such as Starbucks so that the financial institution s mobile banking platform provides a foundation for meeting consumers needs whatever they may be. Work to Be Top of Wallet Financial institutions should be working now to make it easier for consumers to add their bank cards into any mobile payment app. This may involve a marketing campaign to promote addition of the financial institution s cards to third party wallets and merchant apps, or it might mean adding a feature to the mobile banking app making it possible to set up an online account with Amazon, complete with the bank-branded card information, in a single click. Once a card is in an app like itunes, Amazon or Starbucks, it tends to stay there so while payments may be initiated from a third party or merchant app, the financial institution remains visible to consumers and retains a revenue stream from the interchange. Card Management Feature within Mobile Banking App Deploy Peripheral Services By building out peripheral capabilities (see illustrations above) such as alert services, card management, ability to challenge transactions and payment-related functionality like mobile photo bill pay (allows users to take a picture of a bill to setup and pay billers through the mobile banking app), financial institutions create more value around mobile payments and are better positioned to encourage mobile payments at the POS. Reward Customers for Their Transactions Loyalty programs are another critical play for financial institutions that are serious about participating in mobile payments. By rewarding consumers who choose their card, financial institutions can strengthen relationships and gain traction as part of the mobile commerce ecosystem. Experts agree that mobile-driven loyalty will be critical in driving consumer adoption of mobile payments, as well as their future choices in mobile payment apps. Alert Services within Mobile Banking App 6 Fiserv

7 Merchant Funded Offers via Mobile Banking Keep an Eye on the Horizon In the future, mobile-based loyalty programs will combine location data with data analytics to deliver personalized offers, discounts at nearby stores and price comparisons (see illustration above). These value-added services will take mobile commerce to a realm that is no longer just about making payments but about the entire shopping experience. Financial institutions that are already leveraging customer information to improve retention and cross-selling opportunities will be ahead in this area. The Bottom Line The mobile commerce landscape, and the role of financial institutions within it, will continue to evolve. Financial institutions are ideally positioned to help consumers with the mobile services they are using today, including mobile deposits, funds transfers, P2P payments and bill payments. When it comes to mobile commerce solutions, particularly mobile proximity payments, some may prefer to take a wait and see approach but there is much financial institutions can do to prepare for the day when consumers use their smartphones to manage a majority of their payments and purchases. Understanding the behavioral and market shifts that are taking place will enable financial institutions to develop strategies and marketing programs that leverage the trust consumers already have in them as providers of secure payment services. By accelerating the development and execution of their mobile offerings, financial institutions can remain competitive as the market matures, and provide a firm foundation for the addition of the right mobile commerce solutions at the right time. Point of View 7

8 About the Author Ginger Schmeltzer is Senior Vice President of Emerging Payments at Fiserv, Inc. In this role, Ginger leads development and execution of enterprise-wide initiatives to facilitate the delivery of new payment services, with a focus on the rapidly evolving the mobile payments market. She also works closely with Fiserv clients assisting them with their digital channels and payments strategies and roadmaps. Ginger is a thought leader in the industry and was recently recognized by PaymentsSource as one of the most influential women in payments in Connect With Us For more information about mobile banking and payment solutions, call , or visit Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit for a look at what s next now. Fiserv Inc. 255 Fiserv Drive Brookfield, WI Fiserv Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies POV 07/14

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