Transformation of payment systems: channels, technologies and business models
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1 Transformation of payment systems: channels, technologies and business models Payments Asia Summit, March 2009 Island Shangri La, Hong Kong Dr John Ure Director, TPRC Pte Ltd (Singapore) Associate Professor and Director Telecommunications Research Project University of Hong Kong
2 TRPC Started life as the consulting and services arm of the TRP 2008 it became the main event TRP website for mostly academic publications TIF website mostly for conferences/forums/discussions The current research on mobile payments and card payments undertaken for co-branded KPMG papers
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4 The Story so far Asia Pacific leads in mobile payments Micro payments are macro business NFC trials across APAC M-banking trials have started Asia Pacific lags behind US and EU in card payment systems, but Is catching up in card ownership and usage Is catching up in software applications and merchant solutions Is beginning to see outsourcing to Third Party Processors Regulators focus on either prudential issues (financial) or competition (industry) issues
5 Card and mobile payment systems Channels Mobile payments: OTA = SIM+PIN Touch N Pay = NFC (SVC Credit/debit cards = M-wallet) Cards: Card present = POS swipe/insert; M-wallet (NFC) Card not present = Internet/phone/fax, etc Technologies Network technologies, e.g. broadband, mobile 3G, NFC, etc Card technologies, eg., Chip N Pin, EMV, PCI-DSS POS technologies and software applications/payment platforms (including Internet gateways) Business Models each stakeholder has their own!
6 Types of m-payments Auctions Payment Gateway Content Remit Top-up Touchand-pay m-bank m-wallet Telecom Banking Retail Transportation Media Verticals Key: level of adoption leading, high, emerging, low.
7 M-payment Adoption Across Asia Auctions Payment Gateway Content Remit Top-up Touchand-pay m-bank m-wallet Japan Korea Hong Kong Singapore Taiwan China India Philippines Indonesia Thailand Malaysia
8 M-payment Business Models B2C: enables payment for the direct acquisition of goods or services B2B: facilitates business processes and procurement C2C: Transactions directly between end-customers but across a third-party platform P2P: Private transactions between two individuals (e.g., transferring credits or mobile minutes) Remittance: A subset of P2P. (One-way P2P.)
9 Card Payments in Asia.Roughly 30% world global credit card payments in 2007 were in Asia Pacific = $1.3 trillion 70% for purchase of goods and services 30% forwarding or withdrawing cash AP home to around 50% world s population = great growth potential Asia Pacific home to around 50% world s population = great growth potential Visa and MasterCard = 90% market share of card usage by volume and value. Source: data from Nilson Reports
10 Stakeholders Goods & services Consumer/ card holder Credit card statement Credit card payment Payment of credit card bill Merchant Issuing bank Merchant discount rate Commission Card receipt Acquiring bank Card receipt Interchange Card scheme network Settlement
11 Stakeholders Cardholders card types credit, charge, cheque, debit, SVC, discount, loyalty, gift, membership, etc. Little fraud in AP, even less liability Card Issuing banks revenues fees, rollover interest rates additional marketable services, promotional advertising, etc Little fraud in AP, most liability
12 Stakeholders Merchants business issues POS (buy vs., rental?), multi-terminals vs. multi-function (eg. separate terminals for promotional credit cards?) Surcharging and steering vs. Honour all cards Partial by-pass of card schemes (direct to issuer) by larger merchants? Card acquiring banks costs & competences data processing and or vs. financial settlements? cost-centre vs. profits centre? legacy IT & POS systems vs. all-ip NGN networks and multifunctional POS In-house vs. outsource?,
13 Stakeholders Card schemes centre of gravity? interchange fees = duopsony power? Global power of Visa and MasterCard Alternative State-sponsored networks China UnionPay India Pay for state procurement By-pass requires global networking Internet gateways a threat or not? (See below) Convergence on the cards? Citibank credit card + Octopus in Hong Kong Visa + ezlink in Singapore
14 Stakeholders Third party processors scale Acquiring via services to verticals? (eg. dynamic currency conversion, partnerships with vendors, etc) Data processing services (risk mgt, reporting, profiling, etc) Switching = one to many Financial settlements only if holding a bank or banking authority licence Owning the merchant vs. bank partnership? POS providers innovation for verticals Multi-functional terminals Software application and solutions for verticals Partner with acquirers
15 Stakeholders Telecom companies new entrant? Mobile Touch N Pay (NFC), mobile payments (OTA) Broadband networking of POS Phone cards = SVC transit/retail? (interconnecting networks?) Regulators - financial or industrial? Prudential regulation vs. competition policy Others rating agencies, standards committees, consumer groups, Competition and Fair Trading Commissions, etc.
16 Conclusions Transformation taking different forms New entrants (eg.tpps, new acquirers, Internet gateways) Potential for by-pass (eg. large issuing banks, large merchants, Internet?) New applications for industry verticals, often focused around the POS All IP-broadband networks Mobile payments and banking opportunities; NFC, etc
17 Conclusions Stakeholders can be held together by common interests, eg. s Grow the market by building the ecosystem; eg. m-payments in The Philippines Vendors, TPPs and acquirers working as partners; eg. s Merchant Solutions (First Data and Standard Chartered) Global Payments (GP and HSBC), Planet Payments (dynamic currency conversion), etc or driven apart by separate interests, eg. s MNOs vs. banks (early 2000s in S.Korea) By-pass of cards schemes
18 Conclusions Regulation financial Prudential issues/deposit taking licences Codes of conduct Regulation industrial Competition policy/card scheme rules/interchange Heavy vs. light-handed supervision It worked for telecoms, but not for capital assets markets! Are consumer credit markets safe? For the moment, yes.
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