Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments

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1 Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments By Javelin Strategy & Research June Javelin Strategy & Research All Rights Reserved

2 Executive Summary Consumers are choosing to spend more dollars online than ever before, even during the current economic recession. There is a heated competition among payment methods that will facilitate future Internet purchases. While consumers have historically favored credit cards, their preferences are changing dramatically. Lower credit limits, higher fees, interest rate hikes and a fear of debt have prompted consumers to shift payments to pay now debit alternatives. New payment methods are presented with unique challenges and must be accepted by all of the significant participants in the payments ecosystem. A recent study demonstrates that Internet PIN debit can align the needs of merchants, financial institutions, and consumers. Internet PIN debit presents the opportunity for merchants and FIs to match consumer preferences with their own interests and bottom lines. Online Retail Transaction Volume Reaches $268 Billion by $300 10% $250 Online retail purchases As a % of total retail purchases $235 $268 9% 8% Billions of dollars $200 $150 $100 $50 $ $69 $77 $56 $44 $28 $34 2.1% 1.9% 1.6% 1.4% 1.1% 0.9% $99 2.6% $148 $134 $123 $165 $ % 3.9% 3.5% 3.3% 3.1% $ % 5.2% 5.8% % 6% 5% 4% 3% 2% 1% 0% Percentage of Total Retail Sales 1 Online Retail Payments Forecast; November, 2008 Javelin Strategy & Research. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

3 Methodology Many of the findings mentioned in this paper are based on a study of debit card users. Participants used the PaySecure TM PIN pad for a mock online purchase and evaluated their experience using the software. The study was commissioned by PaySecure TM provider Acculynk and the PULSE EFT network and conducted by Javelin Strategy & Research. The study, conducted in March 2009, recruited 500 U.S. adults to participate. Participants were targeted based on age, gender and annual household income to obtain a nationally representative sample of debit card holders. To qualify for the study, participants were required to use their debit card for at least 40% of point of sale and Internet purchases, and made a purchase on the Internet in the past twelve months. The evaluation portion of the survey included several agree/ disagree questions to measure the product s ease of use, consumer acceptance and perceived security. Agreement for an item was determined as 7 or greater on a 10 point scale. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

4 Introduction U.S. Internet retail commerce reached an estimated $148 billion in 2008, representing 3.5% of all retail purchases, and is estimated to grow to 5.8% of all retail purchases (or $268 billion) by Industries such as airline reservations have seen a dramatic shift to Internet purchases 65% of these transactions are now done online. Attractive price points and convenience are just a few of the reasons consumers are purchasing more on the Internet. In Q4 2008, overall retail purchases were predicted to decrease by 9% compared to one year earlier, while Internet retail purchases similarly were predicted to decrease by only 5%. 3 This increasing ratio of retail purchases conducted online, even during last year s unstable Q4, demonstrates the continued trend toward a rise in Internet purchases. Historically, online payments have been dominated by credit cards. Merchants, tired of the cost, fraud and charge backs associated with card based payments, have sought alternatives that can help reduce the cost of accepting payments and ensure the payments accepted are legitimate. In addition, the historical industry norm of credit card use is poised for change as lower credit limits, higher fees, interest rate hikes and a fear of debt are driving consumers away from credit based payments. While bank issued credit cards garnered 60% of online retail purchases in 2007, this percentage is predicted to decrease to 40% as the growth in Internet purchases trend toward pay now debit based payments. With consumers shifting their payment behavior away from credit cards, there is an opening for new online payment methods that satisfy the needs of merchants, FIs and consumers. The growth in online payments will be in more traditional alternative payments that often have an analogous physical payment method. While cash based options such as debit cards and stored value cards are expected to grow from 30% of online retail purchases in 2007 to 43% in 2013, new ACH based alternative payments have not seen the consumer adoption that older ACH alternatives like PayPal have captured over time. As the latest entrant to the payments ecosystem, Internet PIN debit fits the profile of a preferred cashbased payment method with a popular physical analog, and has the opportunity to capture a significant portion of Internet transactions. Internet PIN debit, using bank issued debit cards and PINs, brings a large and active consumer base that will support significant adoption and a rapid increase in scale. 2 Online Retail Payments Forecast. November, 2008 Javelin Strategy & Research. 3 Quarterly Retail E commerce Sales, 4th Quarter 2008 Released: Feb. 17, 2009 U.S. Census Bureau ( Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

5 The Payments Ecosystem As a new entrant to the online payments landscape, Internet PIN debit must be embraced by the merchants accepting the payments, the financial institutions processing the payments, and, most importantly, the consumers making the payments. Acceptance by a significant percentage of these three groups must occur for Internet PIN debit to be a successful alternative in everyday use. The merchants acceptance is driven by financial considerations their bottom line. A new form of payment must provide merchants either a reduction in costs or an increase in revenues. Internet PIN debit achieves both of these goals because it lowers costs by moving existing debit and credit card purchases to a less costly network and increases revenues by catering to consumers who prefer PIN debit, who cannot purchase online because they have a PIN only card, or who refuse to purchase online without a more secure payment option. The financial institutions acceptance is driven by maintaining and growing revenue, and increasing customer loyalty. Consumers are moving away from credit cards, and Internet PIN debit provides FIs an opportunity to retain transactions within the financial institution s branded relationship. By fostering greater choice among their customers, FIs maintain the long term customer relationship value that might otherwise be lost to non bank alternatives. Maintaining these relationships is critical to the FI s ability to grow revenue through additional payment and FI products. Additionally, FIs must also consider the costs of reward programs, management, fraud mitigation and reissuance associated with credit cards and signature debit. Internet PIN debit transactions may accrue less interchange but lower expected fraud and administrative costs can result in margins that are neutral to or better than signature debit cards and credit cards. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

6 The Payments Ecosystem For consumer acceptance, any payment method, including Internet PIN debit, must be easy to use, accessible, and secure to be successful. Funds must be transferred accurately and routinely without the risk of third parties obtaining payment information or private information. Payment methods cannot require significant changes in behavior such as new registrations or enrollments, or new passwords to recall. Even more attractive to consumers are alternatives, like Internet PIN debit, that capitalize on a familiar payment behavior and which can be used both at the POS and on the Internet. Consumers get the benefit of stronger authentication when they use Internet PIN debit, which increases the security of their transaction, and the convenience of using their existing debit card and PIN, without redirection to another Web site for payment. Internet PIN Debit Value Proposition Merchants Increase in revenues Cost Savings Incremental transactions Financial Institutions Alternative way to compete Retaining transaction volume Driving transaction volume among those reluctant to shop online Online Pin Debit Consumers Increase in choice for payment methods Ready to use easy, safe and likeable method of payment Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

7 Core Links In The Payments Ecosystem THE MERCHANT LINK A merchant s priority is always its bottom line. Merchants must see either an increase in revenues or a reduction in costs to adopt any new payment method. Internet PIN debit has the potential to achieve both of these goals. The most pressing question for merchants when considering a new payment type is will this increase my revenues? A study was conducted among online shoppers who typically use debit cards for purchases to evaluate their experience using PaySecure TM, an Internet PIN debit payment method, for a mock purchase. The study found that 48% of participants would buy more often on the Internet if they could use PaySecure TM, and 83% reported they would feel safer buying from new merchants if the PIN is handled securely. This demonstrates that merchants would see increased purchases from debit card users with Internet PIN debit and with the PaySecure TM product. The other bottom line merchant motivation is whether Internet PIN debit will decrease costs. By moving credit card and signature debit card transactions to PIN debit networks, merchants can take advantage of lower interchange and reduced costs for charge backs and manual review of transactions. While offering Internet PIN debit does not preclude fraudsters from using a debit card number without a PIN, those transactions that use a PIN are less likely to be fraudulent because of dual factor authentication using a PIN that only the consumer knows. Internet PIN debit offers merchants an opportunity to move toward a lower cost per transaction and in the case of PaySecure TM, with minimal revisions to the merchant s checkout page or existing back end processes. A final merchant adoption consideration is whether consumers will view the payment method as simple, easy to use and quick with minimal disruptions to the checkout flow and a low likelihood of abandoned transactions. The Internet PIN debit model from PaySecure TM does not require redirection to a third party Web site, additional registration with an outside payment company, or any additional passwords or information that are unfamiliar to consumers. The results of the study confirmed that these PaySecure TM attributes are attractive to participants, with 89% stating they like the fact they would pay with PaySecure TM directly on the merchant s Web site without being redirected, and 86% stating they like that PaySecure TM does not require additional passwords, log ins or one time use numbers. Rapid acceptance, reduced costs, and increased revenues are attainable goals for merchants with Internet PIN debit. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

8 Core Links In The Payments Ecosystem Credit Will Decline as a Percentage of Overall Online Retail Transaction Volume 100% 90% Percentage of Online Retail Transaction Volume (Measured in dollar Volume) 80% 70% 60% 50% 40% 30% 20% 10% 0% 40% 43% 55% 52% 49% 46% 60% 30% 30% 29% 29% 28% 27% 26% 7% 6% 6% 5% 5% 4% 4% 5% 7% 9% 11% 13% 4% 4% 1% 1% 1% 1% 1% 1% 1% 8% 9% 9% 9% 10% 10% 10% Credit card Debit card (check card or ATM card) Store-branded credit cards Prepaid card or gift card Bill Me Later or similar credit service payment accounts Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

9 Core Links In The Payments Ecosystem THE FINANCIAL INSTITUTION LINK Financial institutions have a complicated role in payments. On one hand, they accrue interchange from the use of credit cards and are motivated to retain transactions on those high fee accounts. But consumer preferences are shifting away from credit cards. In fact, 51% of consumers reported decreasing their use of credit cards over Q As credit card use declines, consumer usage of alternative payments is rising. Alternatives are poised to capture 30% of the e commerce market by 2012, up from just 14% today. E mail payment methods, on the spot credit offers, stored value products and private label credit offerings threaten to erode bank card share as consumers seek greater payment choices outside of credit cards. Internet PIN debit presents financial institutions an opportunity to combat alternatives with a banksponsored payment method that is already in use at the POS and is familiar to consumers. 78% of participants in the PaySecure TM research study agreed that entering their PIN on the PaySecure TM PIN pad was similar to and as simple as entering their PIN at the ATM or grocery store. Even though it is a new entrant in online payments, Internet PIN debit has the benefit of familiarity, reducing the need to educate consumers on its usage. Financial institutions have a consumer relationship they must maintain. Given the consumer shift away from credit, Internet PIN debit is an option for retaining transactions within the financial institution s network rather than moving the transaction to an alternative payment that lies outside their purview. 63% of participants would prefer to pay with PaySecure TM than pay using PayPal, demonstrating that Internet PIN debit could be a viable alternative to alternatives. By maintaining payment relationships, financial institutions can continue to leverage the branded relationship with their customers for increased revenue. While helping FIs to maintain market share and customer loyalty by providing greater payment choice, Internet PIN debit also enables FIs to capture additional interchange from transactions that would not have occurred otherwise. In fact, 48% of debit card users reported they would buy more often on the Internet if PaySecure TM was available, an opportunity for more transactional revenue for FIs. 65% of participants agreed that if they could pay with PaySecure TM, they would feel safer buying on the Internet, demonstrating that the availability of Internet PIN debit could help FIs and merchants obtain part of the estimated $21B lost in potential sales due to security concerns with shopping online. 5 4 Annual Household Finance Survey; April, Javelin Strategy & Research. 5 Survey Finds Retailers Missed Out on $21 Billion in Sales in 2008 Due to Online Shopping Fears. March, Javelin Strategy & Research. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

10 Core Links In The Payments Ecosystem Like merchants, FIs are concerned with their bottom line. PIN debit is a secure payment method, generating only a fraction of the fraud at the POS that a non PIN transaction generates, resulting in reduced charge backs and administrative costs. The lower interchange rate of Internet PIN debit should be weighed against the expected reduction in fraud, plus the costs of loyalty rewards, customer management, fraud mitigation and reissuance programs that accompany signature debit card portfolios. Credit Card Slows: Issuers Must Provide Further Value to Spur Online Usage $120 90% Billions of Dollars $100 $80 $60 $40 $81 $81 60% 55% $86 52% $91 49% $96 46% $101 43% $107 40% 80% 70% 60% 50% 40% 30% Credit card online transaction volume (in billions) % of total online purchase volume 20% $20 10% $ % Traditional Transaction Volume Maintained Through Debit Card Growth $90 $80 $80 90% 80% $70 $70 70% $60 $53 $61 60% Billions of Dollars $50 $40 $30 $46 $40 $35 26% 27% 28% 29% 29% 30% 30% 50% 40% 30% Debit card online transaction volume (in billions) % of total online purchase volume $20 20% $10 10% $ % Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

11 Core Links In The Payments Ecosystem THE CONSUMER LINK Consumers want payment methods that are uncomplicated and easy to use, with assurance that their funds will be transferred accurately and securely without the risk of third parties obtaining their information. To cross into mainstream consumer adoption, every new online payment method must overcome these obstacles. Internet PIN debit has an analogous physical payment method POS PIN debit, which has been in use for more than 20 years. With Internet PIN debit, consumers pay right at the merchant checkout using a card they already have and a PIN only they know. Funds are deducted directly from the consumer s bank account, and Internet PIN debit purchases show up on their bank statements just like PIN debit POS purchases. The PaySecure TM study revealed that Internet PIN debit offers the right balance of ease of use and security. 96% of participants were successful in entering a PIN online and the vast majority, 93%, reported that PaySecure TM was easy to use. Additionally, 64% stated they would use PaySecure TM for all of their online debit card transactions if asked by their merchant to do so, which demonstrates a common perception that the software was easy to use and safe. The PaySecure TM study showed a clear willingness to adopt this method for online purchases. A consumer s perennial concern with any online payment is security. Due to the physical analog of PIN debit payments, consumers are one step ahead of merchants and financial institutions. The PaySecure TM study found that 65% of debit card users would feel safer buying on the Internet if they could pay with PaySecure TM. Additionally, 79% would feel more secure using their debit card online with a PIN than without one, indicating many consumers have already crossed that security hurdle. Consumers are ready to use PIN debit for their online transactions. Due to the minimal behavior changes required for consumer adoption, the PaySecure TM study presents the evidence that Internet PIN debit will be able to meet these trials of consumer adoption. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

12 Core Links In The Payments Ecosystem Half of Participants in PaySecure TM Demonstration Would Purchase More Online If I knew that my PIN cannot be stolen and the merchant never sees my PIN, I would feel safer buying from merchants that I have never shopped with before. I would use the PIN pad if it were presented to me by a trusted merchant. I would enter my PIN on the PaySecure PINpad if my merchant asked me to do so. If I could pay with PaySecure, I would feel safer buying on the Internet. I would use PaySecure for all of my online debit card transactions if my merchant asked me to I would prefer to pay with PaySecure than pay using PayPal. 83% 80% 71% 65% 64% 63% If I could pay with PaySecure, I would buy more often on the Internet. 48% 0% 20% 40% 60% 80% 100% March, 2009 n= 495 Q13: We'd like to understand how the PIN-pad software might affect your online shopping. To what extent do you agree with the following statements? Base: All participants 2009 Javelin Strategy & Research Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

13 Conclusion Consumers have historically favored credit cards for online retail shopping but their preferences are changing dramatically. Lower credit limits, higher fees, interest rate hikes and a fear of debt have prompted consumers to shift payments to pay now debit alternatives. This presents an opportunity for merchants and issuers to capitalize on this trend by offering Internet PIN debit payment methods. Merchants can take advantage of Internet PIN debit to improve their bottom line. With minimal changes and cost required to implement Internet PIN debit, merchants can see an immediate benefit from increased volume, reduced costs from shifting signature debit and credit card transactions to a lower cost channel, and reduced manual review of purchases and overhead costs from fraud and charge back management. Internet PIN debit presents financial institutions an opportunity to prevent customers from migrating to non bank payment methods. FIs can also capitalize on the growth in debit card use by offering a familiar payment method already used at the POS. Additionally, FIs should examine whether the Internet PIN debit interchange set by their EFT network is close enough to signature debit, such that any difference in revenue is more than offset by the potential cost savings of reduced fraud and charge backs. For consumers, the study found that PaySecure TM meets their needs for ease of use and security, and that they are willing to enter their PIN for online purchases. The physical world analog of PIN debit transactions gives consumers a jumping off point, and without redirections or additional registrations and passwords, they may find this method very compelling. Internet PIN debit presents an opportunity for merchants and FIs to align consumer preferences with their own interests and bottom lines to obtain the most benefit from the shift in consumer Internet payment preferences. Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments June

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