PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC

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PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
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                       Payments on the go:
                       Making sense of the evolving
                       mobile payments landscape

Include introduzione
al contesto italiano
PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
Payments on the go: un’istantanea del mercato
italiano

Le pagine che seguono presentano       tramite mobile; è in quest’anno                                 anche rispetto agli altri Paesi
alla comunità finanziaria italiana     che cominciano infatti a                                        europei, il mercato è ancora poco
alcuni spunti di riflessione           registrarsi i primi dati di qualche                             sviluppato (nel 2014, il transato
elaborati dal Financial Services       rilievo per volumi di transazione                               del MP è stato di 0,2 miliardi su
Institute di PwC sulla diffusione e    eseguite (nel 2014 si sono                                      950, pari allo 0,02% del valore
lo sviluppo del Mobile Payments        registrate 6 milioni di transazioni                             totale dei consumi italiani3). Nella
(MP) negli Stati Uniti, indagando      relative al mobile remote                                       classifica relativa al MP Readiness
le sue prossime evoluzioni e           payment1).                                                      Index4, l’Italia si trova infatti in
suggerendo possibili indirizzi                                                                         terz’ultima posizione su 34 stati
futuri. Ciò permetterà di ricavare     Con il passare del tempo il                                     analizzati. Uno dei motivi è il forte
alcuni utili elementi di confronto e   concetto di MP oltreoceano è                                    attaccamento italiano al denaro
di differenza anche con il mercato     cambiato e si è ampliato: oggi con                              contante, ancora largamente
italiano.                              questo termine si intende la                                    utilizzato (circa l’86% delle
                                       possibilità di pagare prodotti e                                transazioni di importo inferiore a
Se negli States il MP era già          servizi, sia in prossimità che da                               100 € è effettuato in contante,
diffuso a partire dagli inizi degli    remoto e trasferire denaro con gli                              rispetto al 59% delle transazioni in
anni novanta (alcune compagnie         smartphone. Il livello di diffusione                            contante in Europa) e il ritardo
petrolifere consentivano ai propri     di questa forma di pagamento è in                               nell’adozione delle tecnologie
clienti di pagare direttamente alla    Nord America in forte espansione                                adeguate.
pompa con dispositivi RFID,            (+30% di crescita prevista per il
mentre diverse organizzazioni di       2015 rispetto all’anno
beneficienza raccoglievano denaro      precedente2), mentre in Italia,
attraverso mobile donations), per
il mercato italiano è il 2014 l’anno   1   Osservatorio Mobile Payment & Commerce del                  3 Osservatorio Mobile Payment & Commerce del
reale d’avvio dei pagamenti            2
                                           Politecnico di Milano
                                           Forrester Research, “US mobile payments forecast, 2014 to
                                                                                                         Politecnico di Milano. “Mobile Payment & Commerce: un
                                                                                                         ponte tra il mondo fisico e il mondo digitale.” 2013-2014.
                                           2019,” November 17, 2014                                    4 http://mobilereadiness.mastercard.com/the-index

                                                                                                                                                                 2
PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
In aggiunta, nel mercato italiano
si registrano quasi esclusivamente
operazioni di mobile remote
payment con tassi di crescita
simili a quelli americani (15%
annuo circa): questa è la forma di
pagamento in prevalenza legata
alla possibilità di utilizzare gli
smartphone per il pagamento di
bollettini, parcheggi, trasporti e
car sharing, che negli States è gia
utilizzata anche per il pagamento
di prodotti a distanza.

Nonostante il ritardo italiano ad
oggi registrato, nell'adozione del
MP e delle nuove tecnologie
collegate (quali i sistemi NFC ed i
contactless Pos), i segnali per i
prossimi anni sembrano positivi.
Secondo una ricerca                     Il MP nel mondo delle                 Solo più di recente si è cominciato
dell'Osservatorio Mobile Economy        Financial Institutions                a guardare al MP come ad
ci si aspetta infatti, entro il 2018,                                         un’evoluzione dei pagamenti
un forte sviluppo del mobile                                                  tradizionali ed una potenziale
proximity payment, ovvero i             Come emerge dal documento             opportunità di sviluppo e di
pagamenti in prossimità effettuati      americano, il MP è stato percepito    rafforzamento del ruolo
con lo smartphone (tra 2,5 e 5          inizialmente dalle istituzioni        dell’intermediario finanziario
miliardi di euro) e delle               finanziarie, specialmente banche,     nella filiera dei pagamenti, oltre
transazioni effettuate attraverso i     come una minaccia. La possibilità     che un’opportunità per creare un
Mobile Pos per acquistare beni e        di creare nuovi modelli di business   modello di relazione multicanale
servizi (circa 2 miliardi di euro).     legati ai pagamenti e il              con il cliente, dove i dispositivi
                                        conseguente ingresso di nuovi         mobili rappresentano un pilastro
Un incentivo allo sviluppo in Italia    competitor nel mercato dei            fondamentale. Negli anni recenti
potrebbe arrivare dalle Pubbliche       pagamenti, anche se il loro peso      le banche italiane hanno iniziato a
Amministrazioni. Ad oggi sono           resta tuttora marginale, ha           proporre soluzioni innovative ed
infatti ancora poche le PA e gli        portato gli intermediari finanziari   alcune prime esperienze di
Enti (inclusi Comuni e Città            a ripensare alla catena del valore    successo si sono affermate anche
metropolitane) che hanno                dei pagamenti nel suo complesso       in Italia, sia basate sul modello
sviluppato applicazioni per il          per cercare di mantenere un           NFC sia remote.
pagamento dei servizi di pubblica       presidio sui clienti che sono alla
utilità in mobilità (le principali si   ricerca di forme di pagamento più
legano alla vendita online di           innovative e in mobilità.
ticket).                                                                      A tendere la competizione fra le
                                                                              diverse soluzioni si giocherà sulla
A questo proposito il Governo                                                 capacità da parte dei diversi
italiano, nell’ambito delle                                                   player di garantire al cliente non
iniziative legate all’Agenda                                                  solo sicurezza ed affidabilità dei
Digitale (es. Nodo dei Pagamenti,                                             sistemi, ma anche un’esperienza di
Identità digitale, etc.), sta                                                 pagamento positiva ed integrata
promuovendo lo sviluppo dei                                                   con tutti i servizi del mobile wallet.
servizi digitali offerti dalle PA e
spronando alla maggiore
diffusione di questi.

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PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
A questa opportunità stanno già                              I fattori critici di                                             La sfida per gli operatori sarà
lavorando da tempo gli over the                              successo                                                         dunque quella di far leva da un
top (Google, Apple, Microsoft e                                                                                               lato su valori di base quali
Samsung), che a poco a poco si                                                                                                comodità, sicurezza e velocità,
stanno affacciando anche al                                  Come insegna l’esperienza                                        dall’altro di garantire insieme al
mercato italiano e che basano le                             americana, i principali fattori che                              pagamento anche servizi
loro soluzioni proprio                                       nel corso dei prossimi anni                                      aggiuntivi quali:
sull’esperienza distintiva nel                               incideranno in maniera
pagamento da far vivere al                                   significativa sullo sviluppo e la
cliente. Sarà interessante valutare                          diffusione del MP sono la                                           loyalty program, coupon,
quanto il mercato degli                                      customer experience, l’utilizzo e la                                 premi e sconti;
smartwatch potrà rafforzare la                               sicurezza dei dati, la                                              servizi informativi pre e post
user experience di un acquisto in                            collaborazione e la partecipazione                                   vendita (quali ad esempio:
mobilità e trainare il business dei                          dei diversi attori coinvolti nella filiera.                          suggerimenti, confronto prezzi
pagamenti. Ad oggi le previsioni                                                                                                  e informazioni sui prodotti);
di vendita di Apple Watch                                                                                                        integrazione dei diversi sistemi
                                                             A conferma, la recente indagine di                                   di pagamento (peer to peer,
                                                             PwC7 sulla user experience nel                                       proximity e remote).
indicano5 circa 2,8 milioni di soli                          mercato italiano dimostra che il
preordini in US contro i 3,27                                cliente non è di fatto ancora in
milioni di iPad 1 venduti nel                                grado di percepire il valore del                                 Da non trascurare gli aspetti di
relativo primo trimestre dal                                 MP come strumento di pagamento                                   protezione e corretto uso dei dati
lancio. Considerando che in tutto                            in sé, alternativo al tradizionale                               personali: questa è una delle fonti
il 2014 sono stati venduti                                   utilizzo di carte e contanti, ma solo                            di maggiore preoccupazione del
globalmente6 circa 6,8 milioni di                            come parte integrante di                                         cliente. È necessario infatti che le
wearable da polso, tra                                       un’esperienza legata ai                                          istituzioni finanziarie prestino
smartwatch e braccialetti da                                 beni/servizi che sta acquistando.                                attenzione allo sviluppo di
fitness, si può prevedere che il                                                                                              adeguati e sofisticati metodi di
biennio 2015-2016 sarà un                                                                                                     authorization e authentication.
periodo di forte cambiamento per                                                                                              Questi vanno poi opportunamente
il settore dei wearable e dei                                                                                                 comunicati e fatti percepire al
relativi servizi abilitati, tra cui i                                                                                         cliente finale senza penalizzare
pagamenti in mobilità.                                                                                                        l’usabilità e l’esperienza di
                                                                                                                              pagamento.

5   Dati di vendita Apple, Slice Intelligence, maggio 2015   7   PwC, “Total Retail 2015. Analisi dei risultati per il
6   Analisi Smartwatch Group, febbraio 2015                      mercato italiano e confronto con i principali Paesi”, 2015

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PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
Potenziali opportunità                 Gli aspetti di data monetisation                       La sfida per l’Italia consisterà nel
                                       infatti sono quelli su cui si stanno                   puntare a soluzioni integrate ed
                                       concentrando i principali                              interoperabili più sicure e
Un freno da rimuovere allo             operatori del mercato americano.                       convenienti, sia per il cliente sia
sviluppo del MP, sia nel mercato                                                              per il merchant. In tale contesto
italiano sia nord americano, è la      Alcuni dati posso dare un segnale                      saranno di supporto quegli
collaborazione spesso difficoltosa     del fenomeno8: se il Global                            interventi legislativi che tramite
tra i diversi attori coinvolti nella   Advertising Spending è dato                            adeguati sistemi di incentivi
filiera (operatori telefonici, PSP,    crescere a un CAGR del +4,7% tra                       favoriscano sempre più lo
merchant).                             il 2015 e il 2019, nello stesso                        sviluppo del digitale e dei
                                       periodo il Global Consumer                             pagamenti elettronici (es. incentivi
In particolare, i merchant/retailer    Spending salirà di solo il +2,9%.                      fiscali per adottare sistemi di
non considerano il MP come un          Questo significa che il mercato                        accettazione/App per veicolare in
servizio sufficientemente              sarà ancora più dipendente dagli                       elettronico volumi significativi di
redditizio e dimostrano una certa      investimenti in pubblicità, e da                       transazioni anche per importi
riluttanza ad investire in nuove       quanto i merchant sapranno                             inferiori ai 50€).
tecnologie di cui non percepiscono     essere distintivi in tale contesto.
benefici immediati. Un possibile                                                              Customer experience, marketing
incentivo per questi merchant          Sul lato dell’offerta, i diversi attori                automation, utilizzo e sicurezza
potrebbe essere legato allo            stanno lavorando sulla customer                        dei dati, importanza di servizi
sfruttamento e monetizzazione dei      experience, integrando il MP con                       addizionali sono alcune delle
dati sottostanti le transazioni di     servizi addizionali, consentendo al                    riflessioni su tendenze ed
pagamento.                             merchant/retailer l’accesso ad                         evoluzioni future che possono
                                       una mole di dati strutturati e                         rappresentare un sicuro spunto
Altro elemento rilevante è quello      utilizzabili per permettergli di                       anche per gli operatori del
rappresentato dalla gestione delle     rafforzare la conoscenza e la                          mercato italiano; tali aspetti
informazioni. Il MP è in grado di      relazione. In Italia, pur nella                        vengono ripresi e discussi nel
veicolare una mole significativa di    coscienza di dover sfruttare al                        punto di vista sul mercato
dati relativi alle abitudini di        meglio i dati delle transazioni                        americano che illustra come
acquisto del cliente che, se gestite   come una opportunità per                               evolvere nel MP.
ed utilizzate adeguatamente,           conoscere meglio il cliente, sono
possono garantire al                   presenti sul mercato ancora poche
merchant/retailer una visione          iniziative e progettualità di rilievo
complessiva di comportamenti e         che facciano da traino per il lancio
abitudini del proprio cliente.         di questi servizi.

La disponibilità di dati su gusti,     Lato domanda, per evitare freni e
consuetudini e tipologie di            tutelare il consumatore, ma anche
acquisto, se opportunamente            per incrementare la fiducia dei
integrate con le informazioni          consumatori e la crescita
derivanti dagli altri canali di        dell’innovazione digitale, a livello
vendita, potrebbero essere             UE è in corso di definizione la
sfruttate per sviluppare campagne      normativa di contesto9 che
promozionali e di marketing,           dovrebbe essere applicata a
offerte, sconti e premi                regime nel biennio 2017-2018.
personalizzati per il singolo
consumatore, aumentando il
valore dell’offerta al cliente e
rafforzando la relazione.

                                       8   PwC, “Global Entertainment & Media Outlook 2015-
                                           2019”, giugno 2015
                                       9   General Data Protection Regulation (GDPR)

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PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
Contatti

Marco Folcia              Gianluca Meardi
marco.folcia@it.pwc.com   gianluca.meardi@it.pwc.com
(02) 66720433             (02) 66720396
PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
The heart of the matter

Despite an estimated $142 billion market for
mobile payments by 2019, few solutions have
gained traction in the US. 1 Scattered successes
among a few providers have revealed what may
be the logical direction for success, but the
landscape is still fragmented and unknown.
To succeed, a mobile payment system will have to
solve multiple issues that have stymied adoption
in the past. How should merchants and technology
innovators work out the best plan for moving
forward?

Mobile phones have already                                       Nevertheless, it remains difficult for   Whichever mobile payment system
revolutionized our lives, often taking                           merchants who want to save money         succeeds, it will have to entice
the place of cameras, calculators, and                           and better serve customers to figure     adoption on both sides of the
paper tickets from airlines. What                                out the best plan for participating in   equation; that is, it must appeal to
they haven’t replaced—yet—is                                     this increasingly important arena.       both merchants and customers. It
money. The mobile trend has also                                 While other international payment        will have to solve multiple issues that
spawned countless mobile payment                                 options, such as M-Pesa, have            have so far stymied adoption. These
systems, but most have gained little                             established a foothold in regions        range from convenience and user
or no traction among merchants or                                where payment alternatives were          experience to security and cost.
consumers in the US. 10                                          slim, the challenge in the US and
                                                                 other developed countries is
With the stakes rising, this is about                            different. In these countries,
to change. As seen in Figure 1,                                  innovators need to figure out more
Forrester Research projects that the                             than just delivering a convenient and
mobile payments market will jump to                              secure payment solution. They need
$142 billion by 2019.11 These stakes                             to offer a broader, more satisfying
have driven innovators to keep trying                            customer experience—one that
with unflagging zeal.                                            encompasses a much larger value
                                                                 chain that could involve loyalty
                                                                 rewards, discounts, and other
                                                                 incentives, and perhaps even perks
                                                                 and experiences no one has
                                                                 considered yet.

10   Forrester Research, “US mobile payments forecast, 2014 to
     2019,” November 17, 2014.
11   Ibid.

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                                       7
PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
Figure 1: US mobile payments expected to hit $142 billion by 2019.

Source: Forrester Research, “US mobile payments forecast, 2014 to 2019,” November 17, 2014.

Payments on the go:
What mobile means for merchants and tech players                                              8
PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
An in-depth discussion

A short history of mobile                       For years, companies have tried to                         technology players. Merchants are
payments                                        figure out ways to make mobile                             also hesitant to invest. New payment
                                                payments simple, almost all without                        solutions may require costly new
Several years ago, as we noted in our
                                                widespread success. Startups such as                       point-of-sale devices and software
2011 FS Viewpoint, Dialing Up a
                                                Bling Nation, FaceCash, FonePays,                          implementations or, if handled by
Storm, financial institutions were at
                                                and Obopay have come and gone.12                           another party in the process,
risk of losing their place in the
                                                Even larger, established companies                         merchants may lose insight into
payments value chain to telcos,
                                                have had trouble with mobile                               which customers are buying which
technology innovators, and device
                                                payment systems. In 2010, AT&T                             items.
manufacturers, among others. That
                                                Mobility, T-Mobile, and Verizon
threat is still alive today, but it’s                                                                      At the same time, consumers are
                                                Wireless announced the Isis Mobile
become clear that mobile payment                                                                           reluctant to switch to a payment
                                                Wallet (renamed Softcard in 2014),
solutions are part of an evolution,                                                                        system that has not been proven to
                                                eventually teaming with major card
rather than a revolution, in a                                                                             be more convenient or more secure
                                                companies. By leveraging near-field
changing payments landscape.                                                                               than what they already use. Indeed,
                                                communication (NFC) technology,
                                                users were able to pay by tapping a                        lacking additional incentives,
Even what we think of as “mobile
                                                payment terminal with their mobile                         consumers have little reason to
payments” is changing. As early as
                                                device. However, as with other                             switch to something that requires
the 1990s, oil companies began
                                                efforts, its potential for success was                     downloading a new app and shifting
developing RFID chip-enabled
                                                unclear. While Google shut down                            ingrained habits from a card swipe to
devices that customers could wave at
                                                Softcard’s operations after it                             a relatively more complicated
the pump to buy gasoline. Charities
                                                acquired the company in 2015, it is                        smartphone. As seen in Figure 2,
have raised millions of dollars by
                                                leveraging certain aspects of the                          consumers expect many services to
enabling givers to send text-message
                                                technology in Google Wallet.                               be included in a mobile wallet.
donations that are charged to their
wireless accounts and passed on to
                                                In the face of complexity,
charities by their carriers. More
                                                success remains elusive
recently, companies like Square have
given food truck vendors and other              Why is success so elusive? There is
small businesses the ability to accept          no single answer, because mobile
credit card payments with a small               payments are elbowing their way into
card-reading device that works with             an established, complicated
smartphones and tablets. Although               ecosystem. Getting financial services
these are all forms of mobile                   players, card networks, merchants,
payments, in this article we focus on           smartphone manufacturers, and
the “in-person” solutions that enable           telcos to collaborate was never easy.
customers to use their smartphones              The question of how best to avoid
to pay for goods and services at                fraud risks was also difficult to
brick-and-mortar locations.                     answer.

                                                Now, efforts have been made more
                                                difficult by the entrance of innovative

                                                12   Adams, John. “Why Great Mobile Payment Ideas Fail.”
                                                     American Banker Bank Technology News.
                                                     www.americanbanker.com, accessed March 1, 2015.

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                                      9
PAYMENTS ON THE GO: MAKING SENSE OF THE EVOLVING MOBILE PAYMENTS LANDSCAPE - INCLUDE INTRODUZIONE AL CONTESTO ITALIANO - PWC
The increasing
Figure 2: Consumers expect many services to be included in a mobile wallet.
                                                                                              importance of data
                                                                                              Another crucial aspect hovers over
                                                                                              the mobile payment ecosystem: the
                                                                                              importance of data revolving around
                                                                                              the transaction. It’s no longer a
                                                                                              discrete question of what was bought
                                                                                              and where. With data from many
                                                                                              mobile devices, merchants can now
                                                                                              unearth a variety of insights: whether
                                                                                              consumers are responding to a
                                                                                              promotion, or if they patronize a
                                                                                              particular establishment at a regular
                                                                                              time each day. Mobile payments
                                                                                              deliver more context about a
                                                                                              transaction than ever.

                                                                                              The availability of this data creates
                                                                                              challenges. Every participant in the
                                                                                              ecosystem understands the value of
                                                                                              data, but they’ve been forced to deal
                                                                                              with incomplete views. For instance,
                                                                                              merchants know how often
                                                                                              customers come in and what they
                                                                                              buy. They don’t know how often
                                                                                              customers shop at competitors,
                                                                                              though some card issuers and larger
                                                                                              processors do. Issuers, however, may
                                                                                              have visibility into the where but not
                                                                                              necessarily the what. Knowing this
                                                                                              information provides the ability to
                                                                                              digitally influence and measure sales.
                                                                                              As seen in Figure 3, analysts predict
                                                                                              that location-targeted mobile ad
                                                                                              spend in the US will triple between
Source: Forrester Research, “US mobile payments forecast, 2014 to 2019,” November 17, 2014.
                                                                                              2014 and 2018. Each participant in
                                                                                              the value chain—merchants, issuers,
The fundamentals of debit and credit                  which double as issuers and             acquirers, processors, and carriers
transactions in and of themselves are                 networks. With mobile payments,         alike—is scrambling to stake its
complex, too. The payments                            mobile phone manufacturers are          claim.
ecosystem encompasses issuing and                     continuing to enter the fray—as
acquiring banks, networks (such as                    evidenced by Apple Pay and
Visa and MasterCard), processors                      Samsung Pay.
(First Data, Global Payments, and
others), merchants, and, of course,
consumers. The ecosystem is
muddied by players such as
American Express and Discover,

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                         10
Figure 3: Location-targeted mobile ad spend will triple between 2014 and 2018.

Source: BIA/Kelsey, “U.S. Local media forecast – mobile edition (2013-2018).”

The most salient underlying question                 That means mobile payment                                   Merchant support, however, is only
for success lies in who controls the                 solutions must take into account the                        half the equation. Customers must be
relationship with the customer and,                  cost to merchants of new technology.                        willing to adopt new technologies.
therefore, who has access to                         Point-of-sale (POS) hardware and                            Experience shows that they will do so
transactional data. While other                      software can cost several thousand                          only when it is convenient, enhances
participants within the value chain                  dollars per checkout lane; even for a                       their overall experience, and makes
have a variety of views around                       national merchant getting a volume                          them feel confident that their
transactional data, only the merchant                discount, that represents an                                financial information and transaction
has a direct relationship with the                   investment of millions of dollars.13                        data are protected from fraud.
consumer—knowledge of who Joe                        And that’s just for POS hardware and                        Consumers took years to warm up to
Smith is, as well as what he is                      software: installation,                                     credit and debit cards, only doing so
purchasing. Thus, any successful                     implementation, certification, and                          once they understood the
mobile payment solution must start                   back-end integration not included.                          convenience these cards provided,
with a strong foundation of merchant                                                                             along with additional protections
support, and it must address                         A solution that requires significant                        through regulation. Customer
merchants’ concerns about potential                  financial investment without                                adoption of mobile payments will
fraud risks.                                         providing a clear benefit to                                require new capabilities beyond the
                                                     merchants is likely to stall. But one                       status quo.
                                                     that helps them further solidify the
                                                     customer relationship—by extending
                                                     the transaction beyond the payment
                                                     into the associated realms of loyalty,
                                                     convenience, coupons, rebates, and
                                                     other tools—has a greater chance for
                                                     success.

                                                     13   CostHelper. “How Much Does a Point of Sale System
                                                          Cost?” http://smallbusiness.costhelper.com/point-of-
                                                          sale.html, accessed March 1, 2015.

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                                           11
A snapshot of current technologies
Do the latest offerings meet our criteria? A look at four major competing solutions reveals their
strengths and limitations.

Solution and provider                       First launched                   Strengths                                                    Limitations

Apple Pay (Apple)                           October 2014                        Has not attempted to supplant any                           Its NFC contactless technology is
                                                                                 player in the current ecosystem,                             only accessible to iPhone 6 users.
                                                                                 which has allowed Apple to create                           Disabled by some merchants
                                                                                 partnerships with ecosystem                                  aligned with CurrentC.
                                                                                 participants.
                                                                                                                                             Less than 3% of retailers currently
                                                                                Uses a combination of tokenized                              support NFC on their POS
                                                                                 and biometric security.                                      terminals. The October 2015 EMV
                                                                                Strong consumer following.                                   chip card compliance deadline will
                                                                                                                                              inevitably expand the number of
                                                                                                                                              compatible terminals as merchants
                                                                                                                                              upgrade to newer systems.
                                                                                                                                             Currently is not integrated with
                                                                                                                                              merchant loyalty programs.
CurrentC (Merchant                          2015 (scheduled)                    Uses QR codes and scanners                                  Privacy concerns over CurrentC’s
Customer Exchange, or                                                            rather than NFC terminals.                                   intentions to share purchasing data
MCX)                                                                            Is device-agnostic and works with                            with developers, app stores, and
                                                                                 Android and iOS operating                                    phone manufacturers may deter
                                                                                 systems.                                                     consumer adoption.14
                                                                                Uses tokenized security.                                    Requires multi-step payment
                                                                                                                                              process: opening the app, and then
                                                                                Points customers earn at one store                           scanning and confirming the codes.
                                                                                 are usable at others within the MCX
                                                                                 network.
                                                                                Lower transaction fees for
                                                                                 merchants.
Google Wallet (Google)                      September 2011                      Stores loyalty cards, gift cards, and                       Limited traction with mobile carriers
                                                                                 coupons.                                                     and merchants.
                                                                                Allows funds transfer through                               Impact of February 2015 acquisition
                                                                                 Gmail.                                                       of Softcard unclear.
                                                                                Works on hundreds of Android
                                                                                 phone models, arguably giving it
                                                                                 the broadest global reach.

Samsung Pay15                               2015 (scheduled)                    Partnerships with major credit cards                        Available only on limited number of
                                                                                 and financial institutions.                                  Samsung phones.
                                                                                Proprietary security tokenization
                                                                                 technology called Magnetic Secure
                                                                                 Transmission.
Source: PwC analysis.

14   Constine, Josh. “CurrentC Is The Big Retailers’ Clunky Attempt To Kill Apple Pay And Credit Card Fees.” TechCrunch. http://techcrunch.com/2014/10/25/currentc/, accessed March 1, 2015.
15   Samsung Mobile Press. “Samsung Announces Samsung Pay, A Groundbreaking Mobile Payment Service.” www.samsungmobilepress.com, accessed March 15, 2015.

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                                                                                     12
The importance of                               OpenTable. Customers can use the          At the same time, to spur merchant
customer experience                             app to search restaurants, make           adoption, a payment solution must
                                                reservations, and even pay for the        accommodate the collection and
At the heart of many technology
                                                meal (plus tip) at its conclusion.        analysis of marketing and purchasing
solutions—especially those relating
                                                Their rewards points are stored in        data. Apps must link to back-end
to mobility—is the question of
                                                the system for later use. The app can     “commerce platforms” to track data
customer experience. It’s particularly
                                                also e-mail receipts for expense          about the customer, from which
important because smartphone apps
                                                reimbursement.                            merchants derive benefits on an
give many enterprises direct access
                                                                                          ongoing basis. How frequently do
to customers they have never had                Uber. In addition to ordering pick-       customers visit? What do they
before, for example through indirect            ups, customers can see the fees           usually buy? Are there ways to use
selling or distribution models. How             they’ll pay ahead of time. Because        this information to cross-sell or up-
can enterprises make customer                   they pay with stored payment              sell? How can this information be
interactions so smooth and                      credentials, there’s no back-and-         used on a macro level to craft
frictionless that they become a                 forth with the driver at the end of the   marketing campaigns that entice
competitive advantage, especially in            ride. Customers can give feedback to      similar demographics?
a digitized world where                         drivers, and vice versa.
differentiation is harder than ever to                                                    Merchants, in turn, can use the
achieve?                                        The key point to remember: to spur        information to offer discounts,
                                                customer adoption, the transaction        rebates, rewards, coupons, or other
Clearly, replacing an action as simple          must be experience-driven, not            enticements, essentially creating a
as the swipe of a magnetic strip (or            device-driven. In fact, the best          priceless loop of customer
soon, a chip-and-pin dip, tap, or               transactional systems might just be       engagement. Overall, mobile
wave) is not sufficient. Just as                device-agnostic. If customers can         payment solutions must serve both
merchants have to derive an                     choose from systems that help them        these constituencies to succeed.
advantage in a mobile payment                   beat waiting for taxis or waiting in
solution, so do consumers. Some                 line for lunches or just generally save
app-based payment systems have                  time, they’ll be intrigued and
already been widely adopted by                  eventually enticed.
consumers, and those successes
highlight some key lessons that may
also apply to other payment
solutions:

Starbucks. Consumers benefit
because they can use the app to find
locations, order drinks for pick-up,
get product offers, and see
nutritional information. They can
pay for the transaction using a
scanned QR code, and do so with
stored payment credentials, taking
advantage of rewards points that can
be used at the time of purchase.

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                    13
What this means for your business

Why mobile payments                             Given all these interwoven               can they do it in a way that retains—
must move beyond the                            dependencies, it’s important to          and even expands, given the
transaction                                     identify the overarching goal: to view   increasing use of personal data—the
                                                mobile payments not as a discrete        trust that merchants and consumers
The apps used by Starbucks and
                                                transaction but through the              have in the system?
Uber offer a high level of customer             perspective of the customer
service and intimacy, and represent                                                      Merchants. In the face of
                                                relationship. It’s not the mobile
real value for the merchant and the                                                      complexity, merchants do not have
                                                payment technology, per se; it’s the
customer alike. They solve a real               opportunity to establish digital         the luxury to remain on the sidelines
consumer problem in that they                                                            when it comes to mobile payment
                                                engagement with customers. Ideally,
remove or reduce the friction in the                                                     solutions. Smartphones have become
                                                that means deep engagement with
payment process. But they don’t                 loyal customers, as well as ways to      extensions of our personas, and the
solve the overall mobile payment                                                         wallet is the most personal of
                                                entice borderline loyalists and
conundrum simply because they                                                            personal possessions. Merchants
                                                prospects, too.
represent high-frequency customer                                                        have an opportunity that cannot be
relationships. The mobile payment               What will the future of                  wasted. They can actually sidestep
scenario for casual, infrequent                 mobile payments look                     the uproar over mobile payments
transactions still remains unsolved.            like?                                    and take advantage of the
There are no clear winners yet, and                                                      fragmentation by crafting their own
no clear recipes for success.                   The challenge for all the players in
                                                                                         branded, solution- and device-
                                                this environment is complexity—the
                                                                                         agnostic options that extend the
That’s why we believe the mobile                sheer spectrum of possibilities, from
                                                                                         intimate relationships they already
payment solutions market will                   creating one’s own app to figuring
                                                                                         have with customers.
remain fragmented, much as it is                out how to integrate with various
now. New entrants will continue to              offerings without setting up one-off,    Furthermore, even as mobile
try to break into this market, and              point-to-point solutions with each       technology shines a bright light on
consumers will continue to choose               participant.                             new ways to gather data, merchants
among multiple options when                                                              must maintain a grander perspective,
making purchases—cash, debit and                Technology innovators. For
                                                                                         thinking about how to incorporate
credit cards, store cards, gift cards.          providers in the payment value chain
                                                                                         information from multiple
(They will also retain these options            to benefit from this turning point in
                                                                                         channels—mobile, web, in-store, and
as a backup for the unfortunate                 technology, they must work
                                                                                         more—into their customer
moment when their smartphone                    diligently to reduce complexity. They
                                                                                         engagement models. They must
battery dies and leaves them                    must figure out how they can retain
                                                                                         make sure they know that the Jane
temporarily impoverished.) Any new              what makes the payment process
                                                                                         Smith who’s using a mobile device is
payment system must have a number               work, while still creating ways to
                                                                                         the same Jane Smith who was sent a
of related attributes to be considered          integrate advancements. How can
                                                                                         promotional ad 48 hours earlier and
successful: merchant acceptance,                solution providers expose back-end       who then went online to research
customer convenience, loyalty                   payment capabilities to
                                                                                         products 24 hours earlier. This
rewards, security, and privacy.                 accommodate whatever new
                                                                                         requires a sense of personalization
                                                technologies might present               and scale that may be new to many
                                                themselves, and do so in a way that’s
                                                                                         merchants.
                                                not only as plug-and-play as possible,
                                                but as scalable as possible? And how

Payments on the go:
Making sense of the evolving mobile payments landscape                                                                    14
At the same time, it will be critical to        They may also need to make it easy        Ultimately, the path forward for
navigate a regulatory and privacy               for consumers to opt-out of data          merchants does not solely revolve
landscape that is only partially                collection at a later date. Merchants     around the two options of either
defined and that will continue to               will need to balance their desires to     building an app or partnering with
evolve along with the ecosystem.                completely control the experience         one of the existing mobile payment
Today, consumers typically will                 against potential consumer backlash       providers. Rather, it needs to address
accept an application’s terms of use            over privacy rights.                      multiple strategies targeted at
when they download it, ceding                                                             gaining a stronger understanding of
control of how the data is used. In             No matter what happens with               digital technologies and their
the future, regulators may create               regulations, merchants and others         potential for improving customer
laws that align this “opt-in” model             must be willing and able to answer        engagement. Those who want to
with existing laws for the sharing of           consumers’ questions about how            plant the stake of success in this new
financial services data. This means             their data will be used, disseminated,    territory must start formulating their
that app developers may have to                 and purged. As a result, merchants        plans now.
separate a consumer’s ability to use            and others should design
an app from his or her permission to            applications with these future
share data.                                     capabilities in mind.

For a deeper conversation, please contact:

Payments                                                                                     A publication of PwC’s
                                                   Retail & Consumer                         Financial Services Institute
Andrew Luca                                        Phil Bloodworth                           Marie Carr
andrew.j.luca@us.pwc.com                           phil.bloodworth@us.pwc.com                Partner
(646) 335 4649                                     (214) 754 7919                            Cathryn Marsh
                                                                                             Director
Gregory Holmes                                     PJ Ritters                                Emily Dunn
gregory.holmes@us.pwc.com                          paul.j.ritters@us.pwc.com                 Senior Manager
(415) 498 7435                                     (612) 596 6356                            Kristen Grigorescu
                                                                                             Senior Manager
Nathan Hilt                                        Bryan Oberlander
nathan.hilt@us.pwc.com                             bryan.s.oberlander@us.pwc.com
(415) 498 8074                                     (617) 530 4125

                                                   Scott Bauer
                                                   scott.d.bauer@us.pwc.com
                                                   (678) 419 1128

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Payments on the go:
Making sense of the evolving mobile payments landscape                                                                         15
Contatti

Marco Folcia                                                                  Gianluca Meardi
marco.folcia@it.pwc.com                                                       gianluca.meardi@it.pwc.com
(02) 66720433                                                                 (02) 66720396

“Payments on the go: Making sense of the evolving mobile payments landscape,” PwC, June 2015, www.pwc.com/fsi

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