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JWT the Future of Payments and Currency

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October 2014 PAYMENTS & CURRENCY THE FUTURE OF 2 Introduction ..............................................................................................3 Trend drivers.............................................................................................5 New ways to pay ..................................................................................... 10 Mobile wallets ........................................................................................ 11 Branded apps ..
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  October 󰀲󰀰󰀱󰀴 PAYMENTS &  CURRENCY THE FUTURE OF  2 Introduction ..............................................................................................3Trend drivers.............................................................................................5New ways to pay .....................................................................................10 Mobile wallets ........................................................................................11 Branded apps .........................................................................................15 Wearables .............................................................................................17 Biometric payments .................................................................................21 Emails, texts and tweets ...........................................................................22 What it means for brands ..........................................................................23 New forms of value exchange ......................................................................27 Non-at currencies: local and cryptocurrencies  ................................................28 Alternative brand currencies  ......................................................................32 What it means for brands ..........................................................................40 New payment players ................................................................................42 Brands as nancial intermediaries  ................................................................43 Fintech innovators ...................................................................................46 What it means for brands ..........................................................................47 Appendix ................................................................................................49 THE FUTURE OF PAYMENTS & CURRENCY  3 INTRODUCTION It seems that suddenly most aspects of the established payments system are on the verge of disruption. Apple Pay has just arrived, Facebook is reportedly mulling peer-to-peer payments, more merchants are accepting bitcoin, banks are testing payment-enabled wristbands or creating pay-by-tweet schemes, and the ranks of “ntech” innovators are growing. Some argue that these new systems are still clunky and consumers have little incentive to adopt novel habits. Many experiments have fallen at, but Apple Pay and other smartly conceived tools will help change that, along with tech advances that make payments more seamless and secure. Slowly the case against cash and physical cards is getting stronger, with Millennials already moving away from the status quo and adopting alternative ideas. The successes point to the potential here: More than 15% of Starbucks’ U.S. revenue is processed through its mobile payment app, for instance.Tech giants and startups, retailers, phone carriers and others are jockeying for position in a bid to capture a piece of the huge payments market, along with a mass of consumer data and the chance to boost customer loyalty. Everyone from messaging apps to retail consortiums to the fast food giants is testing mobile-enabled payment platforms. But mobile isn’t the only new idea: Others are focused on the opportunities in wearables, biometrics (paying by ngerprint or vein pattern) or simply paying by tweet or text.In tandem with the emergence of multiple new ways to pay, the concept of what a currency can be is evolving—with digitization, value can easily be stored in anything from cryptocurrencies like bitcoin to loyalty points. Meanwhile, marketers have been more creative in bypassing the currency system, turning everything from social media shares to mobile minutes into forms of value exchange. Some are even creating their own currencies, like Amazon with its Coins.Disruption in the payments and currency sphere is opening the way for new players like Amazon and many other brands to act as intermediaries between consumers and their money. We’ll see consumer interaction with banks and other traditional nancial institutions wane as established brands and startups alike offer innovative or compelling solutions.This report examines the rise of new ways to pay and new forms of value exchange, along with new players in the payments space, and what it all means for brands. $425 BILLION 2013 transaction revenues generated by payments businesses* *Source: BCG Perspectives, “Global Payments 2014,” Sept. 17, 2014 Never in the history of the payments industry has there been a time of such disruption and opportunity across regions. Digital technologies will upset the competitive order and the role that payments play both in the operations of businesses and in the daily lives of consumers.” —BCG PERSPECTIVES, “Global Payments 2014,” Sept. 17, 2014 THE FUTURE OF PAYMENTS & CURRENCY  4 METHODOLOGY This report is the result of quantitative, qualitative and desk research conducted by JWTIntelligence throughout the year. Specically for this report, we conducted quantitative surveys in the U.S. and the U.K. using SONAR™, JWT’s proprietary online tool. We surveyed 1,000 adults (500 Americans and 500 Britons) from July 24-28, 2014. In addition, we interviewed experts and inuencers in payments and currency. ( See Appendix  to learn more about these experts.)DEBORAH BAXLEY, consulting services principal, Capgemini Financial Services CRAIG ERICKSON, creative director and designer, Artefact ROB GIRLING, co-founder and principal, Artefact BILL MAURER , dean of social sciences and professor of anthropology and law, UC Irvine THE FUTURE OF PAYMENTS & CURRENCY
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