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Payments Insight PAYMENTS Insight. Opinion. VOL 11 CONTENT A REPORT FROM LAS VEGAs – REVIEW OF MONEY 20/20 1 A REPORT FROM LAS VEGAs – REVIEW OF MONEY 20/20 Andreas Habersetzer reviews this year's Money 20/20 conference. ANDREAS HABERSETZER note, demonstrating the progress made with Cur- Partner rentC during the initial trial period in Salt Lake City. 3 EXTENDED PAYMENT FACTORIES – CurrentC supports multiple payment technologies, THE POTENTIal CONVERGENCE OF DIGITal Attendees ranging from QR codes to BLE and NFC, depending PAYMENTS AND TRANSACTION BANKING Alongside 10,000 other people I made the way to Las on the use case of the merchant (in-store, at the The article considers some of the key transaction banking Vegas at the end of October to this year’s Money pump or drive-through etc.) and achieved a seam- infrastructures and the implications and opportunities of 20/20 conference. The current size of this annual less integration of the multiple loyalty programmes the growing relevance of digital payments from a corporate event underlines the current level of interest by the of MCX’s merchant members which represent treasury perspective. general public, the media, investors and industry annual revenue of over USD 1 trillion. The combina- insiders in fintech, payments and general innovation tion of payments and loyalty in one transaction, with 5 MERCHANT ACCEPTANCE: THE DIS- in financial services. By now, every major bank has set loyalty programes that already matter to the user COUNTER EFFECT FOR CREDIT CARDS up internal teams with the goal to manage the trans- today, could be a real differentiator for CurrentC. AND MOBILE PAYMENTS formation to the digital age – either through in-house Google (Android Pay) and Samsung didn’t want INNOVALUE investigates to what extent the recent moves developments, partnerships or acquisitions and be to be left out and also presented their solutions. from large discounter merchants might impact the pay- able to meet the needs of the much quoted millennial. Samsung Pay is based on the technology of Loop, a ment habits of German consumers. And members of these teams were represented plen- company Samsung recently acquired. Loop’s pat- tifully in addition to investors, start-ups and represen- ented Magnetic Secure Transmission technology 7 PuBLIC MARKET valuaTIONS AND tatives from the large payment incumbents. “turns in-store payment terminals where you nor- THE MARKET ENVIRONMENT mally swipe a credit card into contactless readers” Markets have seen considerable movements over the past Announcements allowing “universal merchant acceptance”. From my three months with significant share price corrections in Corporate announcements form a big part of Money understanding, Samsung Pay is also working with August. Markus Massem takes a look at valuation drivers 20/20’s agenda and a summary of selected key notes NFC, which would be helpful as the world is migrat- and benchmarks the different groups within the payments is provided in the following chapter: ing towards the EMV standard and away from mag- universe. The most notable announcement was probably the netic stripes. launch of ChasePay. With 94 million preloaded cards, With key notes from Poynt, Ingenico, Verifone and 9 M&A ACTIVITY Chase hopes to have a critical mass of consumers to First Data with its Clover product suite, POS system What are the key drivers of M&A and IPO activity? Which compete with the likes of Apple Pay, Android Pay, providers were well represented. After a year of transactions made headlines in the 3nd Quarter of 2015? Samsung Pay and all of the other digital wallets. development, Poynt is now ready to ship its cloud What are recent takeover rationales? Robert Kayser ChasePay will run on ChaseNet, Chase’s “closed-loop based POS and already has commitments for about answers these questions. network”, which is effectively Visa’s network as this 500k terminals. The firm came with a massive was agreed as part of a 10-year deal in 2013. The booth, USD 28 million in fresh funding and huge 11 VENTURE CaPITAL agreement allows Chase to offer ChasePay at a fixed ambitions to Las Vegas. The terminals are beauti- Once again, the Innovalue team reviews the latest pay- price: “there will be zero network fees for merchants, fully designed and come with a sophisticated termi- ment startup funding activity (Q3 2015). What are current there will be zero merchant processing fees for the nal management system, app store and SDK. product or service innovations for investors, and what are merchants and there will be zero merchant fraud lia- Compared with that, Verifone’s next generation POS the global investment trends within the payment bility”. In addition, Chase is cooperating with MCX’s “Engage” looked quite traditional, but Verifone ecosystem? CurrentC to grant relevant merchants acceptance already has the scale that Poynt hopes to reach one from day one. The partnership combines consumer day. Like Poynt, Verifone and Ingenico presented 13 DEal ACTIVITY M&A (Chase) and merchant reach (MCX) and could be a their own versions of cloud-based marketplaces for Transaction overview game changer for CurrentC that has been written off business applications. First Data might currently be already by many in the industry. at the forefront, with 128 apps available (in the US) 15 VC ACTIVITY MCX’s CEO Brian Mooney also held a separate key and more than 350 in development. Transaction overview PAYMENTS Insight. Opinion. 2 Through its announced partnership with Affirm, “The current size of First Data will also bring consumer financing solu- tions to the POS. this annual event The most notable element of PayPal CEO Dan underlines the current Schulman’s key note was his continued emphasis on level of interest by the general PayPal’s commitment to provide SMEs with working public, the media, investors and capital financing. So far, PayPal has provided over USD 1 billion to SME’s in the US, UK and Australia. industry insiders in fintech, payments and general innovation in financial services” Blockchain Cloud-based POS / app marketplaces SMB Solutions Faster payments Alternative IoT P2P commerce lending B2B Tokenisation Frictionless Mobile payments Artificial payments Intelligence Social commerce On the rise At the peak Sliding into Climbing the slope Plateau of productivity the through Figure 1: The payment market continues to be highly innovative, featuring solutions both for merchants and consumers Key topics – the Money 20/20 Hype Cycle Start-ups to watch number of start-ups trying to revolutionize the real Trends change quickly in the current fintech envi- Innovation and start-ups played a big role at Money estate sector, from origination to financing. David ronment, where one exciting idea is quickly followed 20/20 this year, with events like Launchpad 360, a Weiden, Partner at Khosla Ventures, described real by the next. At Money 20/20, topics are excitedly pitch competition and plenty of high profile VC’s estate as one of the “most under-hyped” sectors in discussed in one year, followed by disillusion and present. FinTech. Another area where investors would like to reduced interest the year after. One of the mostly Monk (www.getmonkapp.com), “a mobile platform see more new initiatives includes insurance. debated topics this year was probably the block- aiming to provide financial security by enabling Finally a word about unicorns, (FinTech) start-ups chain and its potential to provide existing services social circles to save, borrow and lend together”, with a valuation of USD 1 billion or more, which are more securely and efficiently as well as to build new won the jury prize of the start-up pitch. Fluent increasingly entering difficult terrain or “no-man’s applications for business and consumers on top of (www.fluentfunds.com) was most convincing to the land”, as one investor put it, as they are facing diffi- it. While the launch of Apple Pay absolutely domi- audience. “Built on the blockchain, Fluent’s platform culties in raising money at previous valuations or to nated conversations last year, the lack of traction led enables businesses to reduce friction, improve meet their inflated expectations regarding to less enthusiastic assessment this year. The per- transparency, and boost efficiency in financial and valuations. ceived hype around certain topics followed by a commercial flows along the global supply chain”. drought inspired the development of a “Money Groundfloor (www.groundfloor.us), a “real estate 20/20 Hype Cycle” (figure 1), based on Gartner’s crowdfunding” website is among the increasing Hype Cycle for Emerging Technologie. PAGE 1 PAYMENTS Insight. Opinion. 3 EXTENDED PAYMENT FACTORIES – THE POTENTIal CONVERGENCE OF DIGITal PAYMENTS AND TRANSACTION BANKING FRANCESCO BuREllI Partner Sungard indicates that “40% of companies are oper- unit manages all outgo- Given the centrality of both models would ating with 11 or more payment initiation systems1 ing payments through offer the most benefits to and 25% have over 21 payment initiation systems”. the centralisation of of payments for corporate treasuries, While this number can vary based on the type of account management, cash and liquidity albeit in a more complex company, it is a fact that companies, including SMEs, payment expertise and management and the growing treasury structure. This operate complex payment operations with multiple through the standardi- would combine efficient bank relationships, multiple accounts, and multiple sation of processes that complexity of treasury funding management, points of payments initiation, authorisation and con- ultimately offer better management … there is the liquidity optimisation trol. This challenge is addressed through the cen- transparency, lower potential to extend the reach with payment tralisation of bank account management and transaction cost and management. payment processing, that are otherwise managed at aggregated liquidity of a corporate treasury’s The statement from Sun- business unit or subsidiary level, with the aim to positions.
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