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Why the Payment Landscape Is Undergoing Fundamental Change E-BOOK MOBILE PAYMENTS E-BOOK mobile payments Why the payment landscape is undergoing fundamental change E-BOOK MOBILE PAYMENTS Within the context of digitalization and the technological change, and the entry of the heavyweights into the mobile payment market, the development of pay- ments via smart phone is gaining momentum. Take the CHANCE! 2 E-BOOK MOBILE PAYMENTS Cash was yesterday! The mobile payment systems of Amazon, Apple, Google and many other providers promise consider- able simplification of the payment process. It is therefore clear the mobile payment will gain market shares and the physical wallet will see a slow decline. Jan Florian Richard from Arvato Financial Solutions explains the perspectives of mobile payment and introduces the most important players. 3 E-BOOK MOBILE PAYMENTS “There are still concerning’s with mobile payment“ Where there were previously some big question marks, it is now slowly becoming clear: Mobile payment in places like super- markets is permanently increasing. The relevant studies may be contradicting each other to some extent, but there is a clear trend towards the increasing acceptance of mobile payment. The user figures are nevertheless coming from a low level and security concerns above all as well as a lack of awareness are keeping the majority of consumers from using mobile payment. In Germany especially, we have the traditional great affinity with cash, and many people seem to still be unaware of the topic. So at the end of 2018, the EHI Retail Institute published a survey, which showed that 60 percent of respondents had even heard of mobile payment. And even this group is dominated by the doubters, whereby almost two thirds consider the process to be intransparent and insecure. The threat of hackers and the loss of smart phones are deterrents, but also the reticence to give out personal data. ? 4 E-BOOK MOBILE PAYMENTS On the other hand, the numerous benefits are enticing and the existing users and interested parties have very clear expectations of the new process: mobile payment should speed up and simpli- fy payment overall. With the help of an additional practical way to transfer money, consumers also want to become more in- dependent of cards and cash, so for many mobile payment is a contemporary alternative to other payment methods. The relevant figures also show in this connection that those sur- veyed mainly use their smart phone or smart watch at the super- market, but prefer to pay in cash or by card in small businesses such as the bakery or for larger purchases such as furniture. The use of mobile payment is therefore still very dependent on the type and place of purchase. An interesting point for providers is that consumers mainly trust their bank or credit card pro- viders as well as major trading companies. The major tech companies from the USA are still seen with scepticism when it comes to money. Domestic providers should take advantage of these reservations. So my advice is: “Use the home advantage!“ 5 E-BOOK MOBILE PAYMENTS Mobile payment doesn‘t just play an increasing role in stationary shops, but the corresponding buttons are also more often inte- grated in e-commerce. Both Apple and Google, as well as banks, credit card companies and telcos and payment service providers such as PayPal offer the corresponding process. According to a survey conducted by GS1, Amazon Pay holds a special status - the majority of shops see the payment function of the online shopping giant as competition. So it is still very open as to how the payment market will develop and which processes will be the most popular. The expectations of trade and the results of studies are however very clear: Apple Pay and Google Pay above all are redefining the market and are encouraging increasing numbers of consumers to pay with their smart phones and smart watches. Almost every third person has already paid mobile Have you ever paid mobile with smartphone or smartwatch? 30% Yes* 70% 1% Via Smartphone and No No answer NFC provider 26% Via Smartwatch and NFC provider 23% Via Smartphone and QR-Code 3% 0 5 10 15 20 25 30 *Basic: All respondents (n=1.005) deviations up to 100% due to rounding | * Multiple nomination possible | Source: Bitkom research 6 E-BOOK MOBILE PAYMENTS On a global level too, the prospects are impressive. While the market share of paying using a mobile wallet is currently still below most other payment methods, Worldpay predicts a sig - nificant change here. Accordingly, mobile payment will have overtaken cash and credit cards by 2022. The figures mean an annual growth rate of 30 percent. This is not enough, as until now less than half of all Asians and Africans do not even have access to the internet. On these continents especially, there is therefore huge potential for more mobile payment users. In 2022 mobile payment should replace the cash and credit card payment methods as the most popular method. 7 E-BOOK MOBILE PAYMENTS Mobile Wallets An overview of the providers on the payment market 8 E-BOOK MOBILE PAYMENTS When we talk about mobile payment processes, this mostly refers to the so-called mobile wallet. This is a wallet that is controlled by mobile telephone and which holds various digital payment methods or a credit balance. A mobile wallet can therefore replace or add to other payment methods with the help of your own app solutions or a cooperation with a payment service provider. In addition to payment processes, many mobile wallets also allow users to execute other applications. These include functions such as authentication of the holder, but also couponing and loyalty programs or ticketing. Payment and other data can be transferred via NFC, the mobile network or Bluetooth to the relevant recipient of the funds. The great success of mobile wallets is mainly attributable to its positive user experience. So they offer money transfers without media discontinuity and at the same time offer high security standards. Digital wallets integrate the payment process into the lifestyles and daily routines of consumers, and also accelerate the check-out process at the POS. But how does the mobile payment process actually work? What is the technology behind it and what can be said about the customer journey? To clarify the functionality and potential, we have taken a closer look at Apple Pay and Google Pay. We also take a brief look at other providers of interest on the payments market. 9 E-BOOK MOBILE PAYMENTS 01 Apple Pay This service is a mobile wallet, which is available to users of more recent iPhone, iWatch, iPad or Mac devices. Apple Pay was an- nounced back in 2014 and was only initially available for holders of US credit cards. In the meantime, more and more countries have been integrated and German Apple customers have been able to use this payment method since 11 December 2018. They need to add a credit or debit card, which is used to process payments. At the POS, they only need to hold their device to the payment terminal and as such trigger the contactless payment process. Unlike Google for example, Apple prevents third-party providers from accessing the built-in NFC chip. This means iPhone users cannot use any other payment apps. “The payment process with Apple Pay is very user-friendly.“ Any online retailers wishing to offer Apple Pay must meet certain conditions. As such, shops or developers must have an Apple Devel- oper Account and the relevant acquirer must support Apple Pay. 10 E-BOOK MOBILE PAYMENTS Even if e-commerce websites need to meet the Apple guidelines and support the https protocol, they do not need a separate agree- ment with Apple. Which also means no additional costs. There are also more framework conditions. The shop operator‘s systems must also be compatible and it remains to be clarified whether the relevant payment service provider actually supports Apple Pay for the retailer‘s acquirer. This detour via an additional service provider is necessary because a direct integration of Apple Pay is not currently supported. It is very simple for owners of iPhones & co. to pay with Apple Pay. When checking out in the online store or at the supermarket, a but- ton will appear with the corresponding payment function and once the orderer has checked the details on the display, they can simply trigger the payment via the fingerprint sensor. If the payment was successful, a confirmation will appear on the display. However, the technology does not work on all Apple devices; older models often do not have the required conditions. 11 E-BOOK MOBILE PAYMENTS For many users, there are still two important questions: Where can I pay with Apple Pay and which banks and payment service providers are involved? In terms of acceptance, a lot has been done since its launch in 2018, and all major brand stores from A for Adidas to Z for Zalando, as well as discounters, many chains and even petrol stations and shopping centres now accept Apple Pay. The selection of banks and credit card companies is also very large, and for example the german Sparkasse and Volksbank banking networks are in the integration phase, which means the majority of German banking customers can use Apple Pay. American Express, Maestro, Master- card, Deutsche Bank, N26, HypoVereinsbank, Santander, Comdirect and DKB are all on board already. More will follow. 02 Apple Card The Californians are venturing even deeper into the finance industry with the Apple Card, a credit card. Although it is a physical card with its sophisticated titanium look, in actual fact it lives in the iPhone; integrated in the Wallet app.
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