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Mobile-Micropayment-Whitepaper.Pdf Mobile Micropayment: Opportunities and Technical Considerations © 2008, HCL Technologies Ltd. Release 1, April 2 2008 Mobile Micropayment Page ii Table of Contents 1. MOBILE MICROPAYMENT – THE BIG PICTURE .................................................................................... 5 1.1. Market Size and Segmentation ....................................................................................................... 5 1.2. Forecasts ......................................................................................................................................... 7 1.3. Reality ............................................................................................................................................. 9 2. BUSINESS MODELS .............................................................................................................................. 9 3. MOBILE MICROPAYMENT AND INDIA ............................................................................................... 15 3.1. Remote P2P in India ...................................................................................................................... 15 3.2. Popular Mobile Micropayment Services in India .......................................................................... 18 4. TECHNICAL FACTORS TO CONSIDER ................................................................................................. 20 4.1. Technology .................................................................................................................................... 20 4.2. Features ........................................................................................................................................ 20 4.3. Functionality ................................................................................................................................. 20 4.4. Ease of Integration ........................................................................................................................ 21 4.5. Security ......................................................................................................................................... 21 4.5.1. General Security Considerations ............................................................................................... 22 4.5.2. Security Threats in Bluetooth Based Systems ........................................................................... 22 4.5.3. Security Threats in NFC Based System ...................................................................................... 23 4.6. Types of Services ........................................................................................................................... 23 5. CONCLUSION ..................................................................................................................................... 25 Mobile Micropayment Page iii MOBILE MICROPAYMENT – THE BIG PICTURE The world of Mobile Micropayment comprises a number of interdependent relationships among banks, service providers (or carriers), merchants, and consumers. In recent years, a number of articles and research papers have been published on the subject of Mobile Banking and Mobile Payment, all emphasizing the point that whereas in 2000 consumers were not ready for mobile financial and payment services, today they are. This statement is perhaps more true of Asian countries (primarily Japan and South Korea) than of North America and Europe, and all forecasts are based on results from pilot studies rather than any sustained track record. That is primarily because both Mobile Banking and Mobile Payment are in their infancy. It would be fair to say that those who see the glass half full will see opportunities in the present scenario (their assumption being that it is better to enter the market when the playing field in not so crowded); those who see the glass half empty will feel the need to wait for further evidence as proof that this time round consumers are ready. Note: The terms Mobile Micropayment and Mobile Payment have been used interchangeably in this paper. While a discussion on Mobile Banking is outside the scope of this paper, it has been examined to the extent that it forms an integral and important part of a partnership arrangement among banks/credit card issuers, merchants/retailers, and mobile service providers/operators who facilitate Mobile Payments. 1.1. Market Size and Segmentation As illustrated in Table 1, the market for Mobile Payments is divided into four segments: In‐Store, Remote, Micro, and Macro. We will focus on the former three, given the focus of this paper. Table 1: Mobile Payment Segmentation TRANSACTION LOCATIONS IN‐STORE REMOTE Payments under $5 Wireless content and application downloads [Ex.: vending, parking, TRANSACTION SIZE MICRO‐TRANSACTIONS coin‐operated P2P or M2M machines, quick service payments/transfers restaurants, transit and the like] Payments over $5 P2P or M2M MACRO‐TRANSACTON payments/transfers Source: Adapted from U.S. Payment Market Segmentation and Sizing Table in Hamilton Sekino, John Kwon and Se Han Bong, P.3. For reference details, see Footnote 1. Common sense would lead one to assume that since the number of mobile subscribers and the demand for general mobile services (e.g., SMS, Internet, gaming, etc) are on the rise worldwide, mobile financial Mobile Micropayment Page 5 services must be also growing fast. However, as illustrated below, that is true only in certain regions of the world and that too for specific segments. Back in 2002, SK Telecom of South Korea (in collaboration with VISA) was one of the first companies to offer Mobile Payment services on a commercial scale. By early 2007, SKT had 2.6 million Moneta phones equipped with Near Field Communication (NFC).1 In 2003 LG Telecom – the third largest mobile carrier in South Korea – collaborated with the largest bank in that country, Kookmin Bank, to offer mobile banking services. Instead of providing the typical mobile payment services, LG allowed its customers to use their mobile devices as a substitute for an ATM or transit card.2 Today, 70% of all digital content (valued at more than $ 1 billion US) is charged directly to cell phone bills instead of credit cards.3 Since then other service providers (e.g. Mobilians) have made a mark in this Mobile Banking and Mobile Payment space in South Korea. In 2004, Japan followed suit when Sony and NTT DoCoMo formed a joint venture to provide m‐wallet services by adapting the FeliCa chip (developed by Sony and Philips for use in NTT DoMoCo’s wireless smart cards) for mobile phones. By 2006 NTT DoMoCo had one million m‐wallet subscribers – a 35% increase in its subscriber base.4 In the US, the total payment market is said to be $ 7 trillion.5 Of that, approximately $6 trillion is spent in the In‐Store segment involving micropayment transactions (i.e., less than $5).6 Indeed, there is reason to be excited about the possibility of Mobile Banking and Mobile Payment, given that most mobile carriers and bank are under pressure to tap non‐conventional sources of revenue. According to analysts at Diamond Consultants, mobile operators need to generate $40 billion in non‐voice revenue by 2010 in order to maintain a healthy Average Return Per User (ARPU). Similarly, financial institutions also need to generate revenues from non‐conventional sources. In this regard, micropayment, which accounted for 1Hamilton Sekino, John Kwon, and Se Han Bong “Mobile Payments: Mobile Operator Market Opportunities and Business Models” [Chicago, US: Diamond Management & Consultants, 2007], P. 6. Category: White Paper http://www.diamondconsultants.com/PublicSite/ideas/perspectives/downloads/INSIGHT%20‐ %20Mobile%20Payments%20_Diamond.pdf. For a good overview of the Mobile Payment market in Europe see Laurent Bailly and Bernard Van der Lande “Breakthroughs in the European Mobile Payment Markets” [November 22, 2007] http://www.atosorigin.com/en‐ us/business_insights/thought_leadership/thought_leadership_container/wp_mobile_payments.htm. Atos Origin is considered a leader in the European market for electronic transactions – a service that it provides through its subsidiary, Atos Wordline. 2 Stuart E. Weiner, et al., “Payments System Research – Briefing” [Kansas, US: Federal Reserve Bank of Kansas City, September 2007], P. 2. http://www.kc.frb.org/PUBLICAT/PSR/Briefings/PSR‐BriefingSept07.pdf 3 Brandon McGee “Mobile Payments & Mobile Banking” [October 28, 2007] http://brandonmcgee.blogspot.com McGee is the Vice President and Senior Product Manager at The Huntington National Bank in the United States and is considered an authority on the subject of Mobile Payments and Mobile Banking. 4 Hamilton Sekino, John Kwon, and Se Han Bong, Op Cit., P.5. 5 Brandon McGee “Mobile Payments & Mobile Banking,” Op Cit. 6 Hamilton Sekino, John Kwon, and Se Han Bong, Op Cit., P. 2. Mobile Micropayment Page 6 only $13.5 billion out of a total of over $ 1 trillion spent on micropayment is an option. The good news is that on the demand side, mobile penetration in the US has surpassed 75% with 235 million mobile phone users (vs only 176 million credit/debit card users).7 At the present time, several trials are under way in the US whose results will reveal how successful bankers and carriers have been in convincing merchants and consumers to go the Mobile Banking and Mobile Payment route. 1.2. Forecasts While almost all analysts are in agreement that the market for Mobile Payment is on the rise and will continue to be on
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