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Event Impact November 2014 TABLE of CONTENTS Money2020 Hones in on Money2020 Emphasizes the Spirit of Reinvention 2 the Broader Payments Methodology 2

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Event Impact November 2014 TABLE of CONTENTS Money2020 Hones in on Money2020 Emphasizes the Spirit of Reinvention 2 the Broader Payments Methodology 2 Event Impact November 2014 TABLE OF CONTENTS Money2020 Hones in on Money2020 Emphasizes the Spirit of Reinvention 2 the Broader Payments Methodology 2 Opportunity The Top 10 Money2020 Mobility Announcements 2 Jordan McKee, Senior Analyst, [email protected] Five Mobile Trends Fueling the Next Chapter of Commerce 3 The Bottom Line The 451 Take 4 Money2020 has unequivocally become the must-attend payments event of the Further Reading 5 year. In this report, we identify the show’s most significant announcements and highlight several underlying trends beginning to manifest themselves in the commerce ecosystem. COMPANIES MENTIONED Amazon, American Express, Apple, Clover, Dream Payments, First Data, Highlights Gemalto, Ingenico, Leaf, MCX, Paydiant, PayPal, Poynt, Proxama, ShopKick, • Apple Pay catalyzes mobile payment momentum. Unsurprisingly, Apple Pay was Softcard, Spindle, Square, TSYS, a focal point throughout the event. Vendors pointed to Apple’s uncanny ability to Verifone, Visa spark interest and movement in mobile payments as its most profound implication. • The NFC renaissance is underway. The combined forces of EMV and Apple Pay have renewed interest in NFC, with stakeholders across the ecosystem once again heralding it as the de facto means of interfacing with the point of sale. • The point of sale goes platform. Numerous vendors at the show, including Poynt and Ingenico, revealed point of sale solutions that aim to attract developers to build applications for their ecosystem. • Emphasis on the shopping journey continues to increase. Entities traditionally laser-focused on payments continue to build out their capabilities to play a more significant role across all phases of commerce. Money2020 Homes in on the Broader Payments Opportunity November 2014 Money2020 Emphasizes the Spirit of Reinvention During a fireside chat at the recent Money2020 conference, American Express CEO Ken Chenault brazenly remarked, “We want to become the company that will put us out of business.” This message was a central theme throughout the duration of the show, as incumbent vendors discussed their strategies to remain relevant in the era of mobile- influenced commerce. Many of these strategies are predicated on partnerships, API- centric efforts and new product lines, underscoring mobile’s role as a disruptor, and incumbents’ understanding that complacency is not a viable alternative. Notably, large, walled-garden vendors such as Visa emphasized the importance of pursuing strategies that enable third-party access to extend value beyond the confines of their traditional boundaries, while nascent vendors like Poynt have come to market with a similar vision in hopes of creating open ecosystems that foster collaboration. At this year’s show, it was apparent that vendors new and established have their sights set beyond the transaction in hopes of playing a more meaningful role across the entire commerce journey. The intent of this report is not to provide a summary of the event, but instead to pinpoint and dissect the key mobile trends identified at Money2020. Methodology In its third year, Money2020, held in Las Vegas, Nevada, has quickly become the payment industry’s must-attend event. This year’s show saw an impressive 7,000 attendees hailing from 2,500 different companies across 64 countries, truly making it the largest gathering of its kind. Senior Analyst Jordan McKee attended the show from November 3-5, holding conversations with nearly two dozen vendors and sitting in on a number of keynotes and panel session discussions. Vendor briefings ranged from startups such as Paydiant, Proxama and Spindle to incumbents including First Data, Gemalto and Verifone. The Top 10 Money2020 Mobility Announcements More than 100 announcements were made at this year’s Money2020 from vendors of all sizes and industry verticals. We’ve identified the top 10, in no particular order, as the most impactful mobile announcements, and detailed their implications below: • Ingenico releases Telium Tetra. Underscoring an ecosystem-wide trend where vendors are increasingly setting their sights on a platform-based approach to the PoS, Telium Tetra is an attempt to create an integrated commerce ecosystem by inviting third-party developers to deploy business applications. • Verifone re-launches its brand. With 37% of revenue derived from services, Verifone has worked to reposition itself as a platform company, and its new brand, along with a card- linked offers and a partnership with MasterCard, is a further execution of that strategy. • PayPal rolls out Pay After Delivery. In what is essentially a 14-day line of credit, Pay After Delivery is an attempt to guide users’ hands away from funding mechanisms that are costlier to PayPal, such as credit cards, and direct them toward fee-friendly funding sources such as checking accounts and users’ PayPal balance. © Copyright 1997-2014, Yankee 451 Group, LLC. All rights reserved. Page 2 Money2020 Homes in on the Broader Payments Opportunity November 2014 • Amazon extends Prime benefits to third-party sites. As Five Mobile Trends Fueling the Next its lone launch partner, midsized fashion retailer AllSaints Chapter of Commerce has agreed, perhaps naively, to advertise its products on Amazon.com search results and offer Prime Members Throughout our numerous conversations at the show, a free, next-day shipping for purchases on AllSaints.com. handful of trends consistently emerged, shedding light on the The move is yet another effort by Amazon to extend ecosystem’s future direction. In particular, we’ve identified its influence beyond the confines of its website, and, the following as the most impactful trends at this year’s plausibly, to gain richer data. Money2020 show: • First Data debuts Clover Mobile. Building on its Clover • API-driven commerce comes to the fore. APIs are quickly PoS solution, which it has sold 26,000 units of, First becoming the lifeblood of the mobile payments space, Data’s Clover Mobile is a portable PoS device capable of creating opportunities for vendors large and small to accepting NFC and EMV payments and scanning barcodes, bolster the value of their platforms. Visa president Ryan among other things. The debut highlights one of the many McInerney drove this point home during a keynote address measures that payment processors are taking to secure where he emphasized that Visa – historically a network their footing in the SMB space in light of numerous over- that operated in a walled garden – is now opening up the-top entrants. the edge of its network to clients and partners in a more collaborative way. With eight billion cards in force for • Paydiant enhances loyalty and reward capabilities. As the use across 40 million global merchants, Visa is making a platform provider of Merchant Customer Exchange’s (MXC) concerted effort to secure its relevance by unbundling CurrentC app, Paydiant is no stranger to the role loyalty many of the products it provides, and extending services and rewards play in increasing engagement and customer like coupons and receipts in the cloud to third parties via lifetime value. By enabling streamlined enrollment and APIs. This trend is also evident in the tablet-based PoS real-time loyalty point redemption, Paydiant looks to space, where vendors including Clover, Ingenico, Leaf enhance the utility of its platform in hopes of creating a and Poynt have opened their APIs to allow developers to wallet ecosystem in due time. build business applications on top of their platforms. The • Proxama acquires Aconite Technology. In an effort to expand intent is to both build out the utility of the PoS system its US footprint, Proxama plans to ride the wave of contactless while opening up alternative revenue streams. Elsewhere, growth that the EMV liability shift is set to deliver. To catalyze mobile wallet platform providers like Paydiant have its entrance, the vendor has picked up EMV-enabler Aconite developed APIs to extend payment functionality into Technology to better target banks and card issuers in need of existing applications, as illustrated by MCX’s CurrentC. both EMV- and NFC-enabled solutions. • NFC is ‘Now For Commerce.’ The shift in thinking • Poynt unveils new partners. To advance its open platform surrounding NFC as a payment technology between and distribution strategies, Poynt has signed on Chase the 2013 and 2014 shows was palpable. Whereas most Paymentech and Vantiv as founding partners, while vendors had all but declared NFC dead last year, the announcing new relationships with EVO Snap, POS Portal general consensus this year is that NFC will be the de facto and Creditcall. For Poynt, partnerships are both the means of interfacing with the PoS, at least in the near- to cornerstone of its value proposition and its revenue model. mid-term. Even PayPal, a vendor that has long adhered to an anti-NFC stance, pointed to the technology as one • Dream Payments announces Dream Mobile Point of Sale. of three trends shaping the future of mobile payments. Another entrant into the crowded mPoS arena, Dream While PayPal’s current approach to the PoS can best be Payments looks to provide merchants, payment service described as spaghetti throwing, the vendor sees great providers and operators with EMV-compatible mPoS potential in Host Card Emulation (HCE), and the role it can solutions. Available in early 2015, Dream Mobile Point play in driving NFC forward. With the combined forces of of Sale is targeted at attracting third-party developers EMV and Apple Pay catalyzing NFC’s progression, we noted to its ecosystem – a platform strategy that has become a significant uptick in the number of NFC-enabled products increasingly popular in the PoS space. coming to market, and a renewed interest in the US market from international vendors such as Proxama. • TSYS develops Surround technology framework. TSYS is looking to leverage its $2.6tn annual processing footprint to connect to third-party platforms to increase value for clients and their cardholders.
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