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Mobile Payment Systems: Legal and Regulatory Challenges Best Practices for Minimizing Risks and Liabilities with Wireless Financial Transactions

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Mobile Payment Systems: Legal and Regulatory Challenges Best Practices for Minimizing Risks and Liabilities with Wireless Financial Transactions Presenting a live 90‐minute webinar with interactive Q&A Mobile Payment Systems: Legal and Regulatory Challenges Best Practices for Minimizing Risks and Liabilities With Wireless Financial Transactions THURSDAY, FEBRUARY 9, 2012 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific Today’ s faculty features: Duncan B. Douglass, Partner, Alston & Bird, Atlanta Jarrett Helms, McKinsey & Company, Atlanta The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions emailed to registrants for additional information. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10. 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Mobile Payment Systems: The US Market and Its Legal and Regulatory Challenges Jarrett Helms, Payypments Practice Expert McKinsey & Company Duncan Douglass, Partner Alston & Bird LLP CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of McKinsey & Company and Alston & Bird is strictly prohibited Defining the U.S. Mobile Payments Market GCI-AAA123-20110606- There are numerous forms of mobile payments, we will concentrate on using the mobile device at the traditional point-of-sale Traditional POS Mobile Commerce “Near Field NFC Communication” based POS purchases Other Mobile Payment processing POS POS from a mobile device (e.g., card swipe “l“sleeve ”) NFC alternatives (e.g., SMS, barcodes, “bump”, Bluetooth, etc) Mobile purchase of digital content (e. g., music, books, games, apps, etc) The use of a mobile Money device to initiate bill Transfer & Bill Digital payment or money Pay Content transfers Mobile e- Mobile purchase of commerce physical goods and services (e.g. shopping via a bb)rowser or app) SOURCE: Team analysis McKinsey & Company | 7 GCI-AAA123-20110606- A rich ecosystem of mobile payment services is evolving that will benefit from mobile wallet capabilities Potential mobile wallet applications EXAMPLES Alternatives to the traditional card / cash In-person based POS retail card / experience (e.g., NFC, cash Payment processing bar codes, etc.) alternative from a mobile Mobile Mobile didevice (e.g., card Incentives POS Deploying coupons, swipe “sleeve”) offers, etc. via mobile Mobile device (e.g., location Wallet based offers) Mobile purchase of Banking P2P / digital content (e.g., and bill social music, books, pay games, apps, etc) Enabling online E- banking and bill Commerce payment via mobile “check- Services that device out” streamline the ability to pay for mobile / ecommerce transactions initiated via mobile SOURCE: McKinsey Payments Practice McKinsey & Company | 8 GCI-AAA123-20110606- Mobile payments themselves are unlikely to generate significant new payments revenues … US Mobile Payment Transaction Value1 % of merchant terminals that are NFC enabled Billions Cash displacement 60 100% Existing card-based spend via mobile 50 44 0 40 44 BN represents less 30 than 1% of total card 30 0 50% spend 20 44 8 29 10 0 0 1 2 8 In general, mobile payments will 0 simply shift the form factor of a 201112 13 14 15 2016 card transaction from a plastic card to the mobile device. This does not change the economics of the base transaction 1 includes only NFC based transactions originated in the US 2 Effectively zero volume; mobile NFC pilots may have generated some volume SOURCE: McKinsey US Payments Map, team analysis McKinsey & Company | 9 GCI-AAA123-20110606- …So why is there a big fuss over mobile payments? Mobile payments offer more opportunities to attackers than incumbents, threatening direct consumer relationships for issuing banks and providing new revenue streams for entrants ILLUSTRATIVE Area o f change: Card controlled by an issuing Consumerbank Merchant Terminal Processor Network Issuer Loaded into E-wallet controlled by any of the following: 1 Optional SOURCE: Team analysis McKinsey & Company | 10 GCI-AAA123-20110606- Integrating digital wallets into mobile devices presents many opportunities to improve customer experience and generate new revenue streams Key opportunities for in-person mobile payments: NFC Example Mobile components 1 Provide enabled devices 3 Develop ad / loyalty platforms Telco’s Groupon / Scoutmob Handset manufactures Issuing Banks NFC chip manufacturers Card Networks Mobile OS developers EXAMPLES Transaction flow NFC Coupons / Contactless Payment Consumer Enabled e-Wallet Rewards & Merchant Terminal Processing Device Loyalty1 Merchant offers1 2 Develop e-wallet 4 Develop POS systems Telco’s Verifone Google / Apple ViVOtech Issuing Banks Coupon providers Card Networks The mobile payments ecosystem PayPal promises a richer shopping experience Other 3rd parties for consumers, with real-time, contextual information and offers. 1 Optional McKinsey & Company | 11 SOURCE: Team analysis GCI-AAA123-20110606- New technologies and functionalities have lead to new purchase & payment related products and applications for the mobile device… Hype around mobile payments tends to be blurred together with hype over other mobile based products and services, but some payments applications are coming online Couponing / Rewards Location Mobile based ticketing marketing Transaction Mobile POS based marketing NFC SOURCE: Team analysis McKinsey & Company | 12 GCI-AAA123-20110606- …But further convergence among these new applications is likely, and could create a powerful tool for consumers and merchants alike The next generation of payments applications could combine the functionality of several existing mobile products to create a more integrated and compelling product Marketing Money Savings Mobile Payments New Application Location based Budgeting marketing applications ++E-walle t = New Coupons / combined NFC Transactional Rewards application based marketing McKinsey & Company | 13 SOURCE: Team analysis GCI-AAA123-20110606- Driving consumer and merchant adoption is a classic “chicken or the egg” conundrum… you can’t get one without the other The two-sided market dynamics in payments have historically made it very difficult to build new payment systems. Mobile is no exception. A network effect is needed. A network effect depends on: Achieving a network effect for mobile payments is hampered by both real and perceived hurdles: 1. Enough consumers using A▪ Basic concerns: mobile to make it – Failure of contactless cards to achieve adoption compelling for merchants – Lack of a single standard for mobile payments to adopt – Low, but growing penetration of smartphones 2. Enough mobile enabled – Consumer perception of security merchants to make B▪ Consumer payment preferences and behaviors: adoption meaningful for – The mobile wallet will need to allow for the same basic consumers payment preferences that consumers have today C▪ Cost benefits to the merchant: – Merchants want to know that enough consumers will demand mobile payments, that it merits upgrading their existing systems, and implementing new marketing programs The most problematic hurdle is simply the lack of a clear value proposition for both merchants and consumers. Mobile payments are not necessarily faster, cheaper, or more reliable; and on their own they may not provide enough value for consumers or merchants to shift payment behavior. To be successful they must partner with other value added products SOURCE: Team analysis McKinsey & Company | 14 GCI-AAA123-20110606- The competitive stalemate over mobile is beginning to thaw… or is it? Numerous ppylayers are moving forward , but in different directions Company Description Implications •A joint venture between AT&T, T-Mobile, and Verizon Wireless •The Telco response to mobile payments •Establishes an “open” mobile wallet via NFC enabled •Theoretical reach of 200MM US consumers smartphones across all major card networks on the three largest networks •Google brought the first consumer available NFC capable •Google is keen to make sure that they phone and wallet to market continue to own every form factor for web •Hold patent for proximity based searches allowing GPS-based based searches couponing and marketing •Google could leverage
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