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Executive thinking
on payments:
disconnects and
opportunities
Executive thinking on payments:
Executive Views:
                                                 disconnects and opportunities
Cautious Timelines                               While consumers await new payment technologies, merchants
                                                 and financial executives are being cautious—but at what price?
“Customers are really not ask-
ing for mobile yet. They aren’t
using it in our [mobile payment
pilot] programs. It’s going to be
years before it’s common—at                       Merchants and financial institution                 EMV implementation, ensuring security,
least five years.”                                executives devote a great deal of at-               and costs associated with emerging
                —Apparel retailer                 tention to keeping up with changing                 payment methods. But they also see
                                                  payment methods. They are constantly                opportunities to increase revenues and
“We are taking a ‘wait-and-                       weighing everything from mobile and                 strengthen customer relationships.
see’ approach for mobile until                    prepaid strategies to the rollout of
a clear product becomes avail-                    new security technologies and the                   However, the research revealed that
able and there is clear demand                    emergence of new competitors. Faced                 executive attitudes about payments
for it, with a clear leader or                    with shifting and even contradictory                are not always aligned with customer
solution. It’s not there yet.”                    currents, they find the ultimate direc-             attitudes. Comparisons of the two sets
               —VP, credit union                  tion of events is not always clear. As              of responses indicated that consumers
                                                  a result, they are often hesitant about             are often out in front of merchants and
“There’s a lot of work and                        moving forward with new approaches.                 financial institutions when it comes
education needed to develop                                                                           to enthusiasm for new approaches
the right digital wallet that will                That is one of the key findings of                  to payments. And organizations that
include all our cards and the                     recent research conducted by Merca-                 move too slowly may find themselves
other cards people need.… At                      tor and Vantiv. Researchers conducted               losing customers to competitors that
this point, is the convenience                    in-depth interviews with dozens of                  are able to meet rising customer ex-
worth the risk?”                                  executives representing merchants and               pectations for fast, convenient mobile
               —Marketing head,                   financial institutions to explore their             payment methods.
              large regional bank                 thoughts on payment trends. These in-
                                                  terviews were part of a larger research             What’s Keeping Executives
“Right now, there is no value                     effort—the Vantiv/Mercator Insight                  Up at Night?
proposition [for mobile pay-                      Series—that also surveyed some 1,200
ments] from a consumer                            consumers to gauge their awareness of               Today, mobile payments are very much
standpoint and no common                          and interest in various payment meth-               on the minds of merchant and financial
standard platform…. It’s a                        ods. The result is a multifaceted view of           institution executives. In general, they
chicken and egg—merchants                         the payment landscape.                              expect mobile payments to become
need to support it and the is-                                                                        mainstream, but they have a number of
suers need to offer it.”                          The interviews found that executives                concerns about how they will work and
 —Executive VP, regional bank                     are concerned on many fronts—about                  what it will take to get there.




                Part of the Vantiv Insight Series 2012, featuring proprietary research performed by Vantiv LLC and Mercator Advisory Group
                                                           © 2012 by Vantiv LLC. All rights reserved.
3




As one might expect, executives are          less payment technology will emerge
                                                                                          No or low cost            87%
worried about security with new pay-         as the dominant approach. Rather, ex-
ment methods in general, and with            ecutives are looking at a growing range
mobile payments in particular. That’s a      of options. These include alternatives         Fast at POS             85%
strong concern for consumers as well.        to NFC, such as Paydiant and other
But looking ahead, executives are actu-      cloud-based interfaces activated via
ally more optimistic than consumers          QR codes or PIN—approaches that do                Security        72%
about the industry’s ability to address      not require much additional infrastruc-
security. Many interviewees “recognized      ture. With such options getting trac-        Control spend        71%
a potential for even greater security        tion, the future role of NFC is not clear.
with smartphone payments through
technologies like multifactor authenti-      The interviews found that executives               Ease of
                                                                                                dispute       68%
cation and tokenization,” says Bill Wein-    are seeing a similar level of uncertainty
gart, chief product officer at Vantiv.       around mobile wallets, which provide           No minimum        66%
                                             a single access point to an individual’s          purchase
Executives are less confident when it        cards and accounts for payments.
comes to dealing with the widespread         Industry executives feel that current im-          Instant
                                                                                                              65%
implementation of mobile payments.           plementations of these wallets do not            deduction
Merchants not only worry about the           provide the functionality consumers are
                                                                                                       0%    50%          100%
cost of new infrastructure, they also        looking for—in particular, they don’t in-
want to avoid driving customers to new       corporate all the cards customers want
payment types that will increase costs.      to carry, such as merchants’ private-la-          WHAT CONSUMERS
Financial institutions, seeing lower         bel closed-loop cards. Most merchants             WANT
revenues driven by legislation, want to      said that they were involved in evaluat-
clearly understand the value of mobile       ing mobile wallets, but many complained           Executives tend to think
payments before investing.                   that not enough phones support mobile             that consumers are looking
                                             payments and that current technology              for convenience, but costs
At the same time, it isn’t clear which       is not user-friendly. Three merchants             are top of mind for consum-
technologies companies should invest         reported that their mobile wallet pilots          ers when choosing a pay-
in. “A primary concern is the lack of a      were unsuccessful; a fourth decided to            ment method.
universal standard platform for mobile       suspend its program until more phones
payments,” says Weingart. The issue is       can accept NFC.
partly behind the formation of the Mer-
chant Customer Exchange, a consortium        At the same time, executives are con-
of 14 major retailers that aims to come      fronted with a long and changing list
up with a standard mobile platform for       of mobile wallets in the marketplace.
its members. “Efforts like this are a sign   There are no mobile wallet standards
of how much desire there is for a clear      in place, and wallets are available from
way forward,” he adds.                       a wide range of providers. Overall, says
                                             Weingart, “executives fear that early
Few interviewees felt it was certain         implementations may be quickly outdat-
that near field communication contact-       ed, and they don’t want to waste limited
4




Executive Views:
                                       resources on something that won’t            ing to figure out when and how to start
The Challenge                          serve their purpose for very long.”          actually issuing these cards. And some
of Change                                                                           bank executives are doubtful about the
                                       Looking at a shorter-term issue, the         eventual enforcement of the mandates
“The most challenging is to            interviews showed that the impending         and whether an extensive installed base
figure out which payment types         rollout of EMV technology is a source        of EMV terminals will actually emerge.”
a bank with limited resources          of anxiety for merchant executives. As
should offer…. We can’t offer ev-      one might expect, they are focused on        Finally, executives expressed concern
ery type of solution that comes        the Visa and MasterCard implementa-          about the emergence of nontraditional
along.”                                tion mandates and the 2015 shift of          players in payments. Financial institu-
                      —Senior VP,      fraud liability to merchants. But they are   tion executives are worried about new
              large regional bank      also concerned about the challenges          mobile payment providers. “Many fear
                                       of weaving EMV implementation into           that the new non-card-based entrants
“A major pain point is having a list   their point-of-sale technology update        may quickly make significant inroads
of 25 things to do.… How should        cycles—and the fact that EMV does            and cut out their card network-based
we allocate our resources in the       not address card-not-present fraud.          interchange revenues,” says Royal Cole,
payment world that is changing                                                      president, FI Services, at Vantiv.
so fast? We need to move more          But these executives aren’t alone. Inter-
quickly in some areas, but how?”       viewers found that financial institution     Merchant executives also worry about
          —EVP, community bank         executives are perhaps even more con-        new players—such as Google and
                                       cerned than their merchant counter-          perhaps Amazon, Apple, and even social
“Some of the new companies             parts about EMV implementation. Es-          media networks—becoming interme-
developing mobile wallets are not      sentially, EMV does not address banks’       diaries that gather a wealth of informa-
in the payment industry—we see         security concerns; it is effective against   tion about their customers. This could
right through them. They’re trying     card counterfeiting, and it helps bank       not only result in merchants having less
to make the marketing compo-           customers use their U.S.-issued cards        control over customer relationships, it
nent more valuable, but their busi-    in the EMV networks found abroad, but        could also enable those intermediaries
ness is run by advertising.”           it does not strengthen security against      to use that data to offer marketing and
            —Supermarket retailer      the kind of database breaches and            advertising services to a merchant’s
                                       compromises that affect banks.               competitors, targeting the merchant’s
“Our biggest pain point is un-                                                      customers. However, the executives do
derstanding which payments             Nevertheless, implementing EMV will          see an upside to the arrival of new play-
customers really want to use,          create a significant expense for finan-      ers which, they hope, can help reduce
even if they don’t know yet. It’s      cial institutions. “It’s primarily a cost    their costs around mobile payments.
too expensive to invest in all the     issue for them—a big cost issue,” says
technologies that come out. We         Ken Paterson, vice president of re-          Executives and Consumers:
have limited resources and want        search operations at Mercator. “In some      Differing Opinions
to focus only on the most impor-       ways they are even more confused than
tant ones to our customers.”           merchants because they’ve been given         With all of these concerns in mind,
              —Drugstore retailer      less of a mandate. So they are just try-     the merchant and financial institution
5




executives told interviewers that they        also felt that current mobile payment                         AGE
were moving forward very cautiously           strategies are not in their best interest             18-34                           57%
with new payment methods. But in a            and benefit only the issuer. “There is a              35-64               33%
rapidly evolving environment, a wait-         consensus that these are coming, but                    65+         14%
and-see strategy may be ill-advised           there is a lack of clarity and agreement
because it is out of sync with what           about how fast they’re coming and
customers want and expect. Waiting            how they’re going to work,” says Peter                        GENDER
too long could mean missed opportu-           Kulik, vice president, Product Manage-                 Men                  41%
nities and even lost customers.               ment, at Vantiv.                                    Women                 33%

The research identified several key           The research also uncovered some
differences between executive and             differences of opinion around the role                        INCOME
consumer attitudes—and a number               mobile payment platforms will play in        Less than $50K               34%
of these “disconnects” underscore             consumers’ lives. Executives tend to             $50K-$75K                33%
the risks involved with a wait-and-see        see mobile payments as a vehicle for
                                                                                             $75K-$100K                   42%
strategy. For example, consumer inter-        using traditional card accounts—an
est in mobile payments is quite high:         electronic form of plastic—and little       More than $100K                     43%
Vantiv research found that 62% of con-        more. Consumers, however, expect
sumers expect mobile payments to be           mobile payment platforms to bring                         0%        20%   40%         60%
widely used within five years—and 31%         more information and convenience
think that will be the case in just two       to their entire purchasing experience.
years. Consumers see challenges, such         They want mobile platforms that not             WHO’S INTERESTED IN
as security and reliability issues, but ex-   only handle payment transactions but            MOBILE?
pect the industry to work through them        also help them manage receipts and
and deliver mobile payments capabili-         coupons, track spending, and so forth.          Executives are cautious
ties sooner rather than later.                                                                about mobile payments, but
                                              Indeed, the Vantiv research found that          younger consumers are es-
But executives see a slower transi-           for consumers a key barrier to the              pecially interested in them,
tion and believe that the widespread          greater use of mobile payments was              suggesting future growth.
use of mobile payments is farther off.        that mobile payments, by themselves,            Desirable customers—high-
Financial institution executives foresee      are no more convenient than a credit            er-income consumers—are
a somewhat shorter timeline than do           card. At the current state of evolution,        also interested.
merchants. That presumably stems              many consumers see no compelling
from the fact that banks consider             reason to change. They want more
mobile payments a natural extension           than just the ability to pay with their
of mobile banking and card operations.        phones. Without additional tools and
Many merchants, on the other hand,            more information on the mobile plat-
cited their disappointing pilot pro-          form, they may stay away from mobile
grams and frustration with the mobile         payments—or find providers that have
payment tools being offered. Some             those broader offerings.
6




                                                                                         Consumers are also looking for more                       accounts, so they are kind of lukewarm
                                                                                         when it comes to prepaid cards, and they                  toward prepaid,” says Paciolla.
                                                                                         like the inherent spending discipline of
                                                                                         having a set amount of funds loaded                       Merchants, too, are paying relatively
                                                                                         on a card. The research also found that                   little attention to the potential of pre-
                                                                                         consumers see prepaid cards as the                        paid cards. Although they are familiar
                                                                                         most secure form of in-store payment.                     with closed-loop cards and are aware of
                                                                                         And nearly half considered prepaid cards                  the recent growth in the sales of such
                                                                                         useful for online purchases—a “surpris-                   cards, they generally do not view them
                                                                                         ing finding, since open- and closed-loop                  as a critical form of payment. “Mer-
                                                                                         cards have not generally been marketed                    chants usually do not link their loyalty
                                                                                         for this use,” says Ed Paciolla, product                  or rewards programs with their closed-
                                                                                         management director at Vantiv. Looking                    loop cards,” Paciolla says. “And general-
                                                                                         at consumer interest and awareness, the                   purpose prepaid cards are essentially
                                                                                         research concluded that prepaid card                      off their radar.” Merchants may also be
                                                                                         usage is likely to keep growing.                          missing an opportunity to use closed-
                                                                                                                                                   loop prepaid cards to reduce the overall
                                                                                         The research suggested that mer-                          cost of payments.
                                                                                         chants and financial institutions may be
                                                                                         missing the significance of the growing                   Meanwhile it seems that consumers
                                                                                         consumer interest in prepaid cards. The                   and executives have different views on
                                    MOBILE AND PREPAID:                                  interviews found that in many cases,                      what drives consumer payment choice.
                                    HITTING THEIR STRIDE                                 banks are only in the planning stages                     Vantiv’s consumer research has shown
                                                                                         with general-purpose reloadable card                      that consumer payment preferences
                                        The use of both prepaid                          programs, and many are just beginning                     are determined, in order of importance,
                                      cards and mobile financial                         to think about issues such as reloading                   by low fees and low costs, speed and
                                    tools are following adoption                         capabilities and online usage. Few are                    convenience, security, and spending
                                    curves that indicate contin-                         including prepaid cards in their rewards                  control. Consumers are clearly fee-
                                       ued growth, with prepaid                          programs or actively marketing them to                    sensitive, with nearly 90% saying that
                                      cards being further along                          their customers. “At some larger banks,                   cost is a critical factor. Eighty percent
                                                       the curve.                        executives think that prepaid cards will                  consider their worst payment experi-
                                                                                         only pull customers away from core                        ences to be unauthorized, unexpected,
                                                                                                                                                   or added fees based on payment type.
                                     100%
                                                                                                                                                   In contrast, executives tend to believe
                                      90%
                                                                                                                                                   that consumer payment preferences
JANUARY 2012 CONSUMER USAGE LEVEL




                                      80%                                                                                                          are driven primarily by convenience
                                                                                                                                                   and/or rewards, rather than costs.
                                      70%                                                                                                          Incidentally, financial insitutions think
                                      60%
                                                                                                                                                   of convenience in terms of offering an
                                                                                                               ✦ Retailer closed-loop gift cards
                                      50%                      ✦ Smartphones (iPhone intro)
                                      40%

                                      30%                                                     ✦ General-purpose open gift cards
                                      20%                                                 ✦ Mobile banking* (initially SMS-based)
                                                      ✦ Tablets (iPad intro)                 ✦ Prepaid cards online
                                      10%                                                    ✦ General-purpose reloadable cards
                                                        ✦ Mobile P2P services
                                               ✦ ✦ Open and single-merchant e-wallets, Downloaded prepaid mobile app like Starbucks
                                       0%
                                            0 years            5 years               10 years               15 years                20 years

                                                                               YEARS IN U.S. MARKET
                        Source: Vantiv/Mercator Insight Series Research, February 2012. * Data from Mercator Advisory Group Survey, October 2011.
7




organized, easy way to manage spend-       offerings out there, getting to know                     Either
ing, payments, and receipts, while mer-    which customers use them and how             general-purpose                         26%
                                                                                         or retailer cards
chants think of it as speed at checkout    they use them, understanding the use
and being easy to carry.                   cases that their customers are most in-
                                           terested in—those types of things are
Finally, in considering these various      very important,” says Kulik. “Whether        Retailer-specific                  20%
disconnects, it’s worthwhile to con-       it’s a mobile banking application that’s       prepaid cards
sider some demographic realities. The      accessed through the phone browser
research found that young adults are       or a single-use case like mobile check
more interested in mobile payments         deposit, banks can provide some value
and prepaid cards than older consum-       to customers while learning how to           General-purpose
                                                                                                                        18%
                                                                                                  cards
ers are, and they are more likely to see   make the best use of the platform.”
themselves using mobile payments.
Thus, consumer interest in these areas     The idea is to strengthen relationships
                                                                                                             0%   10%   20%     30%
is not a short-term event. As these        with consumers and hold on to them
types of tech-savvy consumers come         as the mobile payments space evolves.
to make up more of the consumer pop-       The Vantiv research found that some
ulation, the marketplace’s expectations    banks are adopting this kind of defen-       PREPAID PURCHASES
around these payment methods is only       sive strategy with mobile wallets, intro-    PLANNED
going to increase. These consumers         ducing their own wallets using their own
                                                                                        Executives may be luke-
are not likely to reward those providers   bank cards or branding “white label”
                                                                                        warm about prepaid cards,
who took a wait-and-see attitude.          wallets from partners. “Even if they do
                                                                                        but more than a quarter of
                                           not expect their digital wallets to be a
                                                                                        surveyed consumers expect
Taking Action—                             leading payment type in the near future,
                                                                                        to purchase more of them in
and Finding What Works                     they want to introduce their customers
                                                                                        the next 12 months. Young-
                                           to the experience early to gain loyalty
                                                                                        er consumers, women, more
In this environment, merchants and         and seed their market,” says Paterson.
                                                                                        affluent consumers, and
financial institutions need to move        “These financial institutions will be bet-
                                                                                        smartphone/tablet owners
ahead—and they can do so in incremen-      ter positioned to combat nontraditional
                                                                                        are more likely than average
tal steps. They can get beyond wait-       mobile competitors.” That’s important,
                                                                                        to plan such purchases.
and-see strategies to gradually build      he adds, because “the window of op-
the capabilities needed in an evolving     portunity for financial institutions is
payments environment—without having        closing as non-traditional vendors step
to commit solely to one approach.          up the pace of their mobile network
                                           development.”
Financial institutions, for example, can
leverage their existing mobile banking     Merchants can take similar action and
platforms by adding functions and fea-     explore the use of mobile platforms
tures, even if they not ready to include   without including payments, allowing
payments. “Getting various mobile          them to make progress while they wait
8



                                                                                                       Executive Views:

                                                                                                       Growing
                                                                                                       Opportunity
for terminal standards to emerge and                 and skills. That can be a lot for individ-        “Prepaid cards are very impor-
infrastructure decisions to be resolved.             ual merchants and financial institutions          tant.... I think there’s an op-
That can mean focusing on smartphone                 to cover, making it difficult to tackle           portunity for someone to come
applications that enhance the in-store               these initiatives alone. Like other indus-        up with a mobile gift card mall
experience—providing features such                   tries, merchants and financial institu-           where it is easier to redeem
as coupons, e-receipts, and product                  tions are likely to benefit from working          points and convert to gift cards
search capabilities to customers, who                with partners that can bring mobile,              and access your prepaid ac-
can then make payments with their tra-               processing, and other payment-related             count using mobile phones.”
ditional credit card. Case in point: the             expertise to the table. “Forging part-             —Home improvement retailer
recently released Apple Passbook ap-                 nerships that are focused on strength-
plication lets consumers organize and                ening payment initiatives is becoming             “The technology is moving so
manage their virtual cards and coupons               more critical to the success of financial         fast, there’s a lot of opportu-
for use with mobile payment systems.                 institutions and merchants, because               nity to move to new payment
“By integrating mobile into the shop-                it can help them navigate through the             types…. We don’t want to lose
ping experience and the overall process              development and deployment of new                 membership to another finan-
for consumers,” says Kulik, “customers               technologies to more adeptly address              cial institution, and we want
can then be transitioned to mobile pay-              market needs,” says Paterson.                     to attract the younger gen-
ments when the merchant is ready.”                                                                     erations. Are we on top of the
                                                     At the same time, executives can ques-            market? Are we identifying the
On the prepaid card front, merchants                 tion assumptions—always critical in a             best alternatives and partner-
and financial institutions can look for              changing environment. The research                ing with the right vendors?”
opportunities to strengthen their                    identified several areas where consumer                        —SVP, credit union
programs to take advantage of that                   attitudes appear to be out in front of
growing market. Improvements could                   merchants and financial institutions. But         “Mobile technology will help
include providing better access to                   those disconnects are not insurmount-             us better engage our custom-
balance information, simpler redemp-                 able, and by understanding them, execu-           ers and guide them through
tion and reloading, the ability to split             tives can take action to shape strategies         our stores.… They can set up a
transactions across prepaid and credit               around consumer wants and needs. “Fi-             profile within our rewards appli-
cards, and so forth. Companies can                   nancial institutions and merchants have           cations to include preferences,
also integrate open- and closed-loop                 an opportunity to take a leadership role          shopping lists, and preferred
prepaid cards into their mobile wallets              in the evolution of payments and shape            payment method. It will recog-
and their rewards and loyalty programs.              standards, technologies, and offerings            nize through geo-fencing when
                                                     that keep them in step with changing              they will be in or near our stores
Altogether, such initiatives, combined               demand,” says Weingart “Those that                and know what they want to
with ongoing loyalty, security, compli-              take early steps to engage their cus-             buy and direct them to the
ance, and cost-management efforts,                   tomers will be better positioned to keep          best product in that category.”
require a wide range of technologies                 those customers tomorrow.”                                     —Drugstore retailer



About Vantiv
Vantiv LLC is one of the leading integrated
payment processors in the United States. Known
as Fifth Third Processing Solutions since 1971,
the company, headquartered in Cincinnati, Ohio,
changed its name to Vantiv in 2011, and became
a public company in 2012. Vantiv’s credit,
debit, prepaid, and data security solutions help
businesses and financial institutions of all sizes
get the most out of payment activities.



                                                                                                  Vantiv Corporate Headquarters

                                                                                        8500 Governors Hill Drive, Cincinnati, OH 45249
                                                                                                  866-622-2880 | www.vantiv.com
                                                                                                                                 TL0002 7/12

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Executive thinking on payments: disconnects and opportunities

  • 2. Executive thinking on payments: Executive Views: disconnects and opportunities Cautious Timelines While consumers await new payment technologies, merchants and financial executives are being cautious—but at what price? “Customers are really not ask- ing for mobile yet. They aren’t using it in our [mobile payment pilot] programs. It’s going to be years before it’s common—at Merchants and financial institution EMV implementation, ensuring security, least five years.” executives devote a great deal of at- and costs associated with emerging —Apparel retailer tention to keeping up with changing payment methods. But they also see payment methods. They are constantly opportunities to increase revenues and “We are taking a ‘wait-and- weighing everything from mobile and strengthen customer relationships. see’ approach for mobile until prepaid strategies to the rollout of a clear product becomes avail- new security technologies and the However, the research revealed that able and there is clear demand emergence of new competitors. Faced executive attitudes about payments for it, with a clear leader or with shifting and even contradictory are not always aligned with customer solution. It’s not there yet.” currents, they find the ultimate direc- attitudes. Comparisons of the two sets —VP, credit union tion of events is not always clear. As of responses indicated that consumers a result, they are often hesitant about are often out in front of merchants and “There’s a lot of work and moving forward with new approaches. financial institutions when it comes education needed to develop to enthusiasm for new approaches the right digital wallet that will That is one of the key findings of to payments. And organizations that include all our cards and the recent research conducted by Merca- move too slowly may find themselves other cards people need.… At tor and Vantiv. Researchers conducted losing customers to competitors that this point, is the convenience in-depth interviews with dozens of are able to meet rising customer ex- worth the risk?” executives representing merchants and pectations for fast, convenient mobile —Marketing head, financial institutions to explore their payment methods. large regional bank thoughts on payment trends. These in- terviews were part of a larger research What’s Keeping Executives “Right now, there is no value effort—the Vantiv/Mercator Insight Up at Night? proposition [for mobile pay- Series—that also surveyed some 1,200 ments] from a consumer consumers to gauge their awareness of Today, mobile payments are very much standpoint and no common and interest in various payment meth- on the minds of merchant and financial standard platform…. It’s a ods. The result is a multifaceted view of institution executives. In general, they chicken and egg—merchants the payment landscape. expect mobile payments to become need to support it and the is- mainstream, but they have a number of suers need to offer it.” The interviews found that executives concerns about how they will work and —Executive VP, regional bank are concerned on many fronts—about what it will take to get there. Part of the Vantiv Insight Series 2012, featuring proprietary research performed by Vantiv LLC and Mercator Advisory Group © 2012 by Vantiv LLC. All rights reserved.
  • 3. 3 As one might expect, executives are less payment technology will emerge No or low cost 87% worried about security with new pay- as the dominant approach. Rather, ex- ment methods in general, and with ecutives are looking at a growing range mobile payments in particular. That’s a of options. These include alternatives Fast at POS 85% strong concern for consumers as well. to NFC, such as Paydiant and other But looking ahead, executives are actu- cloud-based interfaces activated via ally more optimistic than consumers QR codes or PIN—approaches that do Security 72% about the industry’s ability to address not require much additional infrastruc- security. Many interviewees “recognized ture. With such options getting trac- Control spend 71% a potential for even greater security tion, the future role of NFC is not clear. with smartphone payments through technologies like multifactor authenti- The interviews found that executives Ease of dispute 68% cation and tokenization,” says Bill Wein- are seeing a similar level of uncertainty gart, chief product officer at Vantiv. around mobile wallets, which provide No minimum 66% a single access point to an individual’s purchase Executives are less confident when it cards and accounts for payments. comes to dealing with the widespread Industry executives feel that current im- Instant 65% implementation of mobile payments. plementations of these wallets do not deduction Merchants not only worry about the provide the functionality consumers are 0% 50% 100% cost of new infrastructure, they also looking for—in particular, they don’t in- want to avoid driving customers to new corporate all the cards customers want payment types that will increase costs. to carry, such as merchants’ private-la- WHAT CONSUMERS Financial institutions, seeing lower bel closed-loop cards. Most merchants WANT revenues driven by legislation, want to said that they were involved in evaluat- clearly understand the value of mobile ing mobile wallets, but many complained Executives tend to think payments before investing. that not enough phones support mobile that consumers are looking payments and that current technology for convenience, but costs At the same time, it isn’t clear which is not user-friendly. Three merchants are top of mind for consum- technologies companies should invest reported that their mobile wallet pilots ers when choosing a pay- in. “A primary concern is the lack of a were unsuccessful; a fourth decided to ment method. universal standard platform for mobile suspend its program until more phones payments,” says Weingart. The issue is can accept NFC. partly behind the formation of the Mer- chant Customer Exchange, a consortium At the same time, executives are con- of 14 major retailers that aims to come fronted with a long and changing list up with a standard mobile platform for of mobile wallets in the marketplace. its members. “Efforts like this are a sign There are no mobile wallet standards of how much desire there is for a clear in place, and wallets are available from way forward,” he adds. a wide range of providers. Overall, says Weingart, “executives fear that early Few interviewees felt it was certain implementations may be quickly outdat- that near field communication contact- ed, and they don’t want to waste limited
  • 4. 4 Executive Views: resources on something that won’t ing to figure out when and how to start The Challenge serve their purpose for very long.” actually issuing these cards. And some of Change bank executives are doubtful about the Looking at a shorter-term issue, the eventual enforcement of the mandates “The most challenging is to interviews showed that the impending and whether an extensive installed base figure out which payment types rollout of EMV technology is a source of EMV terminals will actually emerge.” a bank with limited resources of anxiety for merchant executives. As should offer…. We can’t offer ev- one might expect, they are focused on Finally, executives expressed concern ery type of solution that comes the Visa and MasterCard implementa- about the emergence of nontraditional along.” tion mandates and the 2015 shift of players in payments. Financial institu- —Senior VP, fraud liability to merchants. But they are tion executives are worried about new large regional bank also concerned about the challenges mobile payment providers. “Many fear of weaving EMV implementation into that the new non-card-based entrants “A major pain point is having a list their point-of-sale technology update may quickly make significant inroads of 25 things to do.… How should cycles—and the fact that EMV does and cut out their card network-based we allocate our resources in the not address card-not-present fraud. interchange revenues,” says Royal Cole, payment world that is changing president, FI Services, at Vantiv. so fast? We need to move more But these executives aren’t alone. Inter- quickly in some areas, but how?” viewers found that financial institution Merchant executives also worry about —EVP, community bank executives are perhaps even more con- new players—such as Google and cerned than their merchant counter- perhaps Amazon, Apple, and even social “Some of the new companies parts about EMV implementation. Es- media networks—becoming interme- developing mobile wallets are not sentially, EMV does not address banks’ diaries that gather a wealth of informa- in the payment industry—we see security concerns; it is effective against tion about their customers. This could right through them. They’re trying card counterfeiting, and it helps bank not only result in merchants having less to make the marketing compo- customers use their U.S.-issued cards control over customer relationships, it nent more valuable, but their busi- in the EMV networks found abroad, but could also enable those intermediaries ness is run by advertising.” it does not strengthen security against to use that data to offer marketing and —Supermarket retailer the kind of database breaches and advertising services to a merchant’s compromises that affect banks. competitors, targeting the merchant’s “Our biggest pain point is un- customers. However, the executives do derstanding which payments Nevertheless, implementing EMV will see an upside to the arrival of new play- customers really want to use, create a significant expense for finan- ers which, they hope, can help reduce even if they don’t know yet. It’s cial institutions. “It’s primarily a cost their costs around mobile payments. too expensive to invest in all the issue for them—a big cost issue,” says technologies that come out. We Ken Paterson, vice president of re- Executives and Consumers: have limited resources and want search operations at Mercator. “In some Differing Opinions to focus only on the most impor- ways they are even more confused than tant ones to our customers.” merchants because they’ve been given With all of these concerns in mind, —Drugstore retailer less of a mandate. So they are just try- the merchant and financial institution
  • 5. 5 executives told interviewers that they also felt that current mobile payment AGE were moving forward very cautiously strategies are not in their best interest 18-34 57% with new payment methods. But in a and benefit only the issuer. “There is a 35-64 33% rapidly evolving environment, a wait- consensus that these are coming, but 65+ 14% and-see strategy may be ill-advised there is a lack of clarity and agreement because it is out of sync with what about how fast they’re coming and customers want and expect. Waiting how they’re going to work,” says Peter GENDER too long could mean missed opportu- Kulik, vice president, Product Manage- Men 41% nities and even lost customers. ment, at Vantiv. Women 33% The research identified several key The research also uncovered some differences between executive and differences of opinion around the role INCOME consumer attitudes—and a number mobile payment platforms will play in Less than $50K 34% of these “disconnects” underscore consumers’ lives. Executives tend to $50K-$75K 33% the risks involved with a wait-and-see see mobile payments as a vehicle for $75K-$100K 42% strategy. For example, consumer inter- using traditional card accounts—an est in mobile payments is quite high: electronic form of plastic—and little More than $100K 43% Vantiv research found that 62% of con- more. Consumers, however, expect sumers expect mobile payments to be mobile payment platforms to bring 0% 20% 40% 60% widely used within five years—and 31% more information and convenience think that will be the case in just two to their entire purchasing experience. years. Consumers see challenges, such They want mobile platforms that not WHO’S INTERESTED IN as security and reliability issues, but ex- only handle payment transactions but MOBILE? pect the industry to work through them also help them manage receipts and and deliver mobile payments capabili- coupons, track spending, and so forth. Executives are cautious ties sooner rather than later. about mobile payments, but Indeed, the Vantiv research found that younger consumers are es- But executives see a slower transi- for consumers a key barrier to the pecially interested in them, tion and believe that the widespread greater use of mobile payments was suggesting future growth. use of mobile payments is farther off. that mobile payments, by themselves, Desirable customers—high- Financial institution executives foresee are no more convenient than a credit er-income consumers—are a somewhat shorter timeline than do card. At the current state of evolution, also interested. merchants. That presumably stems many consumers see no compelling from the fact that banks consider reason to change. They want more mobile payments a natural extension than just the ability to pay with their of mobile banking and card operations. phones. Without additional tools and Many merchants, on the other hand, more information on the mobile plat- cited their disappointing pilot pro- form, they may stay away from mobile grams and frustration with the mobile payments—or find providers that have payment tools being offered. Some those broader offerings.
  • 6. 6 Consumers are also looking for more accounts, so they are kind of lukewarm when it comes to prepaid cards, and they toward prepaid,” says Paciolla. like the inherent spending discipline of having a set amount of funds loaded Merchants, too, are paying relatively on a card. The research also found that little attention to the potential of pre- consumers see prepaid cards as the paid cards. Although they are familiar most secure form of in-store payment. with closed-loop cards and are aware of And nearly half considered prepaid cards the recent growth in the sales of such useful for online purchases—a “surpris- cards, they generally do not view them ing finding, since open- and closed-loop as a critical form of payment. “Mer- cards have not generally been marketed chants usually do not link their loyalty for this use,” says Ed Paciolla, product or rewards programs with their closed- management director at Vantiv. Looking loop cards,” Paciolla says. “And general- at consumer interest and awareness, the purpose prepaid cards are essentially research concluded that prepaid card off their radar.” Merchants may also be usage is likely to keep growing. missing an opportunity to use closed- loop prepaid cards to reduce the overall The research suggested that mer- cost of payments. chants and financial institutions may be missing the significance of the growing Meanwhile it seems that consumers consumer interest in prepaid cards. The and executives have different views on MOBILE AND PREPAID: interviews found that in many cases, what drives consumer payment choice. HITTING THEIR STRIDE banks are only in the planning stages Vantiv’s consumer research has shown with general-purpose reloadable card that consumer payment preferences The use of both prepaid programs, and many are just beginning are determined, in order of importance, cards and mobile financial to think about issues such as reloading by low fees and low costs, speed and tools are following adoption capabilities and online usage. Few are convenience, security, and spending curves that indicate contin- including prepaid cards in their rewards control. Consumers are clearly fee- ued growth, with prepaid programs or actively marketing them to sensitive, with nearly 90% saying that cards being further along their customers. “At some larger banks, cost is a critical factor. Eighty percent the curve. executives think that prepaid cards will consider their worst payment experi- only pull customers away from core ences to be unauthorized, unexpected, or added fees based on payment type. 100% In contrast, executives tend to believe 90% that consumer payment preferences JANUARY 2012 CONSUMER USAGE LEVEL 80% are driven primarily by convenience and/or rewards, rather than costs. 70% Incidentally, financial insitutions think 60% of convenience in terms of offering an ✦ Retailer closed-loop gift cards 50% ✦ Smartphones (iPhone intro) 40% 30% ✦ General-purpose open gift cards 20% ✦ Mobile banking* (initially SMS-based) ✦ Tablets (iPad intro) ✦ Prepaid cards online 10% ✦ General-purpose reloadable cards ✦ Mobile P2P services ✦ ✦ Open and single-merchant e-wallets, Downloaded prepaid mobile app like Starbucks 0% 0 years 5 years 10 years 15 years 20 years YEARS IN U.S. MARKET Source: Vantiv/Mercator Insight Series Research, February 2012. * Data from Mercator Advisory Group Survey, October 2011.
  • 7. 7 organized, easy way to manage spend- offerings out there, getting to know Either ing, payments, and receipts, while mer- which customers use them and how general-purpose 26% or retailer cards chants think of it as speed at checkout they use them, understanding the use and being easy to carry. cases that their customers are most in- terested in—those types of things are Finally, in considering these various very important,” says Kulik. “Whether Retailer-specific 20% disconnects, it’s worthwhile to con- it’s a mobile banking application that’s prepaid cards sider some demographic realities. The accessed through the phone browser research found that young adults are or a single-use case like mobile check more interested in mobile payments deposit, banks can provide some value and prepaid cards than older consum- to customers while learning how to General-purpose 18% cards ers are, and they are more likely to see make the best use of the platform.” themselves using mobile payments. Thus, consumer interest in these areas The idea is to strengthen relationships 0% 10% 20% 30% is not a short-term event. As these with consumers and hold on to them types of tech-savvy consumers come as the mobile payments space evolves. to make up more of the consumer pop- The Vantiv research found that some ulation, the marketplace’s expectations banks are adopting this kind of defen- PREPAID PURCHASES around these payment methods is only sive strategy with mobile wallets, intro- PLANNED going to increase. These consumers ducing their own wallets using their own Executives may be luke- are not likely to reward those providers bank cards or branding “white label” warm about prepaid cards, who took a wait-and-see attitude. wallets from partners. “Even if they do but more than a quarter of not expect their digital wallets to be a surveyed consumers expect Taking Action— leading payment type in the near future, to purchase more of them in and Finding What Works they want to introduce their customers the next 12 months. Young- to the experience early to gain loyalty er consumers, women, more In this environment, merchants and and seed their market,” says Paterson. affluent consumers, and financial institutions need to move “These financial institutions will be bet- smartphone/tablet owners ahead—and they can do so in incremen- ter positioned to combat nontraditional are more likely than average tal steps. They can get beyond wait- mobile competitors.” That’s important, to plan such purchases. and-see strategies to gradually build he adds, because “the window of op- the capabilities needed in an evolving portunity for financial institutions is payments environment—without having closing as non-traditional vendors step to commit solely to one approach. up the pace of their mobile network development.” Financial institutions, for example, can leverage their existing mobile banking Merchants can take similar action and platforms by adding functions and fea- explore the use of mobile platforms tures, even if they not ready to include without including payments, allowing payments. “Getting various mobile them to make progress while they wait
  • 8. 8 Executive Views: Growing Opportunity for terminal standards to emerge and and skills. That can be a lot for individ- “Prepaid cards are very impor- infrastructure decisions to be resolved. ual merchants and financial institutions tant.... I think there’s an op- That can mean focusing on smartphone to cover, making it difficult to tackle portunity for someone to come applications that enhance the in-store these initiatives alone. Like other indus- up with a mobile gift card mall experience—providing features such tries, merchants and financial institu- where it is easier to redeem as coupons, e-receipts, and product tions are likely to benefit from working points and convert to gift cards search capabilities to customers, who with partners that can bring mobile, and access your prepaid ac- can then make payments with their tra- processing, and other payment-related count using mobile phones.” ditional credit card. Case in point: the expertise to the table. “Forging part- —Home improvement retailer recently released Apple Passbook ap- nerships that are focused on strength- plication lets consumers organize and ening payment initiatives is becoming “The technology is moving so manage their virtual cards and coupons more critical to the success of financial fast, there’s a lot of opportu- for use with mobile payment systems. institutions and merchants, because nity to move to new payment “By integrating mobile into the shop- it can help them navigate through the types…. We don’t want to lose ping experience and the overall process development and deployment of new membership to another finan- for consumers,” says Kulik, “customers technologies to more adeptly address cial institution, and we want can then be transitioned to mobile pay- market needs,” says Paterson. to attract the younger gen- ments when the merchant is ready.” erations. Are we on top of the At the same time, executives can ques- market? Are we identifying the On the prepaid card front, merchants tion assumptions—always critical in a best alternatives and partner- and financial institutions can look for changing environment. The research ing with the right vendors?” opportunities to strengthen their identified several areas where consumer —SVP, credit union programs to take advantage of that attitudes appear to be out in front of growing market. Improvements could merchants and financial institutions. But “Mobile technology will help include providing better access to those disconnects are not insurmount- us better engage our custom- balance information, simpler redemp- able, and by understanding them, execu- ers and guide them through tion and reloading, the ability to split tives can take action to shape strategies our stores.… They can set up a transactions across prepaid and credit around consumer wants and needs. “Fi- profile within our rewards appli- cards, and so forth. Companies can nancial institutions and merchants have cations to include preferences, also integrate open- and closed-loop an opportunity to take a leadership role shopping lists, and preferred prepaid cards into their mobile wallets in the evolution of payments and shape payment method. It will recog- and their rewards and loyalty programs. standards, technologies, and offerings nize through geo-fencing when that keep them in step with changing they will be in or near our stores Altogether, such initiatives, combined demand,” says Weingart “Those that and know what they want to with ongoing loyalty, security, compli- take early steps to engage their cus- buy and direct them to the ance, and cost-management efforts, tomers will be better positioned to keep best product in that category.” require a wide range of technologies those customers tomorrow.” —Drugstore retailer About Vantiv Vantiv LLC is one of the leading integrated payment processors in the United States. Known as Fifth Third Processing Solutions since 1971, the company, headquartered in Cincinnati, Ohio, changed its name to Vantiv in 2011, and became a public company in 2012. Vantiv’s credit, debit, prepaid, and data security solutions help businesses and financial institutions of all sizes get the most out of payment activities. Vantiv Corporate Headquarters 8500 Governors Hill Drive, Cincinnati, OH 45249 866-622-2880 | www.vantiv.com TL0002 7/12