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The Future of Philippine Payments Industry: A Technology Foresight by 2022
- 1. The Future of Philippine Payments Industry: A Technology Foresight by 2022 Maurice Gonzales TM 299
- 2. 86% 2.5 Billion 18% CAGR JUNE 2018 Dec 9 2015 41% 86% of Filipinos do not have a bank account In 2015, the average number of payments per month in the country is 2.5 billion ECommerce in the Philippines have a CAGR (compounded annual growth rate) of 18% in the next 5 years The Bangko Sentral ng Pilipinas (BSP), together with industry stakeholders, launched the National Retail Payment System (NRPS) Framework Mobile payments, the biggest sector in the Philippine fintech industry comprised 41% of the total FinTech Industry. Bangko Sentral ng Pilipinas (BSP) mandate to shift debit cards to EMV by June 2018 Philippine Payment Industry Trends
- 3. PURPOSE AND SCOPE OF STUDY
- 4. 4PURPOSE Provide an assessment of the current and possible future scenarios in the Philippine Payment Industry. Guide them on their decisions regarding product development, and go-to-market initiatives. Banks Be more competitive in the local and international market. FinTech Be prepared for the changes in the Philippine Payment Industry. Retail Companies Provide recommendation as the regulatory and enabling institution on the support it can provide. Government
- 5. METHODOLOGY
- 6. 6 METHODOLOGY 1. Review of Related Literature 3. SWOT Analysis 2. Surveys 4. Delphi Method 5. Causal Links 10 Stage Scenario Building UNIDO Technology Foresight Manual
- 7. 7 METHODOLOGY Stage 1 . FOCAL POINT “Financial cards together with other emerging digital payment methods will replace cash as means of payment in the Philippines in 2022.” Stage 2 . ENVIRONMENTAL SCANNING a. STEEP using Review of Related Literature b. SWOT Analysis c. Survey to Financial Card users
- 8. 8 METHODOLOGY Stage 3 . IDENTIFYING KEY PREDICTABLE VARIABLES Stage 4 . IDENTIFYING CRITICAL UNCERTAINTIES 1. Awareness of Financial Products 2. Digital Filipinos 3. mPOS (Mobile Point of Sale) 4. Social Payments 5. Cashless Person-to-Person Payments 6. QR Code Payment 7. Digital microfinancing 8. MSME growth 9. ECommerce shift 10.Digital startup economy 11.EMV on 2018 12.Credit Card Preference 13.Use of Cards in Basic Commodities 14.Use of Cards in ECommerce 15.Convenience and Rewards of Financial Cards 16.Negative Stereotype on Cards 1. Access to Banks 2. P2P Transmittal 3. Big Data 4. Internet of Things 5. Economic status of Filipinos 6. Contactless Wearables 7. Digital experience in Banks 8. NFC-enabled payment terminals 9. FInancial Security 10.ECommerce growth 11.Millenial's view of financial companies 12.Financial Literacy
- 9. 9 METHODOLOGY Stage 5. CLUSTERING OF VARIABLES Cluster Variable Awareness & Access of Consumers Awareness of Financial Products Access to Banks Digital Filipinos P2P Transmittal Economic Status of Filipino Consumers Economic Status of Filipino Consumers Emerging Alternative to Financial Cards mPOS (Mobile Point of Sale) Digital Wallet Contactless Wearables Cashless Person-to-Person Payments Social Payments QR Code Payment Digital microfinancing Financial Industry Shift Digital experience in Banks NFC-enabled payment terminals Industry's Usage of Critical Technology Big Data Internet of Things Cluster Variable Philippine Economy MSME growth ECommerce shift Digital startup economy Political and Governing Laws EMV on 2018 Preference of Consumers Financial Security ECommerce growth Millenial's view of financial companies Credit Card Preference Financial Literacy Convenience and Rewards of Financial Cards Negative Stereotype of Cards Usage of Consumers Use of Cards in ECommerce Use of Cards in Basic Commodities
- 10. 10 METHODOLOGY Stage 6 . RANKING OF VARIABLES 14 Panel of Experts were tapped for the ranking of variables through Delphi Method using the online tool: Delphi Decision Aid. Expert Segment Group Function 1 Government Technology Development Project Management 2 Private Traditional Bank Product Development 3 Private Global Payment Solution Product Development 4 Private Traditional Bank Customer Life Cycle 5 Private Emerging Technology Product Management 6 Private Emerging Technology Marketing and Business Development 7 Customer Financial Card Savvy Marketing 8 Customer Financial Card Savvy Marketing 9 Customer Financial Card Savvy Marketing 10 Private Financial Technology Product Development 11 Private Financial Technology Digital Marketing 12 Private Traditional Bank Trade Marketing 13 Private Financial Technology Business Leader 14 Private Traditional Bank ECommerce and Marketing
- 11. 11 METHODOLOGY Stage 6 . RANKING OF VARIABLES Delphi Method was conducted through an online tool Delphi Decision Aid Key Drivers Impact Uncertainty Mean Standard Deviation Access to Banks and Financial Institutions 6 4.33 2.54 Customers’ Preference to Formal institutions 9 1.6 0.92 Customers’ Usage of Financial Cards 9 2.67 1.49 Customers’ Usage of Digital Wallet 8 3.67 1.94 Customers’ Usage of Contactless Wearables 6 3.89 2.28 Customers’ Usage of Social Payments 6 4.12 0.93 Customers’ Usage of QR Codes 6 3.67 2.16 ECommerce Growth in Philippines 9 2.5 1.5 Economic stability of Philippines 8 5.37 1.41 Retailers’ use of mPOS 9 2.11 1.59 Retailers’ use of NFC Enabled Payment 8.5 3.5 1.5 Security in Financial Transactions 10 2.5 1.5
- 12. 12 METHODOLOGY Stage 7. Selection of Scenario Logics
- 13. SCENARIOS
- 14. 14SCENARIOS Financial Product Development Shift to Underserved Market Customer is King in the Payments Industry An open payment ecosystem in Southeast Asia Cashless Philippines in 2022
- 15. 15SCENARIO 1 • Unbanked Filipinos will be the biggest customer segment of the financial industry in 2022. • Through the use of big data and internet of things, on boarding customers to electronic financial services will be easier for both financial companies and customers. • Newly acquired customers of the payment industry will be open to other mode of payment technology. FINANCIAL PRODUCT DEVELOPMENT SHIFT TO UNDERSERVED MARKET
- 16. 16SCENARIO 2 • Merging and collaboration of traditional banks and fintechs to build a better payment ecosystem. • With the interoperability among payment systems, open banking will accelerate disruption in the payments industry of the Philippines. • No dominant player in the payments industry as customers can freely shift from one financial company to another CUSTOMER IS KING IN THE PAYMENTS INDUSTRY
- 17. 17SCENARIO 3 • New digital payment network will allow people to send money instantly through participating bank’s mobile apps in SEA. • The ASEAN integration will pave way for payments and industries to be integrated between participating countries. AN OPEN PAYMENT ECOSYSTEM IN SOUTHEAST ASIA
- 18. 18SCENARIO 4 • If mandated by government, Philippines can be a cashless society in 2022. • A new revolution of financial technology awareness and usage will be started by the customers. • Retailers will move to using point of sale system through the aid of QR code and paywave technology. CASHLESS PHILIPPINES IN 2022
- 19. RECOMMENDATIONS
- 20. 20 COMPANY NAME RECOMMENDATIONS • Security Awareness and Financial Safety • Seamless Customer Onboarding Experience CUSTOMER-CENTRICITY • Equip retailers up to the level of grassroot Sari-Sari stores with the right tools to accept payments. • Prioritize MSMEs RETAILER/MERCHANT • Revisit existing KYC policies of Bangko Sentral ng Pilipinas • Balance between regulation and access GOVERNMENT REGULATION • Leverage on the experience and knowledge of traditional financial institution, take advantage the growth and new technology of FinTechs, while the government acts as the policy making body and enabler. COLLABORATION
- 21. The Future of Philippine Payments Industry: A Technology Foresight by 2022 Maurice Gonzales TM 299