1.
THE FUTURE OF
PAYMENTS &
CURRENCY
OCTOBER 2014
ABRIDGED VERSION

2.
2
WHAT WE’LL COVER
Introduction
Trend drivers
New ways to pay
New forms of value exchange
New payment players
Appendix: More about our experts and influencers
The following is an abridged
version of JWT's Future of
Payments & Currency report. To
download the full version, please visit
JWTIntelligence.com.

3.
3
INTRODUCTION
It seems that suddenly most aspects of the established payments system are on the verge of disruption.
Apple Pay has just arrived, Facebook is reportedly mulling peer-to-peer payments, more merchants are
accepting bitcoin, banks are testing payment-enabled wristbands or creating pay-by-tweet schemes, and
the ranks of “fintech” innovators are growing.
This report examines the rise of new ways to pay and new forms of value exchange, along with new
players in the payments space, and what it all means for brands.
Never in the history of the payments industry has there been a time
of such disruption and opportunity across regions. Digital
technologies will upset the competitive order and the role that
payments play both in the operations of businesses and in the daily lives of
consumers.” —BCG PERSPECTIVES, “Global Payments 2014,” Sept. 17, 2014

4.
4
METHODOLOGY
Our trend reports are the result of quantitative, qualitative and desk research conducted by
JWTIntelligence through out the year. For this report, we also interviewed several experts and influencers
in payments and currency.*
Deborah Baxley,
consulting services
principal, Capgemini
Financial Services
Rob Girling,
co-founder and
principal, Artefact
EXPERTS
AND
INFLUENCER
S
Bill Maurer,
dean of social sciences and
professor of anthropology
and law, UC Irvine
Craig Erickson,
creative director and
designer, Artefact
*See Appendix to learn more about these experts.

5.
TREND DRIVERS
While technology is opening up myriad possibilities in payments and forms of
currency, the mobile wallet and other innovations have taken off in fits and
starts. Skeptics say consumers have little incentive to adopt new systems. But
Millennials are ushering in a new mindset: They’re much less attached to the
status quo than their elders and far more open to alternative ideas.

6.
TREND DRIVERS
MILLENNIAL MINDSET
DISTRUST IN FINANCIAL
INSTITUTIONS
TECHNOLOGY
DATA BREACHES
TRICKLE-UP INNOVATION
HEDGE AGAINST
ECONOMIC CHAOS

7.
—NICK BILTON,
The New York Times
TREND DRIVERS
MILLENNIAL MINDSET
DISTRUST IN FINANCIAL
INSTITUTIONS
TECHNOLOGY
DATA BREACHES
TRICKLE-UP INNOVATION
HEDGE AGAINST
ECONOMIC CHAOS

8.
TREND DRIVERS
MILLENNIAL MINDSET
DISTRUST IN FINANCIAL
INSTITUTIONS
TECHNOLOGY
DATA BREACHES
TRICKLE-UP INNOVATION
HEDGE AGAINST
ECONOMIC CHAOS

9.
—NICK BILTON,
The New York Times
TREND DRIVERS
Image credits: bitcoin; Apple
MILLENNIAL MINDSET
DISTRUST IN FINANCIAL
INSTITUTIONS
TECHNOLOGY
DATA BREACHES
TRICKLE-UP INNOVATION
HEDGE AGAINST
ECONOMIC CHAOS

10.
—NICK BILTON,
The New York Times
TREND DRIVERS
MILLENNIAL MINDSET
DISTRUST IN FINANCIAL
INSTITUTIONS
TECHNOLOGY
DATA BREACHES
TRICKLE-UP INNOVATION
HEDGE AGAINST
ECONOMIC CHAOS
Recent high-profile data breaches have severely impacted consumer
confidence in the payments system and motivated retailers to seek more
secure tools. In the U.S., Neiman Marcus, Home Depot, Supervalu and, most
notably, Target are among the prominent businesses to have suffered data
breaches. These have compromised millions of credit and debit cards, with
Target’s breach affecting up to 110 million people.
Fear of fraud will both drive adoption of new systems and inhibit some
consumers from embracing relatively untested systems.
Image credit: businessjournalism.org 10

11.
—NICK BILTON,
The New York Times
TREND DRIVERS
With less competition and fewer regulatory restrictions, emerging markets
serve as fertile testing grounds for new payment methods and new players.
And with many consumers in these markets unbanked—outside the
commercial banking system—alternative systems like mobile money are
flourishing.
Telecoms have led the way when it comes to sending and receiving payments
via basic cellphones. Safaricom, in partnership with Vodafone, launched the
most successful of these services in Kenya in 2007. Nearly two-thirds of
Kenyans now use M-Pesa, and 43% of the nation’s GDP moves through it.
The success of M-Pesa and similar services is prompting new ideas in
developed markets. In the U.S., mobile carriers T-Mobile and Sprint have both
entered into the mobile money space.
Image credits: M-Pesa; T-Mobile
MILLENNIAL MINDSET
DISTRUST IN FINANCIAL
INSTITUTIONS
TECHNOLOGY
DATA BREACHES
TRICKLE-UP INNOVATION
HEDGE AGAINST
ECONOMIC CHAOS

12.
NEW WAYS TO PAY
Digital technology is opening up new ways to pay, many of them more seamless
and secure than traditional methods. Foremost among these is the “mobile
wallet”—using smartphones to make purchases or peer-to-peer payments—but
various other ideas are coming to fruition, including wearables (tapping a
watch, scanning a ring, etc.) and biometric technology like pay-by-fingerprint.

13.
61
MILLION+
Active mobile money
accounts worldwide as
of June 2013*
—NICK BILTON,
MOBILE WALLETS
The New York Times
NEW WAYS TO PAY
Broadly speaking, mobile wallet users swipe, tap, wave or otherwise prompt a smartphone to pay after
initial setup (providing credit card or bank account information and potentially linking to various loyalty
programs). Technologies vary but include near field communication (NFC), Bluetooth and bar code
systems. For people with little to no access to commercial banks, the advent of mobile money—texting to
send or receive payments using basic phones—has been a godsend.
*Source: GSMA
Image credit: Alipay

14.
—NICK BILTON,
MOBILE WALLETS
(cont’d.)
The New York Times
NEW WAYS TO PAY
61
MILLION+
Active mobile money
accounts worldwide as
of June 2013*
Image credits: Apple; Amazon; Google

15.
—NICK BILTON,
MOBILE WALLETS
(cont’d.)
The New York Times
NEW WAYS TO PAY
61
MILLION+
Active mobile money
accounts worldwide as
of June 2013*
Image credits: PayPal; Kuapay; Softcard

16.
Various startups are looking to digitize peer-to-peer transactions, mostly by way of
mobile apps. Business Insider estimates the global volume of P2P payments at more
than $1 trillion annually, with only “a sliver” made through mobile today.
—NICK BILTON,
MOBILE WALLETS:
PEER-TO-PEER
PAYMENTS
The New York Times
NEW WAYS TO PAY
Active mobile money
accounts worldwide as
of June 2013*
Image credits: Dwolla; Venmo; Ribbon; Paym

17.
—NICK BILTON,
The New York Times
BRANDED APPS
NEW WAYS TO PAY
Active mobile money
accounts worldwide as
of June 2013*
As banks, tech giants and new entrants vie to dominate in the mobile wallet space, Starbucks
and other brands are creating their own apps, enabling frequent customers to pay
seamlessly. In some cases—notably with taxi services like Uber and fast food brands—the apps
let users both order and pay, reducing wait times or hassle. In other cases, as with Starbucks,
the apps draw users by folding in loyalty rewards or coupons. Brands benefit by collecting
extensive customer data and drawing in impatient, cash-averse Millennials.
Image credit: Starbucks

18.
—NICK BILTON,
The New York Times
NEW WAYS TO PAY
Active mobile money
accounts worldwide as
of June 2013*
Image credit: MyCheck
DINE AND GO
Some see a role for payment apps beyond the fast food sphere, with patrons at
bars and restaurants harnessing mobile to more quickly and easily settle their
checks. Customers can tap, pay and leave without flagging down an employee;
from the merchant’s point of view, this frees up staff and potentially opens up
tables more quickly.
MyCheck, which has a
partnership with PayPal,
launched its app in
Israel in 2012 and has
moved into a few cities
in the U.S., the U.K.
and Brazil.

19.
Wearables—Internet-connected devices worn on the body—promise an even more seamless
method of payment than mobile phones. The vision is that consumers will simply hold up a
watch, tap a wristband or perhaps issue a verbal instruction to Google Glass.
—NICK BILTON,
The New York Times
WEARABLES
NEW WAYS TO PAY
Active mobile money
accounts worldwide as
of June 2013*
Glasses: Some mobile-payment players are betting on consumers paying with a gesture, tap
or voice command using Glass or other high-tech specs. Eaze, a startup pushing the idea of
“Nod to Pay,” links to two bitcoin payment systems and plans to add fiat currencies.
Image credit: Eaze

20.
—NICK BILTON,
The New York Times
WEARABLES
(cont’d.)
NEW WAYS TO PAY
Active mobile money
accounts worldwide as
of June 2013*
Watches: Several payment apps work in tandem with
early entrants on the smartwatch market. These
include PayPal’s app for Samsung’s Gear 2 and
WearBucks for owners of Android Wear watches.
Wristbands: For people willing to link up credit or
debit card information, smart wristbands may have a
long-term role to play as a way to make fast
purchases at events like music festivals or
destinations like theme parks.
Image credits: Apple; Artefact

21.
—NICK BILTON,
The New York Times
WEARABLES
(cont’d.)
NEW WAYS TO PAY
Active mobile money
accounts worldwide as
of June 2013*
Image credit: Barclaycard

22.
To improve security, businesses are starting to adopt systems that identify and
authenticate people based on physical or behavioral characteristics: iris scans, digital
fingerprints, voice prints, vein or facial maps and so on. The method is also more
convenient for users than typing passwords, although privacy will be a concern for
some. Fingerprint recognition, the most widely used biometric system thus far, will
become increasingly common now that Apple is embracing mobile payments.
—NICK BILTON,
The New York Times
BIOMETRIC
PAYMENTS
NEW WAYS TO PAY
Image credits: PayPal; Biyo
The Samsung
Galaxy S5
enables
fingerprint
payment via
PayPal’s app

23.
Today more and more companies—from startups to financial institutions and tech giants
like Google—are enabling person-to-person payments, bill payments and product
purchases via a simple message. For instance, French bank Groupe BPCE will enable
people to tweet money to one another via its S-money mobile-wallet subsidiary, thanks
to a partnership with Twitter.
—NICK BILTON,
The New York Times
EMAILS, TEXTS
AND TWEETS
NEW WAYS TO PAY
Image credit: Popmoney

24.
—NICK BILTON,
The New York Times
WHAT IT MEANS
FOR BRANDS
NEW WAYS TO PAY
• Prepare for a “cash-limited” future
• Cater to Millennials
• Compel consumers to opt in
• Open a personalized marketing
channel
• Security and privacy above all

25.
NEW FORMS OF CURRENCY
A growing array of alternative currencies—ranging from cryptocurrencies to
local currencies, branded currency and social media currency—is supplementing
or even replacing conventional money.
Money is always only a human creation, kind of a collective illusion … It’s something we
invent as societies and states and communities, and we can reinvent it if we want to.”
—BILL MAURER, dean of social sciences and professor of anthropology and law, UC Irvine

26.
NEW FORMS OF CURRENCY
—NICK BILTON,
The New York Times
NON-FIAT
CURRENCIES
Dollars, pounds, euros, pesos, yen—these are all fiat currencies, or legal tender. But even
with the backing of a government, their value exists only by popular consent. So
increasingly people are thinking more creatively about what money can be, from local
currencies to cryptocurrencies like bitcoin, which can function just as well—if not better, in
some instances— as a medium of value exchange.
Local currencies are undergoing a
resurgence thanks to the economic crisis
and rising income inequality. A local
currency can help to mitigate the impact
of a troubled economy, stimulating
growth by increasing demand for local
goods while keeping money from flowing
out of the area.
Image credit: Tilt
Local currencies in
circulation include
the Brixton Pound
and Bristol Pound in
the U.K., the
Capivari in Brazil
and COjacks in
Colorado.

27.
NEW FORMS OF CURRENCY
In the last year or so, a number of major businesses have started accepting bitcoin, most via
bitcoin middlemen, lending the novel currency greater credibility. And there are now more
than 250 bitcoin ATMs worldwide. Still, most consumers remain fairly skeptical about
bitcoin.
—NICK BILTON,
CRYPTOCURRENCIES
The New York Times

28.
NEW FORMS OF CURRENCY
Bitcoin pros and cons: While they have serious downsides, cryptocurrencies
appeal to users for a number of reasons. They allow people to send and receive
money around the world instantly, without the need for banks as intermediaries.
This means little to no fees for processing transactions, as well as greater privacy,
although cryptocurrencies are not anonymous, as is widely believed. For people
with little trust in government and the banking system, cryptocurrency provides a
way to transact without relying on either.
—NICK BILTON,
CRYPTOCURRENCIES
(cont’d.)
The New York Times
38%
of U.S. and U.K.
Millennials are interested
in using currencies such as
bitcoin, vs. 17% of Gen
Xers and 7% of Boomers

29.
NEW FORMS OF CURRENCY
Experts place the number of businesses accepting bitcoin as high as 80,000
worldwide, a wide majority of which are small merchants. But some bigger
players across categories are earning buzz by welcoming the currency, in some
instances experiencing an initial boost in sales. Most use Coinbase or another
bitcoin middleman, shielding themselves from risk while paying much less in fees
than with credit card transactions.
—NICK BILTON,
CRYPTOCURRENCIES
(cont’d.)
The New York Times
Image credit: Life on Bitcoin
This crowdfunded
documentary
follows a newly
married couple
trying to get by on
bitcoin alone.
Prominent businesses
accepting bitcoin:
• Dish Network
• Dell
• United Way
• Expedia
• Overstock.com
• The Sacramento
Kings

30.
NEW FORMS OF CURRENCY
Social media as currency: Brands commonly offer incentives in exchange for
Facebook likes or Twitter follows. Now, with social media ingrained into the daily
lives of many, some are evolving this idea by enabling consumers to acquire
products or discounts with social media actions in lieu of cash.
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
The New York Times
Image credit: Carlsberg
Danish beer company
Carlsberg partnered with
bars in Denmark to
extend happy hour for
drinkers who posted
social media photos with
the hashtag
#HappyBeerTime

31.
NEW FORMS OF CURRENCY
Tweet-to-pay pop-up shops:
These temporary locations
provide unique experiences that
consumers are keen to capture
and then share with their
followers, increasing brand
engagement and stimulating
word-of-mouth.
In London, Weight Watchers
created the Feel Good Café,
where visitors paid with social
media shares. And Marc Jacobs
launched a Tweet Shop where
guests received free gifts based
on their social posts.
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
(cont’d.)
The New York Times
Image credit: Weight Watchers

32.
NEW FORMS OF CURRENCY
Vending machines: Along with pop-up shops, Internet-connected vending
machines are becoming a go-to source for accepting social media actions
for payment.
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
(cont’d.)
The New York Times
Image credits: Walkers; Old Navy

33.
NEW FORMS OF CURRENCY
Incentivizing good behavior: Some brands have turned positive actions on
the part of consumers into a form of currency.
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
(cont’d.)
The New York Times
Image credits: Anthon Berg; McDonald’s
Chocolate brand Anthon
Berg set up the pop-up
Generous Store, where
customers could earn boxes
of chocolate by pledging to
do good deeds, and
McDonald’s let customers
pay with recycled cans.

34.
NEW FORMS OF CURRENCY
Branded currency: For years, loyalty has translated into a currency of sorts, with
merchants offering “Buy 10, get 1 free,” airlines awarding seats to frequent flyers
and so on. These loyalty schemes, including gift cards and coupons, account for
more than $165 billion in purchasing power in the U.S. alone. With that much value
in circulation, some brands are reframing these offers, shifting brand loyalty into a
currency in a more traditional sense. And thanks to smartphones, disparate
programs are becoming more manageable for consumers, who can readily cash in.
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
(cont’d.)
The New York Times
Image credits: Amazon; Kik; McDonald’s

35.
NEW FORMS OF CURRENCY
Products as currency: Brands have been getting creative with the age-old practice
of barter, turning their goods into currency as part of social responsibility initiatives
or novel marketing ploys. For telecom brands, mobile minutes or data can serve as
currency for consumers hungry for more phone access.
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
(cont’d.)
The New York Times
Social responsibility: To help boost tourism in a
region of Japan that was devastated by the 2011
earthquake and tsunami, Nestlé is enabling
travelers to use special-edition KitKat packs as
travel passes on the Sanriku Railway.
Image credits: KitKat; Vodafone
Mobile airtime/data: In Egypt, Vodafone worked with
JWT to introduce airtime as a form of currency. Small
shops or kiosks in the country often substitute low-value
items like gum and candy for small change; in a twist on
this practice, Vodafone created mobile-top-up cards in
small denominations, designing them to fit in a cash
register. These Fakka (“small change”) cards drove an
average 7% rise in revenue per customer.

36.
NEW FORMS OF CURRENCY
Ad campaigns: Some brands have turned their products into currencies in ad
campaigns, framing the emotional value of their goods in a new light. To show that
“Heineken opens your world,” the beer-maker tasked a man with getting from Inner
Mongolia back home to Thailand using “nothing but Heineken and a little bit of wit.”
—NICK BILTON,
ALTERNATIVE BRAND
CURRENCIES
(cont’d.)
The New York Times
Image credit: Heineken

37.
NEW FORMS OF CURRENCY
—NICK BILTON,
The New York Times
WHAT IT MEANS
FOR BRANDS
• Barter reinforces value
• Drive engagement with social currencies
• Turn loyalty into instant currency
• Embrace alternative currencies

38.
NEW PAYMENT PLAYERS
Disruption in the payments and currency sphere is opening the way for new
players to act as intermediaries between consumers and their money. We’ll see
consumer interaction with banks and other traditional financial institutions
wane as newcomers offer innovative or compelling solutions. Consider that 73%
of Millennials would be “more excited about a new offering in financial services
from Google, Amazon, Apple, PayPal or Square than from their own nationwide
bank,” according to Viacom’s Millennial Disruption Index.

39.
NEW PAYMENT PLAYERS
—NICK BILTON,
The New York Times
BRANDS AS
FINANCIAL
INTERMEDIARIES
Mobile operators, tech giants and others are making forays into the financial space, taking
on roles traditionally filled by banks and other financial services companies. By doing so,
these companies can track spending patterns and behavior, as well as reduce interchange
and processing fees. The mobile wallet is a key driver. Mobile payment transactions
facilitated by “non-banks” will increase from 1.1 billion in 2012 to 7 billion in 2015,
according to a forecast by Capgemini and The Royal Bank of Scotland.
72%
of North American
Millennials would be likely
to bank with at least one
nonfinancial services
company if it offered
banking services*
*Source: Accenture’s 2014 North America Consumer Digital Banking Survey
Image credits: Millicom; T-Mobile

40.
NEW PAYMENT PLAYERS
—NICK BILTON,
The New York Times
BRANDS AS
FINANCIAL
INTERMEDIARIES
(cont’d.)
Image credits: Google; Tech for Korea
Tech companies and
messaging services are well
positioned to integrate
payments systems. Google
now offers free P2P
payments through Gmail or
its Wallet app, and South
Korea’s KakaoTalk recently
launched the PayPal-like
KakaoPay.

41.
NEW PAYMENT PLAYERS
BRANDS AS
FINANCIAL
INTERMEDIARIES
(cont’d.)
Retailers: Retailers have long provided
financial services, but some are expanding
more assertively into the space. Both
Marks & Spencer and Tesco recently
started offering personal checking
accounts in the U.K.
Walmart has been targeting the
underbanked. This year, the retailer
launched a money transfer service—
enabling customers to send funds to or
from any Walmart in the U.S. and Puerto
Rico—and partnered with Green Dot Corp.
on GoBank, a mobile checking account
with a linked debit card.
Image credits: Tesco; Walmart

42.
NEW PAYMENT PLAYERS
FINTECH INNOVATORS
The payments space is moving at incredible speed, with new technologies
and startups quickly making headway while most traditional institutions lag
in updating clunky legacy systems. Innovative fintech startups include the
bitcoin bank Circle; Plastc, which is creating a credit card-shaped digital
device; and Ripple, whose open-source, distributed-payment protocol lets
users make instant payments with any currency.
Image credits: Circle; Plastc; Ripple; Square; Stripe; WorldRemit

43.
NEW PAYMENT PLAYERS
WHAT IT MEANS
FOR BRANDS
• Boost your primary business with financial services
• Pursue the underbanked opportunity
• Utilize and build your network

44.
MORE ABOUT OUR EXPERTS AND INFLUENCERS
Deborah Baxley, consulting services principal, Capgemini Financial Services
Baxley, who joined Capgemini in 2010, is an international payments consultant with 20 years of consulting
experience. She has performed strategy work in 14 countries for eight top global issuers and payment brands, two
top payment processors and three top bank card acquirers, and has advised companies on product direction and
competitive positioning. She was the IBM partner responsible for strategy and change consulting for financial
services in North America and led IBM’s credit card strategy in China. She is current secretary and former chair of
the Smart Card Alliance Payments Council.
Craig Erickson, creative director and designer, Artefact
Erickson’s experience spans large corporate environments and small startups, including data visualization, product
UX, typography, games, advertising and identity. Prior to joining Artefact, a technology product design and
development company, he was co-founder and creative director of design and development studio SectionSeven. At
Artefact, he’s been instrumental in the design of award-winning product concepts, from the connected home of the
future to patient-centered decision tools for physicians.
Rob Girling, co-founder and principal, Artefact
Girling’s career started at Apple after he won the 1991 and 1992 Apple Student Interface Design Competition for
concepts around mobile and personal computing. He then spent 10 years at Microsoft, obtaining several patents and
making innovative contributions to Microsoft Office and Microsoft Games, eventually becoming design manager for
the user interface, brand and user experience of Windows XP. After leaving Microsoft in 2002, Girling worked as a
senior interaction designer for IDEO and as the lead game designer for Sony’s MAG action game. He co-founded
Artefact, a technology product design and development company, in 2006.
Bill Maurer, dean of social sciences and professor of anthropology and law, UC Irvine
A cultural anthropologist, Bill Maurer serves as director of the Institute for Money, Technology and Financial
Inclusion and was founding co-director of the Intel Science and Technology Center for Social Computing. He
conducts research on law, property, money and finance, focusing on the technological infrastructures and social
relations of exchange and payment. Maurer has particular expertise in emerging, alternative and experimental
forms of money, payment and finance, their legal implications, and how they have the potential to challenge the
definition and nature of money itself. He received his B.A. from Vassar College and his M.A. and Ph.D. from Stanford
University.

45.
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THE FUTURE OF PAYMENTS & CURRENCY CONTACT:
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