innovation in payments
DESCRIPTION
Introduction to Fintech: Innovation Opportunities in the Payments Space- Despite the fact that many people perceive payments as commodity, the Payment industry has recently become one of the hottest innovation spaces for investors and entrepreneurs. This session will give an overview of the key stakeholders, opportunities and challenges for entrepreneurs who might consider taking up a venture in this space or simply expanding their knowledge around payments.TRANSCRIPT
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Innovation Opportunities I n t h e P a y me n t s S p a c e
Noam Inbar, VP Business Development. Zooz
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Agenda
1. Introduction to Payments
2. Innovation in Payments
3. Opportunities and Trends
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Introduction to Payments
1
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Payments: meet the players
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5. Merchant gets authorization, acquirer pays
merchant
Payment Transaction Flow
1. Cardholder makes purchase
2. Merchant sends transaction to processor
3. Acquirer submits transaction to issuing bank for payment
6. Issuing bank authorizes payment, acquirer is paid
7. Cardholder pays bank
4. Issuing bank bills cardholder
Cardholder
Issuer
Merchant
Acquirer
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Traditional boundaries are blurring
Offline world
Mobile Online world
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Mobile Commerce POS Mobile Wallet
In app
Mobile web
NFC
Cloud (web based)
Carrier billing
The Mobile Revolution
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The world’s unbanked population
Individual bank accounts 2BN
Mobile users globally
3.8BN Unbanked adults globally 2.5BN
Main driver for mobile payments growth:
Source: Sapient Nitro: Future of money 2012
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Lets talk in dollars…
Series 1
0
200
400
600
800
2009 2012
2015
Mobile Payment Volume ($BN) Mobile Payment Volume ($BN)
670B $ in 2015!
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The Battle for Trust and Identity
Social Identity Commerce Identity
Mobile Identity
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New World, New Needs
Cross Border
Multi Currency
Trust
Monitoring
Expense management
Added value
Group buying Price comparison
“wallet free”
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Innovation in Payments
2
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Square: Bringing payments to the “mom and pop stores”
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Stripe: Payments for Developers
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Paymill: Stripe for Europe
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Dwolla: Cutting the Interchange fees
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Zooz: Unified Payments Engine
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Opportunities and Trends
3
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What’s next?
• Trust & reputation
• Cardless transactions- ATMs, Mobile Wallets
• Self checkout
• BRIC
• Omni Channel
• Global Commerce