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Will Mobile Payments
Future be on your wrist ?
Yvon MOYSAN, Saint Germain Consulting & IESEG School of
Management
EFMA Mob...
Wearable payments: first initiative in 2011
• Nearly four years ago, U.S. Bank
launched a medical bracelet
that could also...
Wearable payments: the situation today
• In 2015, 4.9 Billions Connected "Things" will be in
use, up to 40% from 2014. By ...
Wearable payments: customer’s attitudes today
http://www.emarketer.com/Article/Wearables-Next-
Mobile-Payment-Device/10121...
Banks and non Banks test how
different wearable devices can be
used in and around point of sale
terminals
Heritage Bank
http://www.paymentssource.com/news/are-wearable-payments-the-next-disruption-for-
banks-3018123-1.html
http:...
Heritage Bank
https://www.youtube.com/watch?v=JEuY-FHflZw
http://www.smh.com.au/national/mj-bales-paywave-power-suit-gives...
Barclays
http://www.theguardian.com/money/2014/jul/05/contactless-payments-wristband-connects-
to-bank-account
http://www....
Bendigo and Adelaide bank
http://www.bendigoadvertiser.com.au/story/2447592/new-banking-app-one-to-watch-out-for/
“It beat...
Bendigo and Adelaide bank
http://www.youtube.com/watch?v=5NJKjf9eyYA
BKM
http://www.mobeyforum.org/bkm-express-the-first-digital-wallet-to-start-payments-
with-wearables/
http://www.mobeyforu...
Barclays
http://www.marketingmagazine.co.uk/article/1326738/barclaycard-boosts-wearable-tech-
investment-contactless-glove...
Banks and non Banks test also
what other financial services
should be included with
payments
Logbar
http://www.dailymail.co.uk/sciencetech/article-2572820/The-Bluetooth-ring-turns-finger-
MAGIC-WAND.html
One ring to...
Logbar
https://www.youtube.com/watch?v=f5rH5FYd37A
Artefact
Token: A Wallet on Your Wrist
https://www.aruco.com/2014/06/token-bracelet-paiement/
• A wearable bracelet connec...
Royal Bank of Canada
A smart wristband for biometrically authenticated payments
http://www.biometricupdate.com/201411/bion...
Payment option or not on your wrist ?
Only 12,2 % of smartphone owners cited making payments
and tracking payment history ...
American Express as an ideal combination ?
The Jawbone UP4: it does everything the
UP3 does, and you can buy things with i...
Extract from the survey:
Internet of Things:
International Banking and Insurance wearable apps
- More than 150 slides
- Mo...
Internet of Things: international Banking and Insurance
wearable apps
• Glasses, watches, wristbands, virtual reality head...
PURCHASE ORDER
Please send it by e-mail to yvon.moysan@saintgermainconsulting.com or by mail to
Saint Germain Consulting Y...
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Will Mobile Payments Future be on your wrist ? EFMA Mobile Banking Advisory Council 28/04/2015

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Overview of mobile payments initiatives on wearables (Google Glass, smart suit, smart wristband, smart watch etc.)

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Will Mobile Payments Future be on your wrist ? EFMA Mobile Banking Advisory Council 28/04/2015

  1. 1. Will Mobile Payments Future be on your wrist ? Yvon MOYSAN, Saint Germain Consulting & IESEG School of Management EFMA Mobile Banking Advisory Council 27th of March 2015
  2. 2. Wearable payments: first initiative in 2011 • Nearly four years ago, U.S. Bank launched a medical bracelet that could also make payments: it was a failure. • But today the situation is different http://vision.visaeurope.com/article/wearable-payments-failure-in-2011-success-in- 2015/80c3529ce97574ffe23f7defcfb0e20c http://thefinancialbrand.com/19202/us-bank-contactless-payment-wrist-band/ “[…] when we did the test, you had to tell the merchant that you were going to use contactless payments […] Dominic Venturo, chief innovation officer, U.S. Bank.
  3. 3. Wearable payments: the situation today • In 2015, 4.9 Billions Connected "Things" will be in use, up to 40% from 2014. By 2020, this number will reach 30 billions(1) • The market for U.S. mobile payments will expand from $52 billion in 2014 to $142 billion by 2019 (2) • Non-banks have built wearable payments applications such as PayPal and Walt Disney Co. • The launch of Apple Pay and Apple Watch elevate the potential of wearable payments in consumers' minds. http://www.paymentssource.com/news/technology/magicbands-used-by-half-of-disney- world-guests-3018743-1.html (1): Source: Gartner (Nov.2014) (2): Source: Forrester Research
  4. 4. Wearable payments: customer’s attitudes today http://www.emarketer.com/Article/Wearables-Next- Mobile-Payment-Device/1012134 • Among US smartphone owners, more than 2/3 said they would prefer to use a wearable device over a mobile phone to make in-store payments. • Mobile payments could also increase the frequency of wearables usage, as 50% of respondents said they would a wearable device more if it could make in-store payments. • Overall, more than 40% of respondents said they would make in-store payments via wearables. (1): Source: Stratos (Dec 2014 )
  5. 5. Banks and non Banks test how different wearable devices can be used in and around point of sale terminals
  6. 6. Heritage Bank http://www.paymentssource.com/news/are-wearable-payments-the-next-disruption-for- banks-3018123-1.html http://www.ibtimes.co.uk/power-suit-wearable-tech-that-lets-you-make-instant-paywave- nfc-contactless-payments-1446116 A smart suit that lets you pay for things by flicking your wrist. • Made from Australian merino wool, the Japanese brand MJ Bale suit uses Visa's payWave system to connect to Heritage Bank's mobile wallet. • MJ Bale, working together with the Heritage bank, have made 11 prototype Power Suits. • Users can top up their mobile wallet with a balance from their bank's debit or credit card up to $1,000 and use it to pay for items up to $100. Main features « Power suit »: a smart suit to pay
  7. 7. Heritage Bank https://www.youtube.com/watch?v=JEuY-FHflZw http://www.smh.com.au/national/mj-bales-paywave-power-suit-gives-wearer-a-card-up- their-sleeve-20140423-374he.html
  8. 8. Barclays http://www.theguardian.com/money/2014/jul/05/contactless-payments-wristband-connects- to-bank-account http://www.barclaycard.com/news/bpay-band-launches.html http://www.barclaycard.com/how-we-work/innovations/bpayband.html http://www.dailymail.co.uk/sciencetech/article-2758019/Forget-Apply-Pay-soon-ll-paying- ‘Just imagine a typical day in the near future. You leave the house, hop on the train and head to the gym. After your workout, you grab a coffee and go to the office. ‘The money or information you need for every stage of that journey will be integrated into a single device like bPay band” Barclaycard • 300 000 points of sales in the UK • Pre loaded with money (Visa or Mastercard) • Can be automatically topped up • Can be used for purchases of up to 20 £ (32 €) • Available for non Barclays customers • Free service. No commission Main features Bpayband, a smart wristband to pay
  9. 9. Bendigo and Adelaide bank http://www.bendigoadvertiser.com.au/story/2447592/new-banking-app-one-to-watch-out-for/ “It beats PayPal on trust” Bendigo Bank • The consumer opens the app. • The merchant creates a QR code offering the item for the agreed price and the offer is sent to the bank server. • The consumer scans the code and accepts the payment. • The server matches the two pieces of information and completes the transaction. Main features A Samsung Gear 2 smartwatch app to pay
  10. 10. Bendigo and Adelaide bank http://www.youtube.com/watch?v=5NJKjf9eyYA
  11. 11. BKM http://www.mobeyforum.org/bkm-express-the-first-digital-wallet-to-start-payments- with-wearables/ http://www.mobeyforum.org/bkm-express-the-first-digital-wallet-to-start-payments- with-wearables/ • Customers will be able to give simple voice commands while wearing Google Glass to shop with BKM Express, the digital wallet selected by 16 banks in Turkey. Main features A Google Glass payment application
  12. 12. Barclays http://www.marketingmagazine.co.uk/article/1326738/barclaycard-boosts-wearable-tech- investment-contactless-gloves http://www.finextra.com/News/fullstory.aspx?newsitemid=26827 “In a survey of 2,000, shoppers voted gloves as the most "desired" wearable payment item. They were popular among shoppers who wanted an easier way to pay while laden with shopping bags. Rings and bracelets came second and third” Barclaycard • Embedded with a contactless chip that can be used to pay for transactions of up to £20 • 300 000 points of sale in the UK Main features Contactless glove to wave and pay
  13. 13. Banks and non Banks test also what other financial services should be included with payments
  14. 14. Logbar http://www.dailymail.co.uk/sciencetech/article-2572820/The-Bluetooth-ring-turns-finger- MAGIC-WAND.html One ring to open emails, switch on lights and pay bills, all using hand gestures • Drawing an envelope shape in mid-air opens an email • Drawing a camera opens the camera app on a connected phone • Drawing a musical note will start playing songs • Switch on / off lights • Pay bills • Make payments with the swipe of a finger • Receive alerts and notifications, such as new Facebook posts Main features
  15. 15. Logbar https://www.youtube.com/watch?v=f5rH5FYd37A
  16. 16. Artefact Token: A Wallet on Your Wrist https://www.aruco.com/2014/06/token-bracelet-paiement/ • A wearable bracelet connected to select payment accounts – from checking and savings, to credit cards, digital currencies, and PayPal account. • A security mechanism based on a unique biometric like a thumb print or your heart bear, a PIN or password and the device itself • It allows to receive personalized offers from a merchant • It allows to lend money to a friend. • It allows to see how a purchase will impact customer’s budget right before he pays Main features
  17. 17. Royal Bank of Canada A smart wristband for biometrically authenticated payments http://www.biometricupdate.com/201411/bionym-rbc-mastercard-testing-payments-using-biometric- wristband http://venturebeat.com/2014/11/03/mastercard-and-bionym-will-test-wrist-based-mobile-payments- no-phone-required/ http://www.betakit.com/bionym-rbc-and-mastercard-announce-worlds-first-biometrically- “We’re continuing to work to provide customers increased choice how they pay. Once their wristband is activated, they can leave their phone at home and securely buy a coffee with a tap of the wrist.” Jeremy Bornstein, head of mobile payments RBC • The smart wristband uses the wearer’s unique heartbeat to verify that he or she is the real card holder. Main features • RBC expects that this device will be used as a unique identification device that could be a substitute for computer’s password, car’s keys and also a way to check in to hotels room. In progress
  18. 18. Payment option or not on your wrist ? Only 12,2 % of smartphone owners cited making payments and tracking payment history as the primary way they used or would be interested in using wearable devices. Instead, wearables owners and potential users were most interested in tracking fitness and health. Banks and non Banks shouldn’t bank on selling wearables based on their mobile payment options. Mobile payment options are a nice-to-have wearables feature, not a must-have. ss (1): Source: Stratos (Dec 2014 )
  19. 19. American Express as an ideal combination ? The Jawbone UP4: it does everything the UP3 does, and you can buy things with it. http://techcrunch.com/2015/04/15/jawbones-new-200-up4-doubles-as-an-american-express- card/ • The UP4 can act as an AmEx card at hundreds of thousands of NFC-enabled merchants in the US • The idea: add an AmEx card to the UP4 through Jawbone’s UP app. Then just tap the UP4 against an NFC-enabled card reader, and Purchase is made! • Fitness and health trackers: Bio impedance sensors, heart rate, hydration levels, track sleep (“light sleep” vs “deep sleep”) etc. Main features
  20. 20. Extract from the survey: Internet of Things: International Banking and Insurance wearable apps - More than 150 slides - More than 70 initiatives analysed in more than 20 countries - For more information, visit our website: http://www.saintgermainconsulting.com/en/etudes Saint Germain Consulting Yvon MOYSAN yvon.moysan@saintgermainconsulting.com Tél: 06 62 84 71 00 www.saintgermainconsulting.com Questions and Answers ?
  21. 21. Internet of Things: international Banking and Insurance wearable apps • Glasses, watches, wristbands, virtual reality headset, iBeacon or even wearable suits… Which bank or insurer have already launched a wearable app and why? What are the features of these apps dedicated to customers or employees? What are customers’ needs and expectations? What are customers’ fears? What are primary customers’ uses ? What are the app features that banks and insurers have already abandoned? What are the future app features or devices that banks and insurers expect to focus on? What are the Internet of Things key figures and projected trends? • This study includes more than 150 slides and covers the major wearables app that banks and insurers have developed so far. More than 70 of them are indeed analyzed. The objectives of the bank or the insurer are presented and illustrated by CEO or Digital Marketing Director verbatim, the main current and future features of the app and first customers’ feedbacks are detailed. In addition, the study includes several relevant links to press articles and videos illustrating the bank or insurer wearable app. SaintGermainConsulting:37rueSaintAndrédesArts75006Paris Tél:0662847100–Email:yvon.moysan@saintgermainconsulting.com For more information regarding this study, please send an e- mail to yvonmoysan@saintgermainconsulting.fr
  22. 22. PURCHASE ORDER Please send it by e-mail to yvon.moysan@saintgermainconsulting.com or by mail to Saint Germain Consulting Yvon MOYSAN 37, Rue Saint André des Arts 75006 Paris France Internet of Things: international Banking and Insurance wearable apps. January 2015. (PDF version) 790 € Option for shipping in PowerPoint format 120 € Name:…………………………………………………… First name:…………………………………….... Company:………………………………………………………………………………………………………... Job title:…………………………………………………………………………………………………………. Address:…..…………………………………………………………………………………………………….. ZIP Code:……………………………………….............. City:…………………………………................... Country:…………………………………………………………………………………………………………. Phone number:.……………………………………….... Mobile:.………………………………................. e-mail:….…………………………………….............................................................................................. Date:.………………………………………………………… Signature:.…………………………............... The study will be sent by e-mail after the reception of the payment by transfer to this checking account number: Code banque 30003 Code guichet 03082 N° Compte 00050786145 Clé RIB 35 IBAN : FR76 3000 3030 8200 0507 8614 535 BIC-ADRESSE SWIFT : SOGEFRPP Number Total SaintGermainConsulting:37rueSaintAndrédesArts75006Paris Tél:0662847100–Email:yvon.moysan@saintgermainconsulting.com

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