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The Two Speeds of Mobile Commerce Ignition
- 1. The Two Speeds of Mobile Commerce Ignition October 17, 2013 PYMNTS.com Proprietary and Confidential
- 2. Why Ignition Will be Slow Unconvinced merchants with long POS replacement cycles “…based on every conversation I’ve had with wallet providers today, I can’t use those NFC readers for couponing and loyalty…that’s tens of millions of dollars we just invested a little over two years ago and that hardware is worthless to me…” Consumer “muscle memory” & lack of motivation Tension amongst major stakeholders 2012 UK Study 68% 64% 52% I’ve never met a single merchant in the U.S. who says I want this NFC thing,” Worried about theft of acct & payment data 2| Ok with how they pay Concerned about fraud & security Proprietary and Confidential
- 3. Why Takeoff Could Happen Sooner & Be More Rapid • Innovations in cloud-based solutions with slick interfaces persuade merchants they need to change POS experience: innovative retail or die • Competition among “app” developers results in “killer” app for mobile payments leading consumers to want to use it and merchants to want to take it. • A “Black Swan” emerges with a mobile solution no one had every thought about Apple iBeacons Ecosystem Total iTunes Accounts In Millions iOS-Powered POS Systems 575 400 160 10 50 Ave square meters per store: 16,258 Beacons to cover an entire store = 75 NFC Tags for 100k products = $5,000 200 2005 2008 2009 2010 2011 2012 2013 3| SAMPLE iBEACON ECONOMICS $10,000 Source: Gigaom, Estimote Proprietary and Confidential
- 4. To learn more about the speeds, depth and changes in the mobile commerce ecosystem, join PYMNTS.com virtually each month for the Mobile Commerce Insider Series. To learn more, please visit The PYMNTS.com Mobile Commerce Insider Series or contact Jacqueline Murphy at jmurphy@pymnts.com Proprietary and Confidential
Notas do Editor
- DW NOTES: X million POS terminals would need to be modified or replaced in the USMillions of merchants with sunk cost investments in POS technology which is costly to replace. Very hard to get merchants to make investments in new POS technology. Need to know that it is the technology that will be used in the long run by consumers. Leads to massive inertia.Consumers have excellent payment solution now, “muscle memory”, nervousness (they say) over security.Continuing tension between major stakeholders including networks, merchants, telecoms, banks, regulators.
- Innovations in cloud-based POS solutions with slick interfaces persuade merchants they need to change POS experience. [Beacon, iPad, etc.]Competition among “app” developers results in “killer” application for mobile payments leading consumers to want to use it.