Coping with the Shift to Virtual Payments
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Presentation from Cardware 2013 conference by Payfirma titled "Coping with the Shift to Virtual Payments". This gives an overview of virtual payments, the ecosystem, and tips for businesses to make the move into virtual (mobile & eCommerce) payments.
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Coping with the Shift to Virtual Payments
- 1. Cardware 2013 Stakeholders driving payment evolution & digital identity Your logo here Coping with the Shift to Virtual Payments Michael Gokturk | CEO at Payfirma
- 2. Cardware 2013 Stakeholders driving payment evolution & digital identity Virtual = Frictionless
- 3. Cardware 2013 Stakeholders driving payment evolution & digital identity Frictionless For Merchants “I can take payments anywhere” “I don’t waste money on hardware” “I know my business numbers”
- 4. Cardware 2013 Stakeholders driving payment evolution & digital identity Frictionless For Customers “I can pay however I want” “I can checkout fast and it’s simple” “I can engage with the brands I love”
- 5. Cardware 2013 Stakeholders driving payment evolution & digital identity Why so difficult and so many fails?
- 6. Cardware 2013 Stakeholders driving payment evolution & digital identity Card Associations eWallets C O N S U M E R S M E R C H A N T S Bank Credit Cards (Issuers) ISOs Mobile Merchant Providers Processors Point of Sale Terminals Business Credit Cards Closed Networks Banks eWallet Platforms Gateways Online and In-Store Merchant Providers Integrated Systems
- 7. Cardware 2013 Stakeholders driving payment evolution & digital identity Look howLook how far we’vefar we’ve comecome
- 8. Cardware 2013 Stakeholders driving payment evolution & digital identity
- 9. Cardware 2013 Stakeholders driving payment evolution & digital identity I don’t want to buy hardware that will be outdated in six months. I don’t want to learn a new system and have to train my staff. I don’t want to make it more complicated for my customers. How Can a Retailer Keep up?
- 10. Cardware 2013 Stakeholders driving payment evolution & digital identity Don’t jump onto any bandwagon.
- 11. Cardware 2013 Stakeholders driving payment evolution & digital identity If your customers are not using mobile wallets, don’t worry about them yet.
- 12. Cardware 2013 Stakeholders driving payment evolution & digital identity If your customers are not lighting a fire under you for PayPal or Bitcoin, don’t implement it.
- 13. Cardware 2013 Stakeholders driving payment evolution & digital identity If the chargeback liability is not important to your business, don’t spend extra for EMV.
- 14. Cardware 2013 Stakeholders driving payment evolution & digital identity If your average transaction size is $150, don’t think about NFC.
- 15. Cardware 2013 Stakeholders driving payment evolution & digital identity If people will buy more with eCommerce, get an online store.
- 16. Cardware 2013 Stakeholders driving payment evolution & digital identity Your logo here @Payfirma www.payfirma.com facebook.com/Payfirma
Notas do Editor
- Definition of virtual payments is mobile, online, everything digital. We’re calling this Frictionless and frictionless means a good experience for your customers.
- Because merchants understand what they want now
- More importantly, *customers* understand what they want
- Too many cooks: acquirers, issuers, associations, networks, banks...yeesh.
- Look at all these players
- Frictionless payments is happening around the world. This is a train stop in South Korea. Dude is buying beverages using his phone on a VIRTUAL STORE. Those are pictures btw, not actual grocery items. Virtual is not the future anymore – it’s now.
- Something a little closer to home – Well.ca virtual store in Toronto. Works the same way. While you’re waiting for the train, you can shop and it’ll be waiting at your doorstep/it’ll be there the next day.