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140 posts categorized "Consumer Finance"

July 23, 2014

Open-Loop Pre-Paid Cards: The Fastest Growing Card Function

Kendrick SandsWith Kendrick Sands, Analyst - Consumer Finance

Open-loop pre-paid cards, which are network branded payment cards that do not have a limited pre-defined acceptance network, are the fastest growing card type in the world. These cards have proved their ability to replace cash and electronic transfer channels in several instances including government benefits and traveller’s cheques. Open-loop pre-paid cards can also help the unbanked and financially underserved by offering an alternative to traditional financial services and as a stepping-stone to other products and services.  

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July 17, 2014

Techweek Chicago 2014 Recap

David McGoldrickAnalyst Insight by David McGoldrick - Research Associate

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Techweek Chicago was held in Chicago over 23-28 June. The event centred on new technological advances that are disrupting nearly every area of commerce. Every industry – from finance and health to packaged food and tourism – is being impacted by these technological developments. The event was a chance to discuss and present on what has occurred so far and on new ideas in the pipeline.

Beacons and Mobility Create New Possibilities

Mobility was a big topic at the conference, with presenters discussing the infiltration of electronics into all aspects of life and how this will create smarter consumers, businesses and cities. Ray Velez, Global Chief Technology Officer at Razorfish, explained that growth in the number of internet-enabled devices sold will soon outpace growth in the number of children born each year. A panel on the future of location-aware marketing discussed how these internet-enabled devices (especially the combination of beacons and smart phones) could be used to enable customers to see reviews of products simply by standing in front of them. These devices could also let consumers know that items they have previously viewed online are available in the store they just entered. Others cited their potential usage in high-end boutiques and hotels, which will enable employees to recognise loyal customers and provide a personalised level of service.

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July 12, 2014

Coffee Shops are Best Positioned to Benefit from Mobile Payments

Dana LaMendolaAnalyst Insight by Dana LaMendola - Beverages Analyst

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Starbucks is the reigning poster-child for mobile payment implementation in US consumer foodservice. While its popular loyalty programme and early move into mobile payments contribute to Starbucks’s celebrity status, the company’s success is also reflective of the particular compatibility of specialist coffee shops and mobile payments. In fact, coffee shops might be the best positioned for mobile payments out of all consumer foodservice operators.

The reason that specialist coffee shops are so well positioned is that their primary offering – coffee – is an everyday and oft-repeat purchase. Indeed, in 2013 US consumers averaged over one cup of coffee per day. A large number of coffee shops purchases are made by commuters looking for their morning jolt on the way to the work.  The high frequency of purchases by coffee shops patrons make these consumers prime candidates for the streamlined payment methods and loyalty benefits afforded by mobile payment technologies. Furthermore, coffee shops are most attractive to demographics that have both access to and interest in mobile technology: affluent consumers, and younger tech-savvy consumers like students.

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July 10, 2014

Five Key Takeaways from Starbucks' M-Commerce Success

The Starbucks mobile payments app has provided one of the best case studies for how to drive consumer adoption of in-store purchases made via a mobile phone. For retailers or foodservice operators looking to replicate Starbucks’ success, there are several best practices to keep in mind before developing, implementing and launching a mobile payment app.

 Join Euromonitor in attending the Connect Mobile Innovation Summit in Chicago, IL from August 18-20th. Senior Consumer Finance Analyst Michelle Evans will be there with many others to learn more and talk about mobile payments in the foodservice industry.

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July 1, 2014

Competition Rises in Polish M-Commerce Sector

 

Competition in the consumer finance industry in Poland is at a new high as banks partner with mobile phone subscribers to bolster mobile commerce offerings. In early 2014, mobile operator Plus, TV operator Cyfrowy Polsat and Invest Bank created Plus Bank, which has 300 thousand clients and the opportunity to expand given both Plus and Cyfrowy Polsat's enormous user base. In addition to this, Alior bank and T-mobile Polska also partnered in the beginning of 2014 to strengthen Alior's m-commerce business. According to Euromontor, m-commerce is expected to reach PLN40 billion by 2019, and more mergers of banks and mobile operators are expected in the future.

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June 19, 2014

How Alibaba is Transforming Payments and Banking in China

Kendrick SandsAnalyst Insight by Kendrick Sands - Consumer Finance Analyst

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Alibaba is the largest e-commerce network in the world by total retail sales.  Going public has a variety of implications for the payment space and for global internet retailing. The online payment platform for the series of websites under the Alibaba banner is Alipay, which in turn is a wholly owned subsidiary of Small and Micro Financial Services Company, which is owned by Alibaba’s Chairman Jack Ma and a series of investors. This separate company, and the subsequent other companies of Small and Micro Financial Services are not included in the IPO. The separate ownership of the Small and Micro Financial Services Company was positioned as a move to appease regulators concerned of foreign ownership of a payment platform in China. Alipay is the largest third party payment platform in the world by several metrics and is poised to expand even further as it reaches beyond its domestic borders.  Alipay is already accepted on other e-commerce sites not owned by the Alibaba Group. Alipay may have initially reflected PayPal’s structure, but it has quickly grown into a variety of new channels and now could provide a few lessons to PayPal on how to address more of their customers’ needs. In under a decade Alipay has become roughly twice the size of PayPal by total users, processed value and four and five times as large in terms of number of transactions and mobile processed value respectively. However, Alipay is primarily constrained by its domestic market and internet retail value is expanding at a slowing rate in China suggesting Alipay will need to move overseas to maintain growth.

Continue reading "How Alibaba is Transforming Payments and Banking in China" »

June 5, 2014

Have we Reached a Tipping Point in the Payments Industry?

 

New technologies could soon uproot traditional means of payment as companies such as Isis, Weve, LevelUp and MPayMe threaten the long established method of paying by a card swipe. However, the industry is still a long way from complete disruption as these technologies still rely on the card payment infrastructure to conduct payments. Mobile payment products do exist that circumnavigate card payments and rely on technology such as electronic funds transfers, but in the short term traditional payment providers don’t have to worry about losing business to disruptors quite yet.

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May 18, 2014

Rippleshot Utilizes Big Data for Fraud-Detection Product

Michelle EvansAnalyst Insight by Michelle Evans - Senior Consumer Finance Analyst

View Michelle Evans's profile on LinkedIn

Security across the payment systems has gained more attention in recent months following several data breaches at US retailers, including the high-profile breach at Target Corp. If security wasn’t already a priority for those operating in the payments space, it certainly is now as the risk of costly data breaches becomes more top of mind for many consumers.

A start-up called Rippleshot, which is part of the entrepreneur incubator in Chicago known as 1871, claims to have a solution that will reduce over 25% of fraud losses for issuers and merchants. It does so by uncovering merchant data breaches in near real time and alerting issuers and merchants as to the breach earlier in order to stop fraud from spreading further. In contrast, conventional methods of fraud detection only react once the loss reaches critical levels.  

Rippleshot Dashboard

Source: Rippleshot

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May 3, 2014

Mobile Payments and Loyalty

On April 24th, 2014, Michelle Evans, Senior Consumer Finance Analyst, presented at Card Forum on "How Loyalty Could Spur Mobile Payments Adoption."

Michelle Evans

View Michelle Evans's profile on LinkedIn

For those who were unable to attend the conference, Michelle is now making the summary of her presentation available for download here.

Png_mobileLoyalty-v1.1

Continue reading "Mobile Payments and Loyalty" »

April 7, 2014

The Consumer Shopping Experience of Tomorrow

The payments industry is in the midst of a generational change due the rise of different technologies, including mobile phones and tablets. Unlike plastic cards, mobile devices can put the payment transaction into context and, as result, enable companies to deliver a tailored experience to each consumer. It is this type of personalization that consumers of tomorrow will demand.

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Recent Posts

Open-Loop Pre-Paid Cards: The Fastest Growing Card Function

Techweek Chicago 2014 Recap

Coffee Shops are Best Positioned to Benefit from Mobile Payments

Five Key Takeaways from Starbucks' M-Commerce Success

Competition Rises in Polish M-Commerce Sector

How Alibaba is Transforming Payments and Banking in China

Have we Reached a Tipping Point in the Payments Industry?

Rippleshot Utilizes Big Data for Fraud-Detection Product

Mobile Payments and Loyalty

The Consumer Shopping Experience of Tomorrow