David Birch
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the future of retail payments in europe
THE FUTURE OF PAYMENTS !A EUROPEAN PERSPECTIVE!
DAVE BIRCH, CONSULT HYPERION!
the future of retail payments in europe
the future of payments
David G.W. Birch
co-founder consult hyperion
chair digital money forum
research fellow centre for the study of financial innovation
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the future of retail payments in europe
what is going to change?
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the future of retail payments in europe
what is going to change?
Only a small proportion of M0 supports the needs of commerce About a third for the eurozone as a whole Down to 15% for Austria, 10% for Germany because they deliver banknotes outside the eurozone
The rest represents a tax on the people who hold cash The poor, the corrupt, the criminal
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the future of retail payments in europe
Technology magnetic stripes and smart cards are already old technologies, we now have the internet, mobile phones, biometrics, virtual worlds…
the future of retail payments in europe
contactless all of the evidence from around the world suggests that people like “touch and go” because convenience always wins
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the future of retail payments in europe
mobile there is no doubt that the most important technology to most people in most of the world most of the time is the mobile phone
the future of retail payments in europe
nfc combining contactless and mobile together delivers on a promise of innovation and tells a story that people are expecting to hear
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the future of retail payments in europe
Business it’s a time of change and as consultants always tell us, change means opportunity
the future of retail payments in europe
new opportunities electronic cheques, remittance and invoicing, mobile, conditional anonymity, real-time A2A, pre-paid, dispute and error handling…
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the future of retail payments in europe
infrastructure we’ve got a stable infrastructure that works, and this may be holding businesses back, leaving us open to disruptive innovation
the future of retail payments in europe
non-banks the opportunities are available to non-banks as well as banks, and there are retailers, transit systems, mobile operators who can play
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the future of retail payments in europe
Social as technology push and business pull align for launch, it could be the social factors that light the blue touchpaper
the future of retail payments in europe
inclusion around the world, the “next billion” need access to financial services, starting with payment systems
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the future of retail payments in europe
locality the definition of local is changing in a networked world, so “think global, act local” means something different
the future of retail payments in europe
regeneration there are people who think it is time for some new thinking about the role of money in society
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the future of retail payments in europe
Predictions with a loss of faith in “money”, people will be more open to new and different means of exchange, perhaps not involving £$!
the future of retail payments in europe
cash is a stealth tax it isn’t just about technology or business, but reducing the social costs of cash, and this is a good thing to do
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the future of retail payments in europe
‘3g” networks it used to be girls, games and gambling that drove new requirements, what if now it’s social networking? Facebook credits will be a $1 billion business within a year
the future of retail payments in europe
commodity or community? but will the new “local” groups want to use commodities (eg, gold or mobile minutes) or communities (eg, reputation or platinum pieces)?