The Future of Money: What’s in Your Digital Wallet?€¦ · The Future of Money: What’s in Your...
Transcript of The Future of Money: What’s in Your Digital Wallet?€¦ · The Future of Money: What’s in Your...
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The Future of Money:
What’s in Your Digital Wallet?
Tuesday, April 30, 2013
09:30 AM - 10:30 AM
The Beverly Hilton, Los Angeles
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Digital wallet: the new era of money
E-commerce
Online
banking
Smartphone
Smart card
and more…
Sources: The Economist, Wikipedia.
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Collections have become more electronic – less check,
more debit card
Distribution of the number of noncash payments, U.S.
Source: Federal Reserve Board.
Debit card26%
Credit card23%
ACH15%
Prepaid4%
Checkspaid32%
2006
Debit card35%
Credit card20%ACH
18%
Prepaid5%
Checkspaid22%
2009
Note: ACH stands for Automated Clearing House.
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The expected dominant payment methods in the world in 2013
Source: ATM Marketplace and ATMIA.
0
5
10
15
20
25
Chip-stripedebit
Mag-stripedebit
Cash Chip-stripecredit
Mag-stripecredit
Mobile Online Prepaid
Percentof respondents
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Technology advancement has paved the way for digital wallet
Number of Internet users
(per 100 people)
Number of mobile cellular subscriptions
(per 100 people)
Source: World Bank WDI.
2000: 7
2011: 33
2000: 12
2011: 86
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Online banking increased worldwide Percentage of internet users who accessed online banking websites
Source: comScore.
0
5
10
15
20
25
30
35
40
45
50
World North America Europe Latin America Asia Pacific Middle East-Africa
Percent
April 2011April 2012
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Dramatic growth of smartphone users accessing bank
accounts
Europe, July 2011-July 2012
Source: comScore.
0
20
40
60
80
100
120
U.K. France Spain Germany Italy
Percent of growth
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U.S. online Cyber Monday spending kept increasing
Source: comScore.
0
200
400
600
800
1,000
1,200
1,400
1,600
2005 2006 2007 2008 2009 2010 2011 2012
US$ millions
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Security has been the major concern with using a digital wallet
Percentage of respondents in the U.S. who had concern
Source: comScore.
0 5 10 15 20 25 30 35 40 45 50
Worried about being charged a fee
Privacy
Limited opportunity to use by retailer
Difficult to use, understand/hassle to set up
Not enough details/info
Not useful for me/won't use it
No concern
Security/safety/theft/loss of phone
Percent of respondents
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Need to increase the awareness of digital wallet
Percentage of respondents in the U.S. who were aware of digital wallet
Source: comScore.
0
10
20
30
40
50
60
70
80
PayPal Google Wallet
MasterCard PayPass
Wallet
Square Wallet
V.me by Visa
ISIS Lemon Wallet
LevelUp
Percent of respondents
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Slides from Mark Lavelle
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Session Title: Future of Money—What’s In Your Digital Wallet?
Mark Lavelle
SVP Strategy & Business Development
PayPal
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Digital Wallets Are Already Powering Global Commerce
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And Must Connect Consumers and Merchants Across All the
Devices That Matter To Them Today…
Source: ComScore
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…And Those Devices That May Matter To Them In The Future
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Smartphones Are Where PayPal is Seeing Digital Wallet
Behavior Evolving The Fastest
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Digital Wallets Will Have More In Them: More Payments Instruments,
More Capabilities, and Will Be Central to Consumers’ Daily Lives
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And Watch For Developers To Play A Key Role in The Future
Evolution of Money and Digital Wallets
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Thank You