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Global Emerging Payment Means: A Worldwide Review

  • October 2015
  • -
  • Finaccord
  • -
  • 167 pages

Global Emerging Payment Means: A Worldwide Review is a report and interactive profile viewer about the rapid and on-going evolution of consumer payments occurring at a global level. The study is based on data gathered about 120 of the most significant emerging payment means worldwide, over a half of which have been launched since the beginning of 2012.

Finaccord has developed this study as a result of the rapid growth that has occurred in both the number of available emerging payments means and their key business metrics in recent years. As a result of rising internet and mobile usage around the world, the global volumes of both online and mobile payments have increased strongly with respective compound annual rates of growth of 15.9% and 61.0% estimated for the period from 2011 to 2015. Companies such as Alibaba, American Express, MasterCard, PayPal, Rakuten, Visa and Vodafone have benefited from these trends and there are now numerous other providers of emerging payment means around the world that are seeking to develop in their wake.

But what are these emerging payment means, who owns them, what do they offer, where do they operate and how sizeable / fast-growing do they appear to be? Moreover, what are the implications for organisations such as banks, mobile network operators, retailers and payment-related technology firms that can partner with such providers or develop their own payment means, and can insurance or assistance firms hope to distribute their products through this channel?

This report seeks to answer all of these questions by means of comprehensive research covering 120 of the most innovative providers of emerging means worldwide carried out between April and September 2015.

Key features of this research include:

- coverage of 120 of the world’s most significant emerging payment means including 20 that are active across multiple regions, nine that operate across multiple countries in a single region and the remaining 91 that are present in a single country;

- presentation of relevant background data including worldwide trends in financial inclusion, internet penetration, mobile penetration and growth in online and mobile payments generally;

- discussion of implications for organisations such as banks, mobile network operators, retailers and payment-related technology firms that can partner with providers of emerging means or develop their own payment services, and analysis of whether there is an opportunity for insurance and assistance firms to distribute their products through this rapidly-growing channel;

- provision of an accompanying interactive profile viewer in Excel format that allows users to view a summary of the service offered by each emerging payment means plus its website URL, identity of ultimate holding company, year launched, country of origin, countries in which active and key business metrics (where available / disclosed).

Table Of Contents

Global Emerging Payment Means: A Worldwide Review
Rapid growth of internet and mobile phone usage is driving the rising use of emerging payment means 2
The number of payments made either online or by mobile phone is likely to exceed 100 billion in 2015 2
Over a half of the 120 emerging payment means analysed have been launched since 2012… 3
… three quarters of which feature online accounts… 4
… and close to 60% of which are able to make P2P payments 4
The development of emerging payment means throws up opportunities and threats for many organisations 4
What is this report about? 6
This report focuses on emerging payment means being made available for consumers around the world 6
Rationale 6
Globally, consumers are increasingly paying by means other than cash, cheque, credit and debit cards 6
Definitions 7
Emerging payment means 7
Mobile network accounts 7
Online accounts 7
Payments via direct carrier billing 7
Payments via linked bank card / account 8
In-store POS payments 8
Contactless payments 8
P2P payments 8
Abbreviations 8
Methodology 9
Interactive profile viewer 11
Finaccord 11
Introduction 12
The characteristics of emerging payment means vary from region to region around the world… 12
… which is partly determined by the degree to which populations have access to banking services 12
Global background metrics 13
Financial inclusion 13
About 62% of the world's population over the age of 15 has some sort of financial account 13
Mobile network account ownership is growing but concentrated in particular regions 14
Internet penetration 16
Around 40% of the global population makes habitual use of the internet… 16
with future growth in the number of internet users likely to come from emerging economies 17
Mobile penetration 18
Well over a third of the world's population owns a smartphone and / or has access to a 3G or 4G connection 18
Regional variances in mobile phone penetration are much less than for internet use and financial inclusion 18
Rise of online payments and mobile payments 19
By volume, mobile payments overtook online payments in 2014 19
PayPal has grown rapidly but it has been outpaced since 2011 by Alipay 20
The number of M-Pesa accounts exceeded 20 million in 2015 21
Launch history, growth and geographical scope of emerging payment means 22
The number of launches of emerging payment means has accelerated substantially since 2012… 22
… notwithstanding the inherent uncertainties and rapid pace of change characterising the sector 23
Three quarters of emerging payment means profiled are limited to operations in a single country… 29
Account types and functionalities offered by emerging payment means 30

… and three quarters incorporate online accounts 30
Over a half of the 120 emerging payment means that can be used for in-store (POS) purchases… 31
… but only just over a quarter are endowed with contactless (in-store) payment functionality 31
Mobile network accounts feature the highest rate of penetration of the functionalities reviewed 32
Regional variations in account types and functionalities 33
Mobile network accounts are most widespread in regions with higher unbanked populations 33
Contactless technology is limited to more developed regions, but Samsung Pay can be used more widely 35
Online accounts (such as MercadoPago) are especially popular in Latin America 35
Emerging payment means featuring contactless functionality are most common in East Asia 37
Japan-based WAON and DCMX have around 475 million and 200 million users, respectively 37
Emerging payment means providing P2P functionality are especially numerous in Indonesia 37
In Western Europe and the Nordic region, P2P payments often work through smartphone apps 37
Regional and chronological evolution of key account functionalities 39
Contactless payment capability 39
Emerging payment means offering contactless functionality are most numerous in the Asia-Pacific region 39
P2P payment capability 41
The number of emerging payment means offering P2P payments has surged in recent years… 41
most notably among those originating in Europe 41
Opportunities arising from growth in emerging payment means 44
Banking 44
Banks' role in handling financial transactions is threatened by providers of alternative payment means… 44
some of whom are also moving into credit card and international P2P payments 44
Numerous banks are themselves active as emerging payment means providers or partners 44
… which has also been the approach of MasterCard and Visa 45
Insurance and assistance sector 45
There are a few reasons why it is difficult to bundle or cross-sell insurance with emerging payment means… 45
… but other reasons why it might be a viable area to explore… 45
… such as the potential to enhance online payments with shopping-related cover… 45
… and the opportunity to protect the devices being used for making such payments 46
Additionally, a number of providers of emerging payment means have built up vast customer bases 46
Mobile telecoms 46
Innovations from Apple and Samsung potentially threaten the role of mobile network operators 46
Retailing 47
Emerging payment means can also incorporate retailer discounts, vouchers or loyalty cards… 47
… as exemplified by the UAE's Beam Wallet 47
Technology 47
Biometrics-enabled payments are likely to become more common in future 47
Facebook and Snapchat have both developed their own payment solutions 47
99bill 48
Airtel Money 49
Alipay 50
Amazon Payments 51
Apple Pay 52
au Wallet 53
BBM Money 54
Bcash 55
Beam Wallet 56
BestPay 57
BKM Express 58
Boku 59
Boloro 60
bpay (UK) 61
BPAY (Australia) 62
Cash by Optus 63
CellumPay 64
Chocom 65
Citrus Pay 66
ClickandBuy 67
CurrentC 68
DOKU Wallet 70
Elisa Lompakko 71
ezeClick 72
Facebook Payments in Messenger 73
Fire 74
Gcash 75
GiroPay 76
Google Wallet 77
GoPay 78
Idea Money 79
iDEAL 80
iPay 81
KiiK 82
Klarna 83
Lakala 84
LusoPay Wallet 85
MasterPass 86
mCash 87
MEO Wallet 88
MercadoPago 89
mobicred 90
Mobile Money 91
MobileCash 92
MobilePay (Denmark) 93
MobilePay (Italy) 94
MobilTárca 95
Mobito 96
MoCa Wallet 97
Mokipay 98
Moneta 99
MoneyGram 100
mPass 101
M-Pesa 102

mWallet 103
NFC Pass 104
ngpay 105
Oi Carteira 106
Orange Money 107
Pago Fácil 108
PagoEfectivo 109
PagoMisCuentas 110
Pagseguro 111
PayBox Bank 112
Paym 113
PayPal 114
paysafecard 115
Paysbuy 116
Paytm Wallet 117
PayU 118
PayU Wallet 119
PayZippy 120
PicPay 121
Pingit 122
Plat'mobilem 123
PPS 124
QIWI Wallet 125
Rakuten Edy 126
RBK Money e-wallet 127
Ruru Wallet 128
Samsung Pay 129
Semble 130
Send2Pay 131
Servipag 132
Sixdots 133
Skrill 134
SMART Money 135
Snapcash 136
SoftBank Mobile 137
Square Cash 138
Swipp 139
Swish 140
Syrup Wallet 141
T-Cash 142
TchoTcho Mobile 143
Telenor Banka 144
Tenpay 145
Tigo Money 146
TIM Multibank 147
T-Mobile MyWallet 148
Transfer 149
Transferwise 150
Union Mobile Pay 151
Vme 152
Valyou 153
Venmo 154
Vinaphone MoMo 155
VIP 156
Vodafone Wallet 157
WAON Mobile 158
Webpay 159
Western Union 160
Wipit 161
WyWallet 162
Yaap 163
YandexMoney 164
YeePay 165
Zapp 166
Zuum 167

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