the future of money how mobile payments and the digitization of money will change everything docx

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Title
DONALD CHESNUT
CHIEF EXPERIENCE OFFICER

ALEX SION
VICE PRESIDENT, FINANCIAL SERVICES, COE

WE ARE
IDEA ENGINEERS
FUTURE OF MONEY
MOBILE PAYMENTS
#CXPmpayments
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Business Transformation
Through Experience Innovation

WE ARE
IDEA ENGINEERS
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MOBILE
PAYMENTS?
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MOBILE
WALLETS?
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MOBILE
SHOPPING?
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Using our phones as shopping and
payment devices is big…
… and getting BIGGER.

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Using our phones as shopping and payment devices is
big and getting BIGGER
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The probability is high that mobile
devices become the single most
important customer contact point
for both the Retail and Financial
Services sectors

But what’s the real story here?

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MOBILE
PAYMENTS?
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A real-time,
two-way,
powerful and flexible,
digitization of money
.
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MONEY

FUTURE OF

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First, a thought starter…


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{video}


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mPayments:
10 ways our world will change

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1. mPayment solutions don’t simply enable a new
method of payment, they will fundamentally
transform
our relationship with money.
Do you know where your money lives?

There will be a paradigm shift in how money works, how people perceive & use it, and the end
of physical currency as we know it.
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2. Credit cards will undergo
a significant
transformation:
mPayments will redefine
how we pay, how we use

credit, and what a credit
card
is
.


Is it credit? Is there a card?

How do you extend, acquire, receive credit?

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3. Customer's relationship to money and commerce
will move from singular moments to an “always-on”
relationship across space and time.

When does “shopping” happen? When does “purchasing” happen?

Buying offline, picking up at a store. Checking out an item at the store, paying for it 2 days
afterwards…
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Mobile payments will enable the “check-out” process to occur in-aisle, at home, anywhere.

As a result, mPayment will challenge –and redefine– long-standing assumptions of how
stores are designed.
4. mPayments will cause a fundamental change in the
retail experience.

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5. The arrival of mobile
payments will enable a new

generation of real-time,
insight driven, shopping and
financial tools.

End of the days of consumers being “dumb” at
point of sale

Consumer empowerment to the max.
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6. There are a variety of hurdles for mPayment success,
with user adoption being paramount.

Overcoming user adoption, interoperability, privacy & security, and government are among
the largest obstacles to mobile payments. The ability to pay by phone will not guarantee
success.

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7. mPayments will enable
a whole new class of
merchants – including
new ones.

mPayment solutions will enable a whole new
class of merchants: craftsmen, small business
owners, etc.

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8. The mPayment
landscape is diverse, and
success may come from a

wide variety of players.

Success may come from across a diverse set of
players, including; tech, merchants, traditional
FS, and government or a combo thereof.

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9. NFC technology will fuel
mobile payment growth
but mobile payment
success is not dependent
upon NFC.

It’s not about any specific technology.

It’s about the experience of frictionless,
transparent, consumer empowered
commerce.

Many roads will lead there.

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10. Mobile payments
will open up access to
money transactions for
the under-served.

Those without bank accounts, or access to
branches. Those without smart phones.
Financial inclusion.

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Mobile Payments and the
Digitization of Money will Change
Everything…Or will it?