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Payments Council Conference

Payments Council Conference. Payments Innovation - Mobile Payments 23 rd January 2008. “I think that all great innovations are built upon rejections” Louis-Ferdinand Celine. The definition.

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Payments Council Conference

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  1. Payments Council Conference Payments Innovation - Mobile Payments 23rd January 2008

  2. “I think that all great innovations are built upon rejections” Louis-Ferdinand Celine

  3. The definition “Payment for products or services between two parties for which a mobile device plays an integral role during initiation or completion” Within mobile payments there are two distinct types:

  4. The opportunity Mobile Payments Electronic Transfers Cards Cheques Cash Low value is defined as transactions of less than £10 Mobile payments presents an opportunity to extend electronic transactions into the peer to peer and low value world and displace paper and cheques

  5. Global bank-telecoms partnerships Technology developments (chip and hand-set) Business model developments (eg GSMA) Contactless (Nokia O2 & OnePulse Trial) and Faster Payments roll-outs New players (eg mPESA, PayPal Mobile, MoniLink) Ubiquity of mobile technology Decline of chequing and increased use of card/electronic transfers Youth comfort with mobile payments (premium SMS) Increase in on-line purchasing and digital content Increased concern about on-line payment security The timing Short Term Drivers Long Term Drivers

  6. The challenge UK Service Usage • UK consumers are not active users of the non-voice/SMS services at present • Mobile payments still at trial stage for banks – no major examples in Europe/US • Mobile payments are still very small in comparison with traditional forms of payments • No agreement on business model for bank-telco co-operation for secure element • Concerns over benefits for merchant and consumer (relative to contactless cards or cash) Source: OfCom 2007 Payments Council has a unique opportunity to drive innovation and focus the UK on overcoming these challenges

  7. The criteria for success • Utilise Existing Assets • Rapid Time to Market • Provide Openness • Incentivises All Stakeholders • Deliver security • Be more attractive to use Must be better than the current alternatives for those accepting, handling and receiving payments – most importantly cheques and cash

  8. Thank You Chris.Jones@pseconsulting.com +44 (0) 20 8891 6244

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