Mobile Payments The Inflection Point Is Now
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1 Mobile Payments The Inflection Point Is Now April 2017 ATONRÂ PARTNERS SA 12, Rue Pierre Fatio 1204 GENEVA SWITZERLAND - Tel:
2 2 Investment Case As the mobile payment infrastructure and ecosystem are now in place, we enter the second phase of growth: adoption of payment solutions by consumers Increasing marketing and improving ergonomics, security and value-added services (such as rewards, loyalty and couponing) should give a major boost to consumer engagement as soon as 2017 Mass adoption is not a question of if, but when: the example of e-commerce says it all: despite initial concerns around security, now most consumers make online transactions new forms of mobile payments will expand the total addressable market: in-car payments and VR shopping Government incentives for a cashless society are another major catalyst: increasing number of limits on cash transactions all around the world The best way to capture this secular growth in the volume of digital payments is to get exposure to payment processors, which handle all these transactions
3 3 AtonRâ Mobile Payments Certificate details Mobile Payments Certificate details (EUR Institutional) Mobile Payments Certificate details (EUR Retail) Issuing bank: SG Issuer Issuing bank: SG Issuer Calculation agent: S&P Opco Calculation agent: S&P Opco ISIN: CH ISIN: CH Currency: EUR Currency: EUR Fees: 1.5% management fee + 15% performance fee, high water mark Fees: 2.0% management fee + 15% performance fee, high water mark Bloomberg ticker: IND1AMPE Bloomberg ticker: IND1AMPE Mobile Payments Certificate details (USD Retail) Issuing bank: SG Issuer Calculation agent: S&P Opco ISIN: CH Currency: USD Fees: 2.0% management fee + 15% performance fee, high water mark Bloomberg ticker: IND1AMPU
4 4 Tech giants Processors & Networks Hardware vendors Biometrics & Security
5 5 The Mobile At The Heart Of Digital Interactions Top 5: Smartphones penetration Mobile payments refer to all payment transactions made from or via a mobile device and debited either on a bank account or on a mobile operator bill The rise of smartphones, tablets, and now wearables has driven new means of paying Source: geoba.se/usnews.com/ emarketer Mobile payments categories Web / In-app Purchases Person-to- Person Payments Mobile Proximity Payments
6 6 Smartphones Are Used To Pay, But Also To Get Paid (Merchants) All smartphones now allow contactless payments in a simple and quick way via an electronic mobile wallet, and can also become POS terminals for merchants NFC «Wireless exchange of data» Mobile money (SMS) QR Code/ Barcode Mobile as a point-ofsale terminal
7 7 Africa And China Are The Pioneers Of Mobile Payments Mobile Payments are a solution for providing financial services to unbanked people: In Sub Saharan Africa, the mobile penetration in Africa is 70% but only 10% of the population have a bank account Payments via mobile are the faster and cheaper way to send money to family. The SMS and USSD technology is compatible with 99% of mobiles In China, under the impulse of e-commerce and due to the low use of bank cards online payment, and especially mobile-commerce, has become a reality Over 100% Mobile penetration in top tier cities: democratization of smartphones
8 8 The Payment Industry: A Private Club? New players enter the payment industry, already benefiting from a large customer base and offering many online services: Internet and Tech giants such as Google, Apple, PayPal and Amazon are providing new mobile payments solutions The legacy players (telecoms, banks, card networks ) must assert themselves. The need for innovation is the opportunity to boost these institutions and offer them a new position in the payment industry Telecoms operators Financial institutions -Payments services -Processors -ISO -Acquirers Networks Retailers POS terminals Internet Giants & apps developers
9 9 A Look A The Payment Industry Main Players (I) Hardware / Issuance Hardware and Card Issuance: technology providers Payment Card Card Issuance - Wirecard - First Data - TSYS SIM card, Security - Gemalto - G&D - Oberthur POS /ATM Terminal POS Terminal - Ingenico - VeriFone - NCR Corp ATM Hardware - NCR Corp - Wincor Nixdorf - Diebold Inc Card issuance: credit and debit card suppliers and software for banks Semiconductors: At the heart of IT servers, network routers and smartphones NFC technology, magnetic strip or EMV chips for bank cards Point of Sale terminals providers (PoS) Semiconductor - Infineon - Samsung - STMicro
10 10 A Look A The Payment Industry Main Players (II) Merchant Services Acquiring Services Processing Acquiring Services The acquirer : providing the merchant the services to accept a transaction. The acquirer will route the encrypted transaction details to the card association/network (Visa/MasterCard) Distribution and maintenance of PoS Acquirers differ depending on regions (can be banks or financial institutions) In US: - First Data - Global Payments - BOA Terminal services - Ingenico - Many regional banks offer these services to merchant Some acquirers outsource the processing to third party processors - TSYS - Planet Money - WorldPay - IPPay Most large acquirers do the processing part Processors: The technological side of payment processing: clearing and settlement Acquirers, processors and POS terminal providers offer value added services to merchants: reporting, fraud management, loyalties program, big data analysis
11 11 A Look A The Payment Industry Main Players (III) Connection Connectivity Phone line - AT&T - Sky - British Telecom Internet - AT&T - Sky - British Telecom Payment Networks or Association Credit cards - Visa - Mastercard - Discover - American Express Debit cards - Maestro - Visa Electron Networks Identify which financial institution issued the card and re-route the information to the cardholder s issuing bank Set the interchange fees Connectivity Mobile operators and internet: provide connectivity and data transfers
12 12 A Look Behind The Scenes I- Banking data capture and authorization: Point Of Sale 1 Captures banking data PROCESSING* The acquirer and processor identify the appropriate network corresponding to the card 2 NETWORKS ~16 pb identify which financial institution issued the card and re-route 5 ISO (Independent sales organizations): resell the processing services Requests the authorization 3 4 Transaction approval or rejection II- Clearing and Settlement: Card Issuing Bank: series of verification (enough funds, fraud ) The merchant pays to the acquirer a "merchant discount of ~ 2.50%. How are these costs shared?
13 13 The User Experience Is Key In Mobile Payments Adoption The biggest challenge remains the change in consumer habits. It has to be simple, intuitive and comprehensive Mobile payment requires better communication and education Mobile payments allow the merchant to increase the visibility on its brand, target consumers and increase loyalty services (e.g. coupons) Rewards Security Loyalty programs Personalized Adapt Convenience As illustrated by the recent success of Samsung Pay s loyalty program, rewards/couponing are expected to be a major catalyst for mobile payments adoption Fast 36% Simple 71% Secure 68% Confidence, acceptation and adoption
14 14 Security Concerns Need To Be Ironed Out HCE «Host Card Emulation»: retains banking data in the cloud The Secure Element: retains banking data in the mobile Tokenization: replaces the card number with a single token Biometry: an other security layer Secure Element Host Card Emulation With tokenization technologies and the emergence of biometrics, mobile payments become more secure than contactless card payments
15 15 Apple Pay Samsung Pay Google Wallet PayPal Bitcoin AVAILABILITY From Iphone 6 From samsung galaxy S6 Any device with the app Any device with the app Any device with the app HOW TO USE IT Fingerprint OK for tap to pay Fingerprint OK for tap to pay Tap to pay. Send money via app or mail HOW IT WORKS Send money via phone number or mail Scan QR code Uses NFC to send your encrypted data Uses NFC + Magnetic fields (MST) on old registers Like a debit card (recharge it). At new registers uses NFC Uses PayPal network to transmit credit card or debit transactions Totally independent money system SECURITY Most secure. Retailers don't even get your credit card Banking data in the Secure element + tokenization Most secure. Retailers don't even get your credit card Banking data in the Cloud (Host Card Element) + tokenization Secure. Retailers don't get your credit card but google does Banking data in the Cloud (Host Card Element) + tokenization Secure. Retailers don't get your credit card but PayPal does Tricky, secure but you are on your own. Lose a password, get hacked: your money is gone
16 16 Governments Around The World Push Towards A Cashless Society To fight money laundering and tax evasion in 2014, Israel limits cash transaction between businesses to 5,000 shekels (USD 1,400) and private transactions done in cash or by check to 15,000 shekels In most EU countries cash payments are limited : In 2015, France has limited the use of cash payments to EUR 1,000 from EUR 3,000 In 2016, Italy has limited the use of cash payments to EUR 2,999 India demonetized some of its banknotes at the end of 2016 The European Union plans to launch a service by the end of 2017 that allows mobile payments person-to-person using the mobile phone number as a proxy for the IBAN Germany plans to impose a limit of EUR 5,000 on cash payments
17 17 Strong Growth Outlook The annual transaction volume via mobile payments in 2015 was $450bn and is expected to exceed $1tn in 2019 Annual transaction volume in billion US dollars mobile payments 450 CAGR ~ 20% % 85 Mobile payment users by region (in millions) % % +140% Source: AtonRa Partners, TrendForce; NFC Source: AtonRa Partners, Gartner Inc. Asia Pacific and Africa are early and faster adopters of mobile payments with more than 100 million mobile payments users
18 18 The Future Of Mobile Payments Is Already Taking Shape In-car payment solutions will allow drivers to pay for gas, toll fees or public parking without having to pull their credit card or smartphone from their pocket Payments in virtual stores are another exciting opportunity consumers wearing a VR headset will soon have the ability to visit virtual stores and make purchases Alibaba recently unveiled a VR mall called Buy+ in which consumers gaze at products long enough to select them and nod their heads to buy them Amazon is said to be working on a similar initiative
19 19 Mobile should become even more essential in our everyday lives... AtonRâ allows you to invest in the players who build the history of mobile payments Number of Mobile Payments users: mn mn 384mn April 2014 Oct 2014 Dec 2014 Dec 2015 Dec 2016 Mobile Payments Phase 2: adoption by consumers and merchants: the inflection point is now! Phase 1: technological development and hardware/software deployment Source: AtonRa Partners, Gartner Inc.
20 DISCLAIMER 20 This report has been produced by the organizational unit responsible for investment research (Research unit) of AtonRâ Partners and sent to you by the company sales representatives. As an internationally active company, AtonRâ Partners SA may be subject to a number of provisions in drawing up and distributing its investment research documents. These regulations include the Directives on the Independence of Financial Research issued by the Swiss Bankers Association. Although AtonRâ Partners SA believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this report. The information contained in these publications is exclusively intended for a client base consisting of professionals or qualified investors. It is sent to you by way of information and cannot be divulged to a third party without the prior consent of AtonRâ Partners. While all reasonable effort has been made to ensure that the information contained is not untrue or misleading at the time of publication, no representation is made as to its accuracy or completeness and it should not be relied upon as such. Past performance is not indicative or a guarantee of future results. Investment losses may occur, and investors could lose some or all of their investment. Any indices cited herein are provided only as examples of general market performance and no index is directly comparable to the past or future performance of the Certificate. It should not be assumed that the Certificate will invest in any specific securities that comprise any index, nor should it be understood to mean that there is a correlation between the Certificate s returns and any index returns. Any material provided to you is intended only for discussion purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities.
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