kate cole, aap, cae mk cole consulting - icba...ach usually a one-day delay, might be a same day...
TRANSCRIPT
Kate Cole, AAP, CAE
MK Cole Consulting
▪ Mobile Wallets
▪ Who is out there
▪ How they work
▪ Crypto Currencies
▪ Faster Payments
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Apple Pay
Amazon Pay
Google Pay
Samsung Pay
Walmart Pay
Venmo –Pay Pal
Zelle – Early Warning
People Pay - FIS
Pop Money - Fiserv
▪ 34% of new iPhone owners link a card to Apple Pay during the device onboarding process.
▪ 14% of new Android smart-phone owners link a card to Google Pay during the device onboarding process.
▪ 8% of Samsung smart-phone owners have tried Samsung Pay in the past 90 days.
▪ 8% of Android smart-phone owners have tried Google Pay in the past 90 days.
▪ 19% of iPhone owners have tried Apple Pay in the past 90 days.
Source: 451 Research fourth-quarter 2017 consumer survey
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Venmo Apple Pay Starbucks Walmart Pay Google Pay Samsung Pa Chase Pay
In Millions
In Millions
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Source: Crone Consulting
▪ Amazon Pay
▪ Looking at payments through Alexa
▪ Apple Pay
▪ New Apple Cash Pay will ride Discovers network rails
▪ Google Pay
▪ Available in 18 countries
▪ Samsung Pay
▪ Can connect to point-of-sale terminals via near-field communication.
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▪ Walmart Pay
▪ QR-code-based mobile-payment service; use with Walmart-branded credit cards
▪ Venmo- PayPal
▪ Includes a social media layover; allows for users to chat
▪ Zelle – Early Warning
▪ Focused on Millennial and younger GenXers
▪ Banks have jumped on this wagon
▪ Peer-to-peer payments and conversations in Messenger
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▪ People Pay – FIS
▪ Uses your online banking system
▪ The bank does not have to be an FIS customer
▪ Pop Money – Fiserv
▪ Uses your online banking system
▪ Must be deposited into an eligible account
▪ Send using an email or cell number
▪ Recipient then receives instructions on how to get their money
▪ White label so the bank can brand it
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MOBILE WALLETS
USE…
▪ ACH
▪ Usually a one-day delay, might be a same day entry
▪ Card networks
▪ Can be within seconds using card to card
▪ In-house transfer, both accounts at the same bank
▪ May use…Cryptocurrency
▪ Distributed ledger
▪ Payments can be received from minutes to 3 days
▪ The money may be in the account, but settlement happens like always in the network they use.
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▪ Peer-to-Peer electronic cash system
▪ Only miners can confirm transactions by solving a cryptographic puzzle
▪ Is only in a ledger
▪ Need an exchange to move to and from crypto▪ Kraken, BitFinex, BitStamp,
Coinbase
▪ Kept online – nothing in hard copy
▪ Pricing is volatile
▪ Not accepted everywhere
▪ Bitcoin - $3,818.56
▪ Litecoin - $29.97
▪ Ripple - $0.346475
▪ Bitcoin Cash - $138.21
▪ Newmont Mining Corp – $33.79
▪ IOTA - $0.270301
▪ NEO - $18.19
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▪ New set of rails created and managed by The Clearing House
▪ Up 24 x 7
▪ Can participate directly with TCH, through a correspondent, or third-party service provider (core processor)
▪ Fund an account or correspondent
▪ Does operations work 24 x 7?
▪ What is the cost to participate?
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▪ Looking at a 24x7x365 network
▪ Payments and settlement
▪ Looking for comments to their proposal in a Federal Register Notice
▪ Have a website specific to faster payments
▪ https://fedpaymentsimprovement.org/
▪ May update a current system; may build a new system
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▪ Kate Cole, AAP, CAE
▪ MK Cole Consulting
▪ 612.910.9286
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