Bangkok--22 Oct--Weber Shandwick
Evolving consumer attitudes and new technologies make disruptive changes possible, according to new research and white paper
Amdocs, the leading provider of customer experience systems and services, announced the availability of a new white paper from research firm Analysys Mason that details how mobile financial services can successfully challenge cash as the world’s dominant payment model.
The key findings of the white paper, “Mobile Financial Services: The Evolution of Payment,” will be presented by Amdocs and Analysys Mason executives during the “Mobile Wallets: Driving Consumer Usage” panel discussion.
In order to better understand the mobile payment market, Analysys Mason and Amdocs commissioned a survey of 4,000 consumers, with 1,000 each in the U.S., U.K., Brazil and Indonesia. The white paper, authored by Tim Harrabin and Tom Mowat of Analysys Mason, presents the highlights of that research. Harrabin oversaw every key development of M-Pesa, from its initial concept to becoming an internationally recognized mobile payments service.
"This is a once-in-a-lifetime opportunity,” said Harrabin, noting that "there has been no innovation in coins and banknotes for 2,600 years, but yet this ancient technology is still used by 7 billion people to transact 50 percent of the world's gross domestic product. Consumers, businesses, merchants and banks are prepared and ready to pay to replace notes and coins with a much more secure and convenient, cheaper and faster, mobile payment solution."
Key findings of the survey, as described in the white paper:
- It is time for the wider industry to start seeing mobile financial services as a natural and powerful replacement for existing payment services - notes and coins in particular - rather than a banking or communications service. A successful mobile payments service provides a platform from which to 'Bank the unbanked,' which is an important public policy goal, but the focus on this alone ignores a much wider evolution of the payments industry and a larger opportunity for all involved.
- Widespread consumer adoption of mobile payment services has been and will be driven by service providers who address a specific and important pain point in the financial transactions of the user base. Security and convenience are the two top concerns for users looking to make use of mobile financial service, and should also be the focus for would-be providers
- While no one formula exists for success, service providers must address key strategic issues before they can expect to succeed, including the following steps:
- Choose leaders who are strategic marketeers and have experience of launching new product categories that transform people’s lives
- Create a compelling proposition for consumers
- Rapidly roll out an excited, motivated and commercially aligned distribution channel
- Set inspirational targets and commit substantial investment.
- Find the right technical solution that can provide the right interoperability with existing systems, scalability, function and security demanded by a successful service
- Ensure that the service is both independently driven and effectively integrated into the organization, becoming a critical part of the overall strategy
Session Details
“Mobile Wallets: Driving Consumer Usage”: Wednesday, Oct. 16, 2:00—3:30 p.m., Auditorium 1
Session description:
Mobile wallets, which enable payments and other transactions, are one of the most frequently talked-about solutions of the mobile age. Despite the vast number of wallet solutions being rolled out, consumer adoption of mobile wallets remains low. For mobile wallet use to become ubiquitous communicating the value proposition to consumers is key — the providers that offer the strongest value propositions and a frictionless consumer experience will be the likely winners in this market. This session will explore strategies to drive consumer usage of mobile wallets, or whether mobile wallets are presenting a solution to a problem whose time has not yet come.
The session will include presentations, followed by a panel discussion and Q&A. The session will be hosted and moderated by Eden Zoller, Principal Analyst, Ovum.
Presenters:
- Tim Harrabin, Senior Advisor at Analysys Mason
- Yaron Ravkaie, President, Mobile Financial Services Division, Amdocs
- Edward Olebe, Group Head, MasterPass, Emerging Payments, MasterCard Worldwide
- Aygua Aydin, MFS Technical Operations Leader, Turkcell
- Jason Gross, VP, Strategy and Marketing, VeriFone Media
Supporting Resources
Download the “Mobile Financial Services: The Evolution of Payment,” white paper
About Amdocs
For more than 30 years, Amdocs has ensured service providers’ success and embraced their biggest challenges. To win in the connected world, service providers rely on Amdocs to simplify the customer experience, harness the data explosion, stay ahead with new services and improve operational efficiency. The global company uniquely combines a market-leading BSS, OSS and network control product portfolio with value-driven professional services and managed services operations. With revenue of $3.2 billion in fiscal 2012, Amdocs and its 20,000 employees serve customers in more than 60 countries.
Amdocs: Embrace Challenge, Experience Success.
For more information, visit Amdocs at www.amdocs.com