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November 10, 2014 • Issue 14:11:01

Insider's report on payments:
Mobile wallets: not quite ready for prime time

By Patti Murphy
ProScribes Inc.

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I've been writing about payments and technology for more than 30 years. Yet rarely have I encountered the subjects of my articles in mainstream media outlets. So I was especially struck by reports that aired recently on local and national news broadcasts regarding mobile POS payments.

The subject of those reports was the decision by certain national retail chains to block acceptance of Apple Pay in favor of a rival, merchant-backed mobile wallet. According to a recent press release, CurrentC is now in 'private pilot,' with full rollout scheduled for 2015.

Merchant Customer Exchange (MCX), the merchant-backed organization behind CurrentC, has made no secret of its desire to slash the cost of card acceptance by promoting the CurrentC mobile app. Bypassing the card networks, the app will rely on merchant-branded cards that use the automated clearing house (ACH) to clear payments against cardholder's checking accounts (a method sometimes referred to as decoupled debit).

ACH folks have been trying to capture POS market share for decades, with little success. One of the first ACH-based debit card programs was launched in the 1980s by Mobile Oil. The program, which was not heavily marketed, was shelved several years later when Mobile merged with Exxon. Most recently, the retailing giant Target launched a private-label debit card that clears payments through the ACH. Target is also a member of MCX.

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NFC or QR codes?

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It's not just Visa Inc., MasterCard Worldwide and banks that MCX is challenging, either. CurrentC takes an entirely different approach from that used by Apple Inc.'s recently introduced Apple Pay. Instead of using near field communication (NFC) to initiate transactions, for example, CurrentC relies on QR codes generated by customers' smartphones and scanned at the checkout.

Merchants are said to prefer QR codes to NFC because most already are equipped to read QR codes. The Federal Reserve reported that as of 2013, 17 percent of smartphone users had made at least one POS payment using their smartphones. Of those, 39 percent said they did so by scanning QR codes generated by their devices; 14 percent had initiated payments using NFC functionality. More recently, Juniper Research Ltd. predicted 101 million consumers worldwide will make payments using NFC-enabled smartphones in 2014, and 516 million will do so by 2019.

CurrentC (which works with Android phones) is heavily weighted toward potential value-adds, such as advanced marketing tools. It is also designed to track customers' purchases and to store that data as encrypted information. Apple Pay doesn't track or store customer information. Apple made a big deal of that when it launched the iPhone 6 and Apple Pay, and it's a distinction that hasn't been lost on journalists. Consumer privacy is a major concern these days, given the torrent of reports on data breaches.

The Apple effect

Meanwhile, at least two members of MCX (CVS and Rite Aid) have blocked acceptance of mobile payments initiated using iPhones. The MCX member roster reads like a who's who of consumer brands: names like Wal-Mart, Sears, Kmart, Lowe's, Bed Bath & Beyond, Best Buy, 7-Eleven, Circle K, Publix, Shell, Southwest Airlines and Wendy's. To date, only CVS and Rite Aid have taken stands against Apple Pay.

'At full scale, CurrentC will be accepted in more than 110,000 merchant locations across the country, giving consumers unmatched access to their favorite retailers. It will also offer innovative features and benefits, such as merchant loyalty programs and instant coupon savings, all stored on the phone,' Dekkers Davidson, CEO of MCX, said in a press release. That is, unless it's an iPhone 6, Apple's latest model, which features the Apple Pay mobile app. (Older iPhones should be compatible, several experts have noted.)

I'll admit that I'm not a big fan of Apple. Plus it annoys the heck out of me that Apple is always updating its iTunes software and sending pop-up notices about the need to update, a process that almost always crashes other programs that I have open on my PC. But Apple gets a lot of things right, and it has hundreds of millions of customers who already entrust the company with their credit and debit card information (for iTunes purchases). Demonstrating its popularity, Apple reported selling 10 million of its latest iPhone 6 models in the first two days of sales.

Apple Pay may or may not be superior to CurrentC. But it is available for consumers to use today, so it certainly has at least one leg up on the retailers' initiative. Apple also has plenty of big-name brands on its team. Among them: American Express Co., Bank of America, Capital One Bank, JPMorgan Chase & Co., Wells Fargo & Co., Bloomingdales, Macy's, McDonald's, Walgreens and Whole Foods.

And based on recent press releases, acquirers and processors are racing to support Apple Pay. Danny Chazonoff, Chief Operating Officer at Optimal Payments PLC, pointed to the use of encryption by Apple Pay as a big plus. 'Being able to offer Apple Pay supports our strategy of providing merchants and consumers with innovative payment options that reduce friction and provide an enhanced shopping experience, using the most secure payment technologies available,' he said.

Oops! Another data breach

As I prepared this column, news broke about a breach involving CurrentC. Apparently, hackers were able to access the e-mail addresses of consumers piloting the CurrentC mobile app. This may not be a death knell for CurrentC, but it could hamper overall adoption of mobile payments. A September 2014 survey of consumers by Statista Inc. found that 46 percent of consumers who do not use their smartphones to make payments cite security concerns as the deterrent.

Convenience is another factor. Standing in line at the coffee shop, I know exactly where my debit card is; finding and opening the mobile payment app on my mobile (or any app for that matter) takes more time. I grant it's a generational thing; I'm a baby boomer. But millennials always seem to be talking and texting via smartphone. How convenient will it be for them to pull up their wallet apps? It's issues like these that lead me to believe mobile wallets are not quite ready for prime time.

Patti Murphy is Senior Editor of The Green Sheet and President of ProScribes Inc. She is also the founder of InsideMicrofinance.com. Email her at patti@greensheet.com.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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March 28, 2016 • Issue 16:03:02

The high cost of omnichannel retail

A new ebook on omnichannel commerce questions the sustainability of current practices in the retail trade. Titled Threat … or Opportunity: Seven Steps to Overcoming the Shockingly High Costs of the Order Management Lifecycle and based on a survey conducted by EKN Research in partnership with Aptos Inc., the book alleges infrastructure costs are undermining profits at numerous omnichannel retailers.

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EKN Research, based in Deerfield, Ill., and focused on business-technology insights in consumer industries, reported that retailers spend as much as 18 cents of every dollar earned struggling to fulfill customer buy-anywhere, pick-up-anywhere expectations. Additionally, eight in 10 retailers surveyed reported an increase in order management and fulfillment costs compared to the previous year, reflecting an increase of 5.07 percent. Nearly half of survey respondents cited free shipping policies as a major business challenge.

'A lack of end-to-end order management visibility severely inhibits effective decision making, productivity and enterprise effectiveness,' said Sahir Anand, EKN Vice President Research and Principal Analyst. 'Many of the retailers surveyed recognize this must quickly become a priority investment, with almost half of respondents (48 percent) identifying improvements to end-to-end order management visibility as a key area of focus in 2016.'

Retail's wake-up call

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'This study is a huge wakeup call to retailers,' added Noel Goggin, Chief Executive Officer and culture leader at Aptos, an Atlanta-based retail technology provider. 'As traditional store-based purchases continue to decrease and omnichannel transactions continue to increase, 'runaway' order management and fulfillment costs have the potential to devastate the bottom line of retailers in virtually every category.' Goggin noted that retailers need new skill sets to survive and thrive in the multifaceted, complex world of omnichannel commerce. At minimum, retailers need to improve order cycle time, order function transparency and inventory, and order and supply chain alignment, he said. Aptos can help accomplish these objectives by providing a range of logistics and personalization services designed to help retailers 'engage customers differently' by 'understanding who they are, what they want and why they buy,' according to the company's website. 'Real-time inventory visibility from across the enterprise, combined with powerful order brokering and sourcing logic, ensures that every order is sourced from the most profitable location,' Goggin said. 'This also enables powerful competitive advantage through lower prices, improved margins and consumer service.'

Seven steps

EKN and Aptos created a QuickScan interactive tool to help retail and restaurant merchants assess network and order management system capabilities. A thorough evaluation of existing logistics frameworks is a prerequisite for successfully developing and implementing system optimization strategies before successfully reducing the cost of order management and fulfillment, the authors stated.

The authors offered the following seven approaches for implementing intelligent logistics systems:

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  1. Allocate based on fulfillment. Account for orders from all channels ‒ in-store, online and mobile ‒ in order to accurately measure demand.
  2. Connect the channels. The biggest cost-saving opportunities are often found through cross-channel integration of order processes and technology.
  3. Automate, rank, route. Advanced order brokering and routing systems facilitate informed order fulfillment decisions, enabling retailers to balance inventory handling costs with customer expectations.
  4. Think one customer, one enterprise, one order. Efficient order management requires a single access view of all orders across an enterprise.
  5. Start splitting orders. Retailers that successfully contain order management and fulfillment costs can split orders, using order management systems that treat each order line as a separate entity as well as a part of an entire order.
  6. Get to the cloud. Cloud-based order management and fulfillment processes enable omnichannel teams to improve their processes, introduce rapid-change management, which benefits business users and consumers alike.
  7. Support the store. Store operations need to support changing business conditions by becoming more efficient at fulfillment.

Raise awareness, lower costs

Payments analysts have noted an increase in nontraditional payment methods due to the growing popularity of e-commerce and mobile payment technologies. Marc Beauchamp, President of Payment Processing Technologies LLC, an Indiana-based registered ISO known as PayProTec, has seen merchants accept payments via a variety of customer engagement points, including social media networks, web stores, physical stores and mobile devices.

'MLSs are offering more integrated solutions to meet these needs and also working with software providers to integrate payment acceptance on their platforms,' he said. 'I see more of a push to integrated platforms and cloud-based systems.'In their book, Aptos and EKN warn retailers against implementing fulfillment services without fully committing to process optimization. Developing efficient, scalable and repeatable processes can help merchants lower costs, improve margins, boost earnings, provide a consistent service experience, and pass through lower fees and prices to consumers, the authors noted.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

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Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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