Popmoney Rresearch

Pop, Drop, and Lock It Group Eight’s Final Analysis of Fiserv’s Popmoney

By M. Morris, C. Capps, G. Haverty, A. Northrup, and L. L’Heureux Journalism 460: Research Methods University of Kansas December 10, 2015

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THE BEGINNING: Fall semester of 2015 in Dr. Chen’s Research Methods class, Group 8 was given the challenge of researching Popmoney, a relatively new person-to-person payment system, in hopes of the ability to provide recommendations to benefit the system in a world of replicates. Day one we learned we would be conducting secondary and primary research, in the form of a focus group and survey.

The results provided and insights discovered are as follows:

Secondary Research Client Description Fiserv is an international payment processing company based out of Brookfield, Wisconsin, created in 1984. The company provides financial institution services (Fiserv, 2014a). Fiserv’s main function is to help banks manage account transactions through many different technological platforms (MyBankTracker, 2015). Fiserv operates in 148 locations with around 13,000 clients bringing in 45.1 billion dollars in revenue (Fiserv, 2014a). It is a publicly owned company, and holds a leading position in both online and mobile bill payment processing (Fiserv, 2014a). Fiserv also has an estimated 94 percent market share for the distribution of electronic bills (e-bills) through the banking channel (Fiserv, 2014a). Seventy percent of all bill expenses paid at American financial administrations are through Fiserv and the company yields 20 billion digital transactions a year (Fiserv, 2014a).

Prior to Popmoney, Fiserv’s clients have included: banks, mortgage lenders, leasing companies, brokerage firms, investment firms, and business clients (Fiserv, 2014a). ​With

Popmoney, Fiserv will be expanding their clientele to individual users (B2C).​ This expansion will challenge Fiserv to focus on creating awareness and a strong brand image for Popmoney. Popmoney will be entering a market that already has relatively well known competitors.

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History Fiserv was formed as a unique nationwide data processing organization focused on the financial services business and consequently became the quickest growing financial data processing company in the nation (Fiserv, 2014a).

According to Hoovers (2015a), in the 1990’s Fiserv began obtaining several different softwares, broadening its range of services. However, perhaps the most significant is the online banking component from UK’s Abbey National (Hoovers, 2015a) because it marks the start of its online services.

In 2011 Fiserv acquired CashEdge, the company that provides the Popmoney service (Fiserv, 2014b). The introduction of Popmoney shows that Fiserv is shifting its focus more towards digital banking.

Product Overview Fiserv developed a person-to-person payment system called Popmoney in 2010. In fact, Popmoney’s name is an acronym for “​pay

other people money​” (Fiserv,

2014c). It allows consumers to digitally and securely send, request and receive money from their mobile phones (Fiserv, 2014b). Consumers do not have to create an account to use Popmoney. It can be initiated via online banking services or credit unions and works by having both parties exchange either an email address or cell phone number (Fiserv, 2014b). From there, parties are able to contact their bank account with their mobile device making it possible to send money to another party's bank account via text message. Once the payment is sent, the recipient is immediately emailed.

These person-to-person payments are between individuals (friends, family, coworkers, etc.) or groups. More than 16 billion person-to-person payments are made each year. There are currently 1,900 banks and credit unions using Popmoney (Fiserv, 2014b).

Popmoney can be accessed as an app on either iPhone or Android devices or on its website www.popmoney.com. Popmoney eliminates the hassle of checks and cash as payment options. Popmoney has a convenience fee of $0.95 each time

3 money is sent or requested. Common Popmoney payments include: rent, household services and gifts.

Objectives According to Fiserv, its first goal is to create awareness about Popmoney among its target market. The second is to persuade the target audience to use Popmoney as its primary person-to-person payment system. Additionally, once the target audience is using Popmoney, to introduce it to a secondary audience of family members, friends, roommates or anyone who is likely to exchange money with our primary audience. Lastly, to encourage continual use of Popmoney by appealing to the target audience’s pre-existing habits (Fiserv, 2014b).

Market Analysis E-Commerce Industry Overview E-commerce is the exchanging of money and/or goods online. Its transactions are supported by the services from the financial transaction processing industry (Hoovers, 2015c). ​Most

of the industry’s top competitors are based in the United States,​ where nearly half of all credit card transactions take place. Demand in this industry is entirely based on consumer spending, and efficient operation is what leads a company to profit.

Competition Each of these competitors has electronic payment options that are aimed at paying bills and quicker account inquiries. ​Popmoney’s

direct competitors are PayPal, Dwolla, Venmo, and Chase QuickPay.​ PayPal is used

primarily for e-commerce (Fiserv, 2014c).

While Popmoney allows its users to use existing bank accounts, PayPal requires the user to open a PayPal account. PayPal also charges a percentage of the transaction amount. PayPal’s commercials stress the security of its service. Dwolla and Venmo both support personal payments, but neither has as much expertise or experience as Fiserv, nor are they partnered with as many financial institutions (Fiserv, 2014c). Neither Dwolla nor Venmo have commercial advertisement.

4 Chase QuickPay is offered by Chase Bank and requires at least one of the parties involved in the transaction to have an account at Chase (Fiserv, 2014c). Its commercials focus on the convenience of the application. In terms of competition, Popmoney should focus on how to distinguish its product from its competitors’ products.

Market Trends Ultimately, Fiserv has introduced Popmoney to an ideal market. Technological services play an integral role in a world that revolves around convenience and time-management. A study conducted in 2014 found

8​ 10​ ​in ​

college students regularly use a smartphone

a dramatic increase from 72 percent in 2013 (Pearson, 2014). Smartphones represent the convenience that millennials are seeking in electronics and potentially electronic payment methods.

This shift towards electronic payments shows the potential relevance that Popmoney could have in quick and easy methods of payment. “U.S. mobile wallet users spent $500 million in 2012, according to a report by Berg Insight… the U.S. mobile wallet market is projected to grow to $35 billion by 2017” (Hoovers, 2015d).

Companies within the industry are trying to increase revenue by making consumer spending even easier. With Popmoney’s mobile app and website, it can appeal to a variety of clients’ habits.

Security breaches and fraud, specifically identity theft, are also growing trends within the industry. “Data security and fraud prevention are growing concerns for financial transaction processors and their bank and merchant customers following high-profile cyberattacks at Target, Home Depot, and JPMorgan Chase, among many others” (Hoovers, 2015d). Additionally, identity theft is the fastest growing financial crime in the U.S. and accounts for over half of the total fraud losses (Hoovers, 2015d). This will be one of the biggest trends to address because consumers will want to be assured Popmoney will allow for secure transactions.

Target Audience Primary Audience The primary target audience for Popmoney would be college students and young working adults aged 22-33, also known as millennials (Fiserv, 2014c). Ideally, the young adults are college graduates with a job and disposable income, live with

5 roommates, and/or have a significant other but do not yet share bank accounts (Fiserv, 2014c).

Millennials make up about ​one-fourth​ of the United States population, making them the largest generational group in America right now (Mintel, 2015a).

Previous research shows 13 percent of millennials are already using person-to-person payment systems at least once a week (Marous, 2014a). Of consumers aged 18-24, 62 percent say they use mobile banking systems most of the time (Mintel, 2015a). ​Of

college students aged 20-23 specifically, 18 percent say they do the majority of their banking on their smartphone (Mintel, 2015b).​ Additionally, 25 percent of students aged 20-23 have opened banking accounts at banks different from their parents (Mintel, 2015b). Since not all banks allow online or mobile transfers to another bank, person-to-person payment systems like Popmoney are beneficial.

Financial Problems of Millennials Right now, millennials are in a financial pinch. Their median income has decreased by 13 percent while their average annual expenditures increased by 6.6 percent (Mintel, 2014c). In addition, millennials have increased their spending on education by 70 percent (Mintel, 2014c). These factors make money tight for millennials, making it more likely for them to receive financial assistance from their parents or other family members.

Most of the annual expenditures that increased were costs such as food and housing. ​The

average millennial spends $2,678 on food away from home and $16,887 on living expenses.​ This is an advantage for Popmoney because food away from home and living expenses are often costs split between two or more people.

​ 8 percent of millennials are shopping online and 40 8 percent have sold something themselves online​ (Mintel, 2015c), and In addition,​

as a result are familiar with digital and online money transfers. However, millennials are very wary of banking systems. Only 16 percent believe banks have regained trust since the financial crash (Mintel, 2015c).

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Secondary Audience The secondary target audience would be the parents, family members, roommates, friends or anyone who is likely to exchange money with our primary audience (Fiserv, 2014c). This audience is between the ages of 44 and 55 and is likely a parent with a busy life with kids who have busy schedules as well (Mintel, 2015c). They have a high number of intergenerational payment transfers, such as sending young-adult children rent money or even sending money to younger children to shop with friends or see a movie (Fiserv, 2014c).

This generation is a little harder to sell as far as online money systems go. Only five percent say they do more than half of their banking on their smartphone (Mintel, 2015d). However, consumers in this generation with children are more likely to use mobile banking systems. Of parents aged 44-55, 13 percent said they do the majority of their banking on their smartphone (Mintel, 2015d). This is due to their busy lifestyle. Since they are on the go more often than those adults without children, they are more likely to use mobile banking.

Challenges Product

A huge challenge for Popmoney is its $0.95 convenience fee paid by the sender or requester (Fiserv, 2015e). Its competitors either do not have a fee for its services or the fee is lower than Popmoney’s. To overcome this challenge, we recommend Popmoney persuade millennials the fee is worth paying because of the unique aspects its competitors do not have (i.e. no account required).

Another challenge our client faces is Popmoney is not affiliated with all banks in the U.S. According to the FDIC BankFind (2015), as of September 10, there are 6,323 FDIC insured institutions, but Popmoney only works with 1,900 banks and credit unions. That leaves 4,423 banks that would not be compatible with using Popmoney, a total of 43 percent. In order to overcome this challenge, we suggest Popmoney expand its services to more banks in the U.S. We also suggest Popmoney work to change its current negative reputation. Its app is rated three stars on Google Play and two stars on the Apple App Store. A review by one Apple customer (Popmoney App, 2015a) said, “Payment through this service is unreliable and slow at best.” Additionally, a Google Play user (Popmoney App, 2015b) said, “Checks are faster than this app.” Popmoney could make improvements to its mobile apps, making them more user-friendly. To draw in new users, we recommend Popmoney focuses on its brand image.

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E-Commerce Industry As part of the financial and e-commerce industries, a critical challenge for Popmoney to overcome is rapidly changing technology. Popmoney relies on technology, such as the internet and mobile phones, and the habits of consumers, neither of which it can control (E-Commerce Software Business Challenges, 2015).

We suggest Popmoney adapts its product to fit the current needs for consumers and, as mentioned before, make improvements to its website and mobile apps.

Another challenge is reassuring consumers their credit card and bank information is safe while using Popmoney. Information security is a huge risk because of potential security breaches and technology failures (E-Commerce Software Business Challenges, 2015). If a Popmoney security breach were to happen and users lost their money, trust between Popmoney and its users would be lost.

Millennials The biggest challenge for Popmoney regarding the target audience is persuading them to use its product over its ​competitors​. A FICO report found half of

millennials are already using person-to-person payment systems or would consider using them in the next twelve months (Marous, 2015b). We suggest Popmoney find ways to get millennials to use its product instead of other products they might be currently using or are more familiar with. As stated previously, Fiserv and Popmoney are both relatively unknown names.

Consumers are also concerned about ​security

and privacy issues​. Although

half of millennials are using person-to-person payment systems, the technology is still pretty new to consumers, which leads to fear that their personal financial data is not safe. “The ​unfamiliarity​ and complexity of the mobile device creates

security and privacy concerns for consumers who want to be confident their personally identifiable information and financial details are protected,” Michelle Evans, senior consumer finance analyst with Euromonitor International, a consumer research company said (Bundrick, 2015). We propose Popmoney invest in better security systems to ensure safety for financial information.

In order to overcome these challenges, we recommend Popmoney:​ improve its current website and mobile apps, increase awareness for its product, and work towards building a reputation of a safe and secure product that is easy to use.

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Conclusion There is plenty of opportunity right now within the digital payment industry as technology use is increasing every day. The biggest concern with Popmoney is the lack of brand awareness among its target audience compared to its competitors.

Popmoney has also received previous negative reviews regarding the security and functionality of the app. Moving forward, our goal will be to zero in on millennials’ opinions and awareness of Popmoney and person-to-person payment systems overall.

focus group Introduction We have been tasked with researching and brainstorming ways to increase awareness of the product, Popmoney, to students at the University of Kansas. In our secondary research, we focused our learning on the Popmoney service, its market, its consumers and their habits. Doing this broader research helped us gain a large amount of background information, providing a better understanding of Popmoney’s niche market and how it compares to its competitors. While we did find substantial data on how Popmoney’s consumers use their money and their feelings regarding online money transfers, we weren’t able to find anything specific to students at the University of Kansas. Due to our goal to increase awareness of the Popmoney service among University of Kansas students, we conducted a focus group made up solely of the university’s students to find out what their opinions were.

Method Our recruitment procedure was fairly straight forward: find University of Kansas students willing to participate in a focus group to help us find out more information about person-to-person payment systems. Each member was assigned the task of recruiting two participants, with the hope of recruiting a total of ​8-12 participants.

Our focus group was held on Monday, October 19, 2015 at 8:00 p.m. in a study room in Anschutz Library. We had to find a date and time that would work with our schedules, and then recruit participants who could be there during that time.

We had the incentive for students to participate by providing free Hot Box Cookies when the focus group ended. Ally moderated the focus group, while the others

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took notes and observed participants. We had​ female and four male.

nine participants​ show up, five

We determined the guide by first having each person come up with their own questions. We chose our final questions by evaluating and zeroing in on what we had yet to learn from our secondary research findings. Finally, we ordered the questions in a way that would make the focus group flow better, focusing on our key questions about Popmoney towards the middle. We briefly introduced the topic of discussion with questions like: “Do you have a smartphone?” and “Do you use online/mobile banking?” (Appendix A). We then transitioned into more specific questions about person-to-person payment systems like: “What comes to mind when you think about person-to-person payments?” and “What is your criteria for choosing one person-to-person payment system over another?” (Appendix A).

Then we showed a video explaining Popmoney and asked the participants what they did and did not like about Popmoney and “What could Popmoney do to improve its company and brand image?” (Appendix A).

We completed the focus group with a brief survey to gather demographics to uncover any biases that may be present within the focus group that would lead to a clear alteration of our data. The final question on the survey was if the participant had anything to add. This was in hopes to aid those within the group who were shy, giving them the opportunity to add suggestions or perceptions if perhaps they were uncomfortable sharing with a larger group.

Overall, we had great feedback from our participants and the information gained has been very useful to our research.

Results Our focus group participants provided detailed information about their feelings towards Popmoney and person-to-person payments in general. All participants own smartphones and use online or mobile banking. This was beneficial to our focus group because participants were able to relate to what we were discussing and give their personal opinions based on their experience. The specific person-to-person payment companies they mentioned were Venmo, PayPal, and Snapchat’s Snapcash feature (Appendix B). Snapcash was not a competitor we had considered in our secondary research.

An important part of our focus group was asking participants if they had heard of Popmoney before. Not only had the participants never heard of Popmoney, but their response also included lots of laughter

10 following their answers (Appendix B). The participants also seemed confused by what Popmoney is, even after showing them a video on YouTube (Popmoney, 2014). The video was posted by Popmoney, which provides insight into how effective Popmoney’s owned media is.

To distinguish itself from its competitors and gain awareness, Popmoney needs to make changes that make it unique and stand out.

Our focus group made some suggestions for ways Popmoney could improve its service. Our focus group believed more advertising was very important for Popmoney to increase awareness to University of Kansas students. Popmoney also needs to increase its presence on social media, including producing ads specifically for social media. As mentioned by our participants (Appendix B), millennials did not fully trust transferring money online or through mobile phones. To build more trust, Popmoney needs to add more security systems, which would reduce the chance of hacking, and provide insurance on any money lost if a hack were to occur.

Finally, Popmoney needs to change the financial aspect of its service. The participants in our focus group strongly disliked the ​95

cent fee added to

every transfer and request​. Instead, Popmoney could charge an annual fee

to use its money transfer services for an entire year and provide the option for consumers to renew its service every 12 months. Our participants also mentioned holding a fundraiser for important causes. One suggestion was to donate a certain percentage or amount of money made during October for Breast Cancer Awareness (Appendix B). In additional research, we learned Popmoney does allow users to donate to charities directly through online money transfers (Mobile Payments Today, 2015). However, if the company were to create campaigns pairing with these charities it could heighten consumer’s motivations to use this service.

One participant also suggested partnering with a brand already trusted by students. “[It] could partner with, like, the Roasterie Coffee or something… maybe like The Underground?” (Appendix B). Another participant said partnering with a big, well-known company could help too. “I was saying that [it] could align [itself] with another brand that we trust. [It] could be like the official payment service for Amazon,” (Appendix B). We found in our secondary research eBay and PayPal once had a similar partnership, but have since split. A partnership with a well-known company would be beneficial to Popmoney because it would increase its brand awareness and draw attention to it.

In order to target University of Kansas students, we would follow the ​AIDA

Model​: ​Awareness​, ​Interest​, ​Desire​, and ​Action​. Before implementing

11 this model, Popmoney would need to make some of the suggested changes to differentiate themselves from its competition. The biggest change would require Popmoney to go from a convenience fee for sending and requesting money to a one-time signup fee or a yearly membership fee. It would also need to create a partnership with businesses on campus or local banks.

After it has made these changes, Popmoney could begin its brand awareness throughout the campus. Building awareness would include advertising and spreading the word about Popmoney. Participants also suggested tabling on Wescoe Beach because students are constantly walking by (Appendix B). Flyers with information about Popmoney could be handed out while tabling. After tabling on campus, students would be more aware of Popmoney. Our participants believe once students have interest in the company, they may be prone to visit social media sites where they could find more information about Popmoney.

Participants taking action in the form of seeking further knowledge is the desired outcome of our campaign.

In our concluding survey, we asked participants what the likelihood of them using Popmoney was on an itemized rating scale of 1-10. Their responses are shown in the figure below.

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It’s important to note that with the current state of Popmoney, our participants were not sold on the idea of its service. With the implementation of our suggestions, the participants said they would be more likely to use Popmoney (Appendix B).

Discussion & Conclusion Summary of Key Findings None of our participants had heard of Popmoney prior to the focus group. Our

participants were shocked to find out there was a 95 cent fee

tacked onto what they perceived as an irrelevant company in the market of person-to-person payments. If the fee was dropped, it could be a potential door opener for many of our participants. This unpopularity leaves users with less people to use Popmoney with. Seeing as at least two individuals are necessary, downloading Popmoney would become pointless if none of their friends have it.

The group concluded if Popmoney were to try to reach University of Kansas students successfully, it would need to focus on its brand awareness through better advertising. Our group strongly believed advertising was a key trait of any strong, reliable company. The participants’ responses showed the need for, and importance of, better advertising. To help with this, participants suggested Popmoney pair up with a business on campus. Suggested businesses included the Underground restaurants and KU Bookstores. Developing further on this suggestion, we believe it could be more beneficial for Popmoney to pair up with local banks because it more directly relates to its service.

Limitations and Suggestions for Future Research

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After some follow-up questions with a few participants, it was learned they felt the room the focus group was held in was too small. This left them feeling a bit cramped and uncomfortable. In holding any future focus groups, it would be beneficial for us to hold it in a more comfortable environment so the participants would feel more relaxed. This could ultimately lead to better communication, and deter participants from rushing through questions with simple yes or no answers.

Another limitation we faced was the issue of collective responses. One way we could prevent that in the future is by having the moderator follow-up with questions for individual participants that give reason to his or her response.

Additionally, we had a difficult time finding people who were available to participate during the time we had scheduled. Many people were busy with homework, exams, or did not want to miss the Royals’ baseball game taking place at the same time.

After reviewing the surveys, primarily focusing on demographics, eight out of nine of our participants were Caucasian. This highly restricts our ability to generalize our results on a grand scale. Ideally we would have conducted two or more future focus groups in hopes to add more diversity. However, the significance of this limitation is minimal due to the​

high Caucasian percentage represented

in the school​. The University of Kansas’ undergraduate population is 72 percent Caucasian. (College Portraits, 2014).

Conclusion After analyzing the results from our focus group, we have found Popmoney needs to first focus on better brand awareness. Based on our results, the target audience at the University of Kansas is completely unaware of Popmoney and its service. Suggested methods from participants for increasing brand awareness are tabling at popular parts of campus, and pairing up with businesses on campus.

However, we believe a stronger approach would be to implement similar tactics within local banks based on what we have learned from secondary research. With this option, Popmoney is still promoting itself to its target audience, yet in a more relevant location that fits the current mindset of the consumer.

Another significant issue is participants lack of trust towards Popmoney and other similar digital payment methods. If Popmoney could pair up with businesses the students already trust, then participants felt they would be more inclined to trust Popmoney. Finally, our participants did not like the fee required for both sending and requesting money. To address this issue, we suggest Popmoney offer its service for an annual user fee. In conducting this focus group, we were able to directly interact with the target market. The results have given us good

14 information on what things Popmoney needs to work on to become a better service.

Survey Introduction Our focus group provided us with data regarding University of Kansas students’ opinions and knowledge of Popmoney. While the data we received was in depth, it was only from a limited sample of our overall target audience. In order to gain a wider perspective of University of Kansas students’ thoughts we conducted a survey that could be easily sent out and self-administered to a larger sample of our target audience.

Method As a team, we brainstormed 30 questions regarding Popmoney and person-to-person payment systems, then narrowed them down to the strongest and most relevant 10 questions. We created an online survey through SurveyMonkey and sent the link out to University of Kansas students. We did this by sharing the survey link with people within our target audience on several different social media applications including GroupMe and Facebook.

The survey was taken by ​100​ University of Kansas students, both male and

female, who own smartphones and have personal experience, at some level, with person-to-person payments. ​Our

participants were all in the target

market age range of 18-25​.

With our participants in mind, we did not find it necessary to ask about demographics when we were restricted to 10 questions. We believe the only demographic unknowns (i.e. gender, race) do not skew our data regarding the correlation of college students and person-to-person payment systems.

This survey included a variety of questions ranging from participants’ past experience with certain companies to their preferences when looking towards future use of person-to-person payment systems. We have analyzed the results and developed insights we believe would be beneficial for the future of Popmoney.

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Results Q1: “How familiar are you with each person-to-person payment system?”

The first question’s choices included: Popmoney, PayPal, Snapcash, Venmo, Chase QuickPay and Dwolla. We chose the companies based on findings from our secondary research and focus group. Participants were asked how familiar they were with each person-to-person payment system by choosing a range of different options from “not familiar at all” to “extremely familiar.” ​The

majority

of participants, 90 percent, were not familiar at all with Popmoney.​ According to our online surveys our participants seemed to be the most familiar with Venmo. The highest, 13 percent, said they were familiar with Venmo while only two percent said they were familiar with Popmoney.

Q2: “I would be more likely to use a person-to-person payment system if it was partnered with a large, trusted corporation (e.g. Amazon).”

The responses for this question were predominantly one-sided. Out of the 99 participants who responded, 65 percent would agree with using a person-to-person payment system if it was partnered with a large trusted corporation. ​Only six percent of participants disagreed. ​Participants were predominantly one-sided in their responses.

Q3: “What advertising method(s) influence you the most? Check all that apply.”

Friend and family recommendations were the highest influencers in advertising methods.

More than ​80

percent of participants said their friends and families recommendations influence them the most.​ Friends, especially, as it was

selected by 85 out of the 99 participants (with one participant refusing to answer).

The influence of television, Facebook, and Instagram followed recommendations.

The percentages ranged from just over one-third to half the participants, making them significant influences as well.

Twitter and radio were only strong influencers to a little over 10 percent of our participants. Billboards and flyers were not considered effective advertising

16 methods to our target market, as less than five participants out of 99 selected these options.

Q4: “How likely are your parents to use person-to-person payment systems?”

Almost three-fourths of our participants said it was not probable their parents would use a person-to-person payment system. Only a mere four percent said, with certainty, their parents would use a person-to-person payment system.

“Probably not” was the most popular choice, with approximately four out of 10 participants selecting the option. The data suggest Popmoney’s secondary target audience may need some readjusting.

Q5: “Regarding trust of a person-to-person payment system, I am concerned about ______.”

Participants were asked to answer along a scale of “strongly disagree” to “strongly agree” based on three categories: security of system, time it takes to receive money and accuracy of the transaction. ​Seventy-four

percent of responding participants said security of systems was the biggest concern​. Even though a smaller percent were concerned with the amount of time it takes to receive money and the possibility of having their money go to the wrong person, more than 50 percent agreed these were concerns.

Q6: “I would pay more to use a person-to-person payment system if it was proven to be more secure than other person-to-person payments.” Strongly disagree-Strongly agree While nearly 80 percent of the participants agree they would be willing to pay more to use a person-to-person payment system if it was proven to be more secure than others, most only slightly. Only around 20 percent of the participants would not be willing to pay more for a more secure system.

Q7: “Please rank the following based on the importance of each item when choosing a person-to-person payment system. 1 is the most important.”

The first option was “security.” ​Nearly

81 percent of participants ranked

security as the most important.​ The next option was “speed.” Only two of the 87 participants ranked speed as the most important. Over half of participants said speed was not at all important or not very important to them. The third option was “fees.” Almost seven percent of participants ranked fees as being the most important factor when choosing a person-to-person payment system. The

17 fourth option was “convenience.” Again, seven percent of participants ranked this factor as the most important. The last option was “reviews/personal testimonies.”

Nearly 11 percent of participants ranked this category as the most important.

Q8:​ ​“The following will measure the convenience of person-to-person payment systems. Rank the importance by giving a percentage totaling 100. Do not include the percent sign.”

The data we received from this question was all fairly equal. The average percent of person-to-person payment systems being “fast” was 32 percent. The participant average for person-to-person payment systems being “mobile” was 36 percent.

Finally, the average for person-to-person payment systems being “user-friendly” was 33 percent.

Q9: “How interested are you in a person-to-person payment system that partners with your bank?”

When participants were asked how interested they would be in a person-to-person payment system that partners with his/her bank, the responses were mixed. On a scale of 1 to 10, with 10 being the highest, 69 percent of participants ranked their interest at a seven or higher. About 11 percent showed little interest, ranking it a four or lower. The other participants — approximately 20 percent — showed moderate interest, ranking it either a five or six.

Seventeen participants did not answer. With these results, it is important for Popmoney to partner with more banks, but does not need to make it a top priority.

Q10: “Which type of fee would you like most for a person-to-person payment system?”

Participants were asked to choose the type of fee they would prefer the most when using a

18 person-to-person payment system. ​An

annual fee was preferred by 42 percent of participants. A convenience fee, what Popmoney currently has, was preferred by 30 percent of participants. F​ ifteen participants (18 percent) said they would like a monthly fee and nine participants (11 percent) said they would like a semi-annual fee. Sixteen participants did not answer this question. An annual fee may actually be more convenient than the current “convenience fee” consumers have to pay for each transaction.

Recommendation and Conclusion Based on the results of our survey, we recommend Popmoney switch from a convenience fee each time a person sends or requests money to an annual membership fee. This would differentiate itself from its competitors. This would also allow users to have unlimited transactions.

From our findings we can infer of all the factors that make up a person-to-person payment system, our participants valued security the most. We would recommend Popmoney focus on creating a secure and safe network and emphasizing that aspect of its service in its advertising. Increased security would also allow Popmoney to increase the price of its annual fee.

Based on the annual fee, Popmoney could offer a free trial for a month. This would help consumers test the service before paying for it. Because family and friend recommendations were the most popular advertising methods, increasing consumer use during a free trial could attract others to the service.

In our research we found the most influential advertising methods for our target market are friend and family recommendations. This can be seen as both a positive and negative for Popmoney. We have found in our focus group and survey question most University of Kansas students are unaware of Popmoney.

Although word of mouth advertising is out of Popmoney’s control, if Popmoney were to institute a promotion for users to refer friends and family to receive a discount, (i.e. referring five friends would earn the user $10.00 off his/her annual membership fee) we believe it could increase usage.

The next most influential forms of advertising are television and the social media platforms Facebook and Instagram. Therefore, we believe Popmoney should advertise its promotion on these sites, as well as any other advertising the company has funds for, disregarding Twitter, radio, and print ads altogether.

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Moving Forward Popmoney has been introduced into an ideal market. There is plenty of opportunity for Fiserv to make Popmoney a top competitor in the digital payment industry. In our secondary research we concluded the biggest concern to address would be lack of brand awareness among its target audience. We also believe its biggest challenge would be the $0.95 service fee associated with each request and sending of payments.

These initial concerns were validated in the results of our focus group. None of the participants in our focus group had any prior knowledge of Popmoney.

Additionally, they were shocked an application with little to no popularity would have such a high service fee. Our participants suggested tabling at Wescoe Beach and partnering with businesses on campus to increase brand awareness. From that suggestion, we decided it would make more sense for Popmoney to pair with local banks to increase awareness throughout campus. Pairing with local banks would also help to increase trust in the product.

In our survey results, we found the more people trusted Popmoney, the more willing they would be to use it and even pay a service fee. In reference to person-to-person payment systems, users are most concerned with security.

Other concerns include timeliness of the service and accuracy of the service (i.e. that the money is sent to the right person).

We believe these recommendations will help Popmoney to become a more well-known brand and differentiate it from its competitors enough to put it on the map.

AND THAT’S HOW YOU POP, DROP, AND LOCK IT!

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References Apple. (2015a). Popmoney App.Retrieved from https://itunes.apple.com/us/app/Popmoney/id332063292?mt=8 Apple. (2015b). Popmoney App. Retrieved from https://play.google.com/store/apps/details?id=com.fiserv.Popmoney&hl=en Bundrick, H. (2015, March 6). Consumers Don’t Trust Mobile Payments: Cash Remains Most Secure Payment Method. Retrieved from https://www.mainstreet.com/article/consumers-dont-trust-mobile-payments-cashremains-most-secure-payment-method Federal Deposit Insurance Corporation. (2015). BankFind. Retrieved from https://research.fdic.gov/bankfind/ Fiserv. (2014a).About Us. Retrieved from https://www.fiserv.com/about.aspx Fiserv. (2014f). Awards and Recognition. Retrieved from https://www.fiserv.com/about/awards.aspx Fiserv. (2014e). Fees and limits. Retrieved from https://www.Popmoney.com/fees-limits.html Fiserv. (2014b). Popmoney. Retrieved from https://www.Popmoney.com Fiserv. (2014c). Popmoney Personal Payment Service Retrieved from https://courseware.ku.edu/bbcswebdav/pid-4877604-dt-content-rid-10141424_1/c ourses/4159-21467/Projectpercent20Briefpercent20percent28F15percent29perce nt281percent29.pdf Fiserv. (2014d). Question & Answer Positioning/Messages

21 https://courseware.ku.edu/bbcswebdav/pid-4877606-dt-content-rid-10141411_1/c ourses/4159-21467/Qpercent26A.pdf Hoovers. ( 2015a). Banks and Credit Unions. Retrieved from http://subscriber.hoovers.com/H/industry360/overview.html?industryId=1816 Hoovers. (2015e). Business Challenges. Retrieved from http://subscriber.hoovers.com/H/industry360/businessChallenges.html?industryId =1298 Hoovers. (2015d). Business Trends and Opportunities. Retrieved from http://subscriber.hoovers.com/H/industry360/trendsAndOpportunities.html?indus tryId=1298 Hoovers. (2015c). E-Commerce Software Business Challenges. Retrieved from http://subscriber.hoovers.com.www2.lib.ku.edu/H/industry360/businessChallenge s.html?industryId=1131 Hoovers. (2015b). Fiserv, Inc. History. Retrieved from http://subscriber.hoovers.com.www2.lib.ku.edu/H/company360/history.html?com panyId=13349000000000&newsCompanyDuns=121594832 Marous, J. (2015a). 8 Astonishing Facts Bankers Should Know About Millennials.

Retrieved from http://thefinancialbrand.com/49848/millennial-geny-digital-payments-banking-co mmunication/ Marous, J. (2014b).Millennials Driving Future of Mobile Payments and Digital Currency. Retrieved from http://thefinancialbrand.com/45284/banking-mobile-payments-bitcoin-research/ Mintel. (2014). Marketing to Millennials. Retrieved from http://academic.mintel.com.www2.lib.ku.edu/display/695049/?highlight Mintel. (2015b). Marketing to Millennials. Retrieved from http://academic.mintel.com.www2.lib.ku.edu/display/730159/ Mintel. (2015a). Millennials and Finance. Retrieved from http://academic.mintel.com/display/734797/ Mintel. (2015d). Mobile Banking. Retrieved from http://academic.mintel.com.www2.lib.ku.edu/display/726287/?highlight#hit1 Mintel. (2015c). The Financial Lives of College Students. Retrieved from http://academic.mintel.com.www2.lib.ku.edu/display/732330/

22 My Bank Tracker. (2012). Meet the 5 Faceless Companies Who Control Your Money.

Retrieved from http://www.mybanktracker.com/news/2012/04/05/five-companies-control-money/ Pearson. (2014). Pearson Student Mobile Device Survey. Retrieved from http://www.pearsoned.com/wp-content/uploads/Pearson-HE-Student-Mobile-Devi ce-Survey-PUBLIC-Report-051614.pdf

Appendices Appendix A Moderator Guide Thank you all for coming in today to help us find out the University of Kansas students’ perceptions and attitudes towards person-to-person payment systems in general. We hope you find this conversation interesting and informative as well as express your opinions and give us insight about the thoughts and feelings of KU students. There are no right or wrong answers and all answers are extremely valuable to our research and will be treated with the utmost respect. We ask that you respect the opinions of others as well and give everyone an equal opportunity to speak. The discussion should take no more than 60 minutes. You may pass any question you feel uncomfortable answering or dismiss yourself if you see fit. Please let me know if you have any doubts.

We will be audio-recording the session so we don’t miss any valuable information received. This information will remain confidential and will only be used for our research purposes. We will not use any participant’s name in our reports and will destroy all paperwork showing as much after.

If you give your consent to the previous information, we ask that you visibly nod your head, showing you know the purpose and procedures and have agreed to be involved in this study.

Do you have any questions before we begin?

II. OPENING QUESTIONS

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[Facilitator: This question gives each person an opportunity to introduce him/herself] What is your name?

What year in school are you?

Where are you from?

If you could travel anywhere in the world, where would you go and why?

III. INTRODUCTION QUESTIONS Do you have a smartphone?

What do you use your phone for?

Besides social reasons, what else do you use your phone for?

Do you use online/mobile banking?

For those that had experience with them, what are your impressions of online banking?

Have you ever used person-to-person payments? “Person-to-person payments are an online technology that allows customers to transfer funds from their bank account or credit card to another individual's account via the Internet or a mobile phone.�

What comes to mind when you think about person-to-person payments?

Particular companies?

What is your criteria for choosing one person-to-person payment system over another?

IV. TRANSITION QUESTIONS Have you and your roommate(s) ever paid bills together?

Have you ever needed a parent to transfer or send you money? If so, how did they send or transfer it to you?

Have you heard of Popmoney?

V. KEY QUESTIONS [Facilitator: Introduce videos explaining Popmoney and what it does: https://www.youtube.com/watch?v=Oij3X5hSFm4] What do you like about Popmoney?

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What don't you like about it?

What concerns would you have with using Popmoney?

How could Popmoney change this?

Do you trust the security of online payment systems?

What could companies do to increase this trust?

What could Popmoney do to improve its company and brand image?

What would be a good way to get more people to know about Popmoney?

How can we specifically target KU students?

Would you use this product? Why or why not? (with particular changes?)

VI. ENDING QUESTIONS [Facilitator: Ask each group member one by one] Is there anything else I could clarify for you?

Do you have anything more to add?

VII. EXERCISE [Facilitator: Distribute surveys and collect them when finished]

Consent Forms Consent was given by all participants in the form of a head nod. It was stated in the moderator introduction: “If you give your consent to the previous information, we ask that you visibly nod your head, showing you know the purpose and procedures and have agreed to be involved in this study.” All participants then nodded their heads, giving consent.

Appendix B Transcript Moderator: Thank you all for coming in today to help us find out the University of Kansas students’ perceptions and attitudes towards person-to-person payment systems in general. We hope you find this conversation interesting and informative as well as

25 express your opinions and give us insight about the thoughts and feelings of KU students. There are no right or wrong answers and all answers are extremely valuable to our research and will be treated with the utmost respect. We ask that you respect the opinions of others as well and give everyone an equal opportunity to speak. The discussion should take no more than 60 minutes. You may pass any question you feel uncomfortable answering or dismiss yourself if you see fit. Please let me know if you have any doubts.

We will be audio-recording the session so we don’t miss any valuable information received. This information will remain confidential and will only be used for our research purposes. We will not use any participant’s name in our reports and will destroy all paperwork showing as much after.

If you give your consent to the previous information, we ask that you visibly nod your head, showing you know the purpose and procedures and have agreed to be involved in this study. *All participants nod head yes* M: Do you have any questions before we begin? *All participants shake their head no* M: So we will go around the room and one-by-one, just say your name, your year in school, where you’re from, and if you could travel anywhere in the world, where would you go? So we’ll start with you.

P1: Ohh, uhh, hey, my name’s Adam. I’m a sophomore from Lawrence, Kansas. If I could travel anywhere, it would be Sweden because...I don’t know; IKEA’s there I think. *laughter* P2: My name’s Danny. I’m a junior. If I could travel anywhere, I’d probably go to Spain.

P3: Okay, my name’s Courtney. I’m 23. I guess technically I would be probably be a senior in college. I don’t know, I guess I’d go to Morocco or something because it’d be fun.

P4: Okay, my name’s Nick. I’m a fifth year; I’m 26. I’m from Wichita. And if I could go anywhere in the world, I’d go to New Zealand because it’s a good place to be.

P5: I’m Logan. I’m a senior from Los Angeles. Uhm, I guess I’d go to Indonesia.

P6: Uhh, I’m Bailey. I’m a junior from Kansas City and I would probably go to the South of France.

P7: I’m Hailey. I’m a junior and I would probably go to Ireland.

P8: I’m Katie. I’m a junior and I would probably go somewhere in Spain.

P9: I’m Madi. I’m also a junior and I would probably go to Greece.

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M: Alright. So to start off with, do you guys have a smartphone?

All participants: Yes. M: What do you use your phone for?

P4: Social media.

P3: Yeah. Or just like…

P2: Everything. Any communication.

P3: Like texting.

P8: Emails.

P3: Social media. Like getting in contact with people you haven’t seen in awhile.

P9: Calculator. It’s handy.

P3: Ohh yeah, the calculators for sure.

M: Do you guys use online or mobile banking?

All participants: Yeah/Yes. M: For those that have experience with them, what are your impressions of online banking?

P9: Convenient.

P3: Yeah, very convenient.

P1: I agree.

P3: You can just look up how much money you have.

P8: You can transfer.

P7: It’s easy.

M: Have you ever used person-to-person payments which are an online technology that allows customers to transfer funds from their bank account or credit card to another individual's account via the Internet or a mobile phone?

All participants: Yeah/Yes. P1: Like Venmo?

P3: Yeah, or like you can even do it on Snapchat.

P5: You can?

P3: Yeah.

P2: Snapcash.

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M: And what comes to mind when you think about these person-to-person payments?

P1: Probably like anonymity for the most part.

M: Any companies that companies that come to mind besides the ones mentioned before?

P1: PayPal. M: What is your criteria for choosing one person-to-person payment system over another?

P5: Whether it’s free. *other participants agree* M: Is that the only criteria?

P8: Whether other people are using it.

P2: I guess I do some research on these places before I use them. *other participants agree* M: Alright, have you and your roommates ever paid bills together?

All participants: Yes. M: Have you ever needed a parent to transfer or send you money?

All participants: Yes. M: And how did they send or transfer it to you?

All participants: Online.

M: Have you heard of Popmoney?

All Participants: No P5: What?

P3: I have no idea what that is *laughter* P6: Definitely not M: Alright, Conor is going to show you a video on his laptop, showing you what Popmoney is.

P4: Pot? P3: Pop. P-O-P M: Yes P-O-P

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All Participants: Oh M: Not Potmoney *laughter* P2: Yeah just flip it around, we can all see it.

P1: That’s okay. *watch video* M: So what do you like about Popmoney?

P3: It’s convenient for sure.

P2: Was that a commercial?

P3: It was kind of like a commercial.

M: It was explaining what it is.

P3: It’s definitely convenient, and like being able to share it easy. Does it cost any money?

M: It costs...there’s a 95 cent fee to send money, or to request money from somebody.

P3: So what if you just get sent money, do you get ..

M: If you get sent money, there’s no fee for you to receive the money.

P3: Okay, cool. So if you get a request, it doesn’t cost any money?

M: No, but if you send a request, you have to pay a 95 cent fee.

P3: Okay well that kind of sucks. So it’s basically like a full dollar just to like send money.

P2: *mutters something incoherent*… exact same thing for free P3: Does it cost like that every single like dollar? Or is it just that one transaction?

Conor: The one transaction.

P2: Is this like a pitch? *laughter* P3: That would suck.

P2: Because this is ridiculous. *everyone talking* P2: Who are you guys really though? *laughter* M: So what else do you like about Popmoney?

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P8: More than one person. You can do like, groups.

P3: Like roommates.

P8: Paying bills.

M: And what don’t you like about it?

P3 & P7: The fact that it cost money.

P8: I was like if your bank allows it, or if it doesn’t. It’s kind of like, it doesn’t matter. Just have your money through here.

P4: Right, it’s kind of sketchy.

P3: So wait, it only requires certain banks?

P8: It made a big thing it’s like check your bank, like if it doesn’t, oh that’s okay. *talking* *laughter* M: So what concerns would you have with using Popmoney?

P4: That my information is secure.

P2: Yeah, for sure.

P3: Making sure that it’s going to the right person. It kind of seems sketchy.

P7: Yeah, like all you do is put their contact and their email.

P8: But what if someone got your email?

P3: You could be sending money to anybody. I guess that like revolves around every single that is like this, like Venmo and all that kind of stuff. Kind of just comes back to that, like your person information.

M: How could Popmoney change this? Or what would you do to change these concerns?

All participants: Make it free P3: More people would definitely get it.

M: If they didn’t charge a fee, what ideas do you have for Popmoney to generate revenue?

P5: Put one straight signup fee.

P6: Have one initial flat fee.

P4: Have it be ten bucks and you can use it for however long.

M: Do you trust the security of online payments?

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P3: No, I honestly don’t. Not fully. Maybe a little but no. Is anyone else going to say no?

Other participants: *nod their heads in agreement* P2: I agree, but you always feel like it is a gamble you know? But I do it everyday.

P7: Yeah, exactly.

M: What could companies do to increase this trust?

P4: Just put more security systems through it like it has to do more process when you set it up.

P5: Maybe have an insurance on your money if anything gets stolen.

P1: That’s smart.

P5: A lot of them use touch ID now instead of a passwords.

P3: I guess, but sometimes that doesn’t even work, that stuff is so weird to me, like I don’t really trust that.

M: What could Popmoney do to improve its company and brand image?

P7: They could do something that distinguishes them from other companies because it kind of sounds like from the video that their really excited about this new concept they’ve thought of and I’m like Popmoney, that already exists.

Majority of participants: *agree* P4: It’s not a new concept.

P2: They need to find something that is unique about them and justify it.

P4: Or that just makes them easier to use than all those other companies that still doesn’t freak you out about using them.

P7: I haven’t even heard of this so more advertising.

P1: More advertising.

P6: Marketing it more.

P3: They need to make it more unique like everyone else said.

M: What could they do to make it more unique?

P2: That’s a weird question, what do you do? Do you advertise in different places? Do you bring in a celebrity?

P5: Ads more on different websites like Facebook, Twitter or Snapchat.

P7: Increasing its social media awareness.

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P3: I think it would be way more effective if they took their weakness which I think is that it costs money almost means that it’s more trustworthy because they're more liable if your money gets stolen or something. They could play it up to be more of a strength than a weakness.

P7: Pay more money for what you get.

P5: You could do fundraisers through them like breast cancer month. Every time you send money a certain amount of money goes to this or that. Or they could connect with businesses. Say that you went to a restaurant and forgot cash; they have this app that you can literally send it to the restaurant as your bill. But that would be a huge long difficult process.

P4: I was saying that they could align themselves with another brand that we trust. They could be like the official payment service for Amazon.

P3: It could bring credibility if they paid through an online system.

M: How could Popmoney target KU students specifically?

P4: I don’t know, like, pay bills? I don’t know. That’s probably the easiest thing, paying bills with each other.

P1: Put a table up and tell them about it?

P6: Wescoe Beach P3: Oh, to tell them about it?

P9: That’s it. Just have someone come to Wescoe Beach and have them preach. *Laughter* P3: Come preach! *Laughter* P7: They could partner with, like, the Roasterie Coffee or something… maybe like the underground?

P2: A local company, yeah, for sure.

P3: There ya go!

P5: Beak ‘Em Bucks.

P4: Or the Hawk.

P6: Yeah the Hawk. *Laughter* Just give flyers out right outside of the Hawk so every person that comes in “Here”

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P2: Popcash!

M: As it is now, would you use Popmoney? Why or why not?

P9: No, I’m still not like, sold on it.

P3: I’m still not sold on the Venmo thing that I already use so.. I’m not going to use something new that I don’t trust that’s still in the process.

P6: The only reason I would is if my friends were using it.

M: What about the rest of you? *Looks around the room* P4: Yeah, I don’t see myself using it anytime soon.

P5: I don’t really have a need that much for it anyway…

P3: No, like, there is, like, a need for it. Definitely, like, it’s so easy to like, send cash over the phone. Like me and my roommate, like, we totally send cash like that, like pay bills.

But, like, I still don’t fully trust that system that we already use and that Popmoney is basically the same thing. And so it’s just like kind of hard to trust it even though, like, it has worked, but sometime maybe it won’t work. You can give your money to someone you don’t even know sometimes. Like you push in one different number or something and like how do you not know it could go to someone else.

M: Okay. And if Popmoney made the changes you all have suggested, would that likely change your mind about using it or switching from something like a Venmo to a Popmoney.

P7: I think that it would, because like, whether or not you think about it, like, I think a company’s advertising in that of itself, like just the way that they handle it…

P2: Yeah…

P7: ...influences, like, how much you trust them.

P2: Yeah, like if I knew more about this company maybe, yeah, I would definitely use it but I don’t know anything about it besides that 30-min clip that I just saw *Laughter* and I seriously learned nothing about it from…

P6: Dude, that clip was like 30-seconds. *Laughter* P2: Yeah no, learned nothing besides what it does.

P7: For me, at least, I want them to be good at advertising because that’s really important, you know? And like that’s something that a good company would know. Ya know? And like, think through.

P9: If they’re putting the effort into the advertising they’re putting the effort into the company, probably.

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P5: Or if they used a really good Ad Agency to do it for them, because clearly they don’t know how to advertise.

M: Alright, is there anything else I could clarify for you?

P7: How long has this company been around? Is it real?

M: It’s a real company.

P2: Oh. M: Um. It’s been about 4-5 years I believe, so it’s still in the beginning stages of development.

P4: It’s a pitch.

P2: This is a pitch! *Laughter* M: Definitely not a pitch, just trying to get your opinions on the product. *Awkward silence* M: Alright... and do you have anything more to add?

P4: Where are they from? Where are they based out of?

M: Wisconsin.

P4: That explains it. *Laughter* P2: They don’t know how to talk to people, man. *Laughter* M: Okay, well we have a quick survey for you guys to fill out, if you would and then you are free to go. Thank you for your participation.

Survey Results

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Appendix C Notes from Focus Group Facility: Anshutz Public Library, familiar for all Room was tiny, very tight, up-close and personal Closed in, others within the library couldn’t overhear Door couldn’t close because 3 note-takers couldn’t fit (Everyone taking cookies was nice ice-breaker for tight room)

Overall Body Language: Very open group; hesitant at first but after awhile discussion and answers were very natural Discussion mainly led by four or five people but everyone contributed and voiced their opinion at some point

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Participant body language seemed very comfortable and relaxed Very lighthearted and non-judgemental discussion

Live Notes from Focus Group: Participants: name, year in school, where are you from, if you could travel anywhere in the world, where would you go and why?

P1: Adam (sophomore, Sweden b/c Ikea) Seemingly relaxed P2: Danny (junior, Spain) Extremely relaxed stance Light-hearted responses P3: Courtney (senior, Morocco) Very loud and talkative Engaged P4: Nick (super-senior, New Zealand) Seemed mildly uncomfortable P5: Logan (super-senior, Indonesia) Fairly disengaged, looking around room P6: Bailey (junior, South of France) Shy P7: Hailey (junior, Ireland) Last person to enter, seemingly slightly frazzled at the beginning P8: Katie (junior, Spain) Shy P9: Madi (junior, Greece) Didn’t talk much P1-P4 are all friends and feel more comfortable speaking in the group.

P5-P9 did not know any of the other participants so were more reserved in their responses.

All have smartphones. Use them for:

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Texting Everything Social media Verbal conversations Reminders Calculator Do you use online or mobile banking?

All used it and said it was convenient Easy to use Easy transfers/deposits Have you ever used person-to-person payments?

Yes. “Snapcash” What is the criteria for choosing a payment system?

Whether it is free to use or not Have you ever heard of Popmoney?

All no What do you like about it?

Convenient Didn’t like about it?

The extra payments Whether their bank allows it or not What concerns would you have?

If my information is secure What would you do if you could change Popmoney?

Make it free Or have a one time fee Do you trust the security of digital payment systems?

Two members didn’t trust, the rest trusted Even the members that didn’t trust it, have used them anyways

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What could companies do to increase trust in online banking?

Making sure their information is safe Insurance on your money Touch id (thumbprint) What can Popmoney do to improve?

Find a unique aspect of their business Make it easier than competitors Market it better More advertising No one heard of it Advertise more on Twitter, Facebook, Snapchat Increase social media awareness “Do something for breast cancer awareness” Money goes to breast cancer awareness every time transaction is made.

Play the cost as a strength; like a form of insurance on the transaction.

How could Popmoney target KU students?

Table at Wescoe beach Would you use Popmoney?

No Still not sold on; Venmo Already use Venmo No use for it No trust in it; don’t know the brand.

If it made the changes would it change your mind to use Popmoney?

Yes because how a company advertises can increase its sales How long has this company been around?

Appendix D Survey Results

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Q1: How familiar are you with each person-to-person payment system?

Q2: I would be more likely to use a person-to-person payment system if it was partnered with a large, trusted corporation (e.g. Amazon).

Q3: What advertising method(s) influence you the most? Check all that apply.

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Q4: How likely are your parents to use a person-to-person payment system?

Q5: Regarding trust of a person-to-person payment system, I am concerned about _____.

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Q6: I would pay more to use a person-to-person payment system if it was proven to be more secure than other person-to-person payment systems.

Q7: Please rank the following based on the importance of each item when choosing a person-to-person payment system. 1 is the most important.

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Q8: The following will measure the convenience of person-to-person payment systems.

Rank the importance by giving a percentage totaling 100. Do not include the percent sign.

Q9: How interested are you in a person-to-person payment system that partners with your bank?

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Q10: Which type of fee would you like most for a person-to-person payment system?

45