Vol.3.Issue 11. November 2017
PCM YOUR GATEWAY TO THE WORLD OF PAYMENTS
Emerging markets transform the global economy
AMIR ABDIN Founder & Editor-in-Chief Founder & Editor-in-Chief Founder & Editor-in-Chief
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Contents 5 8 12 15 19 24 28 30 32 33
THREE WAYS FINANCIAL SERVICES ARE PROVIDING NEW OPPORTUNITIES IN INDIA
LATIN AMERICA: THE EVER-EVOLVING PROSPECT
5 CURIOUS FACTS ABOUT THE PAYMENTS BUSINESS IN EMERGING MARKETS
SUCCESS IN SUB - SAHARA MARKETS
STARTUP SPOTLIGHT: BANKABLE
THE AGE OF DIGITAL PAYMENTS
EQUIFAX’S VIKRAM RAMANI
SPECIAL FEATURE: P20 INAUGURAL CONFERENCE IN LONDON
HOT JOBS
INDUSTRY EVENTS
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The Thought Leader rubric is a collection of leading professionals from a wide range of firms in the industry, educating the market on the best practices and how to overcome certain challenges.
Three ways financial services are providing new opportunities in India by Amrish Rau
Hundreds of millions of households across the globe are without access to traditional banking services, stifling opportunity. In India alone, 250 million adults don’t have a bank account and the majority don’t have a credit rating. Consequently, it can be very difficult for these consumers to connect with businesses that require traditional payment verification models. While this paints a bleak picture, it’s one that is already starting to change thanks to the rise of innovative financial technology. Nowhere can this be felt more clearly than in India, where technology is being used to tackle crossborder payment, credit and remittance challenges head on. Here, progressive companies are shifting the way payment and financial services operate, opening up new opportunities for economic and social growth.
Cross-border payments Recent estimates have the cross-border market growing from $401 billion in 2016 to $994 billion in 2020, with nearly two-thirds of cross-border business expected to come from high growth markets such as Asia and Latin America. While the advent and uptake of eCommerce and mCommerce means cross-border now represents one of the biggest business opportunities available to merchants around the globe, many are being held back by cumbersome cross-border payment infrastructure and processes which are hindering their ability to meet and transact with potential consumers.
Attempts to offer a seamless cross-border experience are further complicated in high growth markets where alternative payment methods – which refer to payments made using something other than a credit card like cash, coupons, bank transfers, prepaid cards etc. – still represent as many as two-thirds of all payments. India for example has a population size of over 1.3 billion but has just 24.5 million credit cards in circulation. In order to break down these market nuances, we are seeing established firms and fintech startups alike develop and implement innovative technology solutions to aid businesses that are trying to encourage cross-border trade and operate internationally.
At PayU we are doing our part to make cross-border trade easier for merchants and consumers alike. Earlier this year we launched our PayU Hub platform. PayU Hub aims solve many cross-border commerce challenges by using a single API integration to help merchants access to 2.3 billion potential new customers in the major high growth markets across Asia, Central and Eastern Europe, MiddleEast, India, Africa and Latin America.
Rather than adopt a traditional cross-border model, using an international acquirer, PayU has redefined the way cross-border payments can be undertaken. PayU Hub’s hyper-local direct connections to local acquirers and direct connections to alternative payment methods set us apart.
Thought Leaders Corner
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Not only do they allow merchants to reach entire markets through alternative payment methods but they also improve customer experience. Credit access In emerging, high growth markets around the world a lack of access to credit is considered part of the course. Yet, without this access, millions of people can be excluded from everyday – and often life changing – opportunities. Renting or buying a house, owning a phone, even pursuing an education can become off-limits. As a consequence, wider economic growth is held back. We are seeing this particular challenge addressed thanks to a rise in smartphones, ecommerce and online transactions in high growth markets, which brings with it a corresponding rise in data about customers spending and earning habits. As the amount of data increases, new techniques are being used to build credit intelligence and more accurately understand an individual’s credit rating. For example, AI and machine learning are being incorporated into credit models, enabling underwriting which uses thousands of variables all changing in real time.
At PayU we are doing our part to make cross-border trade easier for merchants and consumers alike.
At PayU we are developing these new techniques and their potential to unlock credit and financial services for underserved populations. Our record €110 million investment in Kreditech means that we have a joint partnership to create credit ratings and provide finance to people who may not otherwise have credit histories. As businesses become more comfortable and able to use a variety of methods to build data profiles for consumers, more and more people can be offered access to credit. Digital apps and services that enable customers to pay later, pay in instalments or only use credit when needed are increasing the number of consumers able to access financial services, and therefore their participation in the economy.
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This more flexible approach to credit is also helping merchants mitigate the credit risks commonly associated with high growth markets. For example, the ability to use credit to pay for pick up and distribution costs removes the risk of non-payment for a small vegetable grower looking to expand his business. Remittances An estimated $6.5 trillion in remittances will be sent to low and middle-income countries between 2015 and 2030. India alone remits more than $10bn annually. However, most if not all of these transfers are coordinated through banks relying on high fees and broken processes.
Amrish Rau
CEO at Pay U India
There is a massive opportunity here for innovative companies to use technology to improve the flow of cash to loved ones across the globe.
There is a massive opportunity here for innovative companies to use technology to improve the flow of cash to loved ones across the globe. We are already seeing companies capitalise on this opportunity. Remitly, for example, developed a unique digital money transfer platform to minimise customer friction and make the process of sending money internationally faster, easier, more transparent and less costly. Already, Remitly’s customers are sending nearly $4 billion annually around the world, saving them millions compared to using other providers. These three examples demonstrate the impact financial services innovation can have – and is already having – in high growth markets such as India. Indeed, merchants who capitalise on these innovations will help enable social change while simultaneously supporting their own growth. There can be no stronger business case for fintech innovation than this.
Thought Leaders Corner
As the CEO of PayU India, India’s leading digital payment solution provider, Amrish Rau is at the forefront of driving digital transformations in the Indian financial services space. Amrish was the Managing Director of Citrus Pay, a leading consumer payments company, where he worked to simplify payments for online merchants and consumers. Upon Citrus Pay’s acquisition by PayU, Amrish came on board as the India CEO and reports directly to Global CEO, Laurent le Moal.
About Pay U PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market. PayU is the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs. The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 300,000+ merchants and the millions of consumers making online payments.
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Latin America: The Ever-Evolving Prospect by Alphonse Voigt
EBANX is a cross-border payments processor focused on global merchants that want to start selling or increase sales in Brazil, Mexico, Argentina, Chile, Colombia, and Peru. By offering Latin American local payment methods, we provide access to both global e-commerces and Latin American customers. When it comes to our mission and vision, it is crystal clear for us: it is about continuing to break economic and financial barriers in the payments landscape. If people want to buy, they need to be able to do so. Payment methods should not be an obstacle. The same logic works for merchants: they must be able to sell to Latin Americans very easily, no matter where in the world they are located.
The company’s name was established with some creativity at the start of 2012. Back then, the word fintech was not yet invented. While all other companies in the industry at that time were adding “pay” and “pago” to their names, we came up with EBANX, resembling electronic banks.
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The Start of EBANX International business came naturally due to my love for surfing, which goes hand in hand with travel. I entered the payments world about ten years ago, with the realisation of the immense market potential and how challenging it was to offer a really good local payment experience to global merchants. It was at the beginning of 2012, that I decided with my partners João and Wagner to start the EBANX project. We had a clear objective in mind, which was to attract global merchants to our platform with a very strong value proposition and with a simple message: “Integrate with EBANX and its local payment methods and duplicate or even triple your sales with Brazilians and after with other Latin Americans.”
When you are a Latin American, you are familiar with the barriers to access global products and services. It’s all about breaking down these barriers and creating bridges between continents, allowing people from all over the world to express themselves through their purchases. These are our biggest and most exciting challenges and the key elements that move us forward.
Our name and our brand represents a cool differential, something that we, the ebankers, are very proud of.
The Aim of EBANX
Today, with more than 25 million end-users around several Latin American countries, the brand EBANX is becoming more and more familiar. One in every ten Brazilians has already used EBANX to buy from our global merchants.
The aim is to bring as many global players as possible to the Latin American reality. This way, Latin Americans will have access to the best global companies. In order for a company to be truly global, it must reach everyone and it
Thought Leaders Corner
must count on a trustworthy local payments partner. This partner is EBANX. The company culture is very strong and EBANX is indeed a great place to work. The intention is to grow very quickly from our current 300 ebankers to 1000, as we believe it is all about people and bringing good people in. Openness and the Future of the Payments Landscape To me openness means ease. The simpler it is, the more growth we will see, for both merchants and processors. So it is our job to demonstrate to regulators, schemes, acquirers, and other players that ease and compliance must coexist for the payments landscape to thrive. Today we have the tools to make that happen and we will have even more solutions in the future. One-click payments, no matter if they are local or cross-border, it’s the only way I see the industry going. The Payments Industry in the LATAM Market Latin American countries work a lot with cash payments, which is a very traditional method. They are deeply rooted in Latin American cultures. As strange as it may sound, the experience of generating an OXXO voucher online, for example, and then going to an OXXO convenience store to pay is very common in Mexico. The same goes for the boleto bancário in Brazil, the Vía Baloto in Colombia and so on. Cash payments are not just used by unbanked consumers. Everyone uses them. For instance, all utility bills in Brazil are paid via boleto bancário. Every country has their own specificities, but, despite differences, Latin American countries have commonalities, such as their consumption potential. It is a region that lacks product and service initiatives. This is why the first big player to really invest here conquers the whole market and becomes monumental. So do not look at Latin America as just any other area on the map, but as a region with huge potential where you can conquer an eager market. Latin American Markets We currently dominate the Brazilian market, being the biggest cross-border payments processor in the country. We have also been growing very rapidly in Mexico and have recently started operating in Chile, Colombia, Peru, and Argentina. These are all very important Latin American markets, which offer a lot of space for crossborder merchants of all sizes to grow. Companies and websites from all around the world that work with cross-border operations and want to sell to these Latin American countries can rely on EBANX.
Alphonse Voigt Co-founder and CEO of EBANX Alphonse Voigt is the Co-founder and CEO of EBANX, a Brazilian company that processes cross-border payments for hundreds of global merchants in Latin America. Alphonse is Brazilian, a lawyer by training, entrepreneur at heart and also a surfer, skydiver and spearfisherman.
About EBANX EBANX is a fintech headquartered in Brazil that offers Latin American local payment methods to global businesses. The company offers solutions in Latin American payment methods for merchants such as AliExpress, Wish, and Udacity. EBANX is changing the way consumers in Brazil, Mexico, Colombia, Chile, and Peru pay on international websites and has already enabled more than 24 million people in these countries to access global products and services, as well as enabling global e-commerces to reach new audiences. For more information: https://business.ebanx.com/
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Expansion of EBANX Argentina was our most recent market entry and during the first semester of 2018 we will be operating in Paraguay, Uruguay, Bolivia, and Ecuador. For us, entering a new region always means going big with a detailed deep dive into the countries we are looking to become established in. At EBANX, we process for high profile global merchants. We have been prioritising quality versus quantity, always seeking to develop direct connections with major acquirers and banks in the region. EBANX in a Nutshell
For a long time we were focused on larger enterpriselevel global merchants and building the perfect product for them. Today we are supporting and adding unique services to lead SMBs into Latin American markets. Our SMB project has grown substantially with proven success. Additionally, for three years EBANX has been investing heavily in the end-user market. EBANX is not only a payments processor, but also a great channel for businesses to reach their Latin American customers. People can top-up our virtual and physical cards using their preferred payment methods to buy in any store around the world. Today, more than 22 million Brazilians buy from global e-commerces through EBANX solutions, two million of them using the EBANX Account.
EBANX is not a startup trying to revolutionise payments. EBANX is a tech company with 300 ebankers that solved a gap between Latin American consumers and global websites through offering the popular payment methods of the region. Secondly, few people are aware of the real power that accepting local payments has on business sales. It is not about a little more market penetration. It is about a disruptive force. At EBANX, we say that a good payment strategy can be your best marketing strategy.
Why EBANX is Different
We do everything within our reach to satisfy our merchants, from localized customer support to answer all questions from our merchant’s customers, to providing an outstanding merchant services team and individualized approaches.
We see all of our merchants experiencing growth of two to three times during the first year of offering local payment solutions. This is a fact. Latin Americans want to buy, but they often are not able to pay. However, this is not because they lack money, but because they do not have access to the required payment method. Finally, EBANX is not a global company that sees the whole world as uniform. We understand differences and the importance of being local. We are experts in Latin America, we comprehend local culture and local people’s behaviour, in addition to the local payments ecosystem. Merchants do not come to us only for our payments expertise, but also for our complete solution for market entrance. Exciting News EBANX is now ready to support all kinds of global merchants, from those that sell 100 USD per month to mega merchants that sell 100 million USD per month.
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We go beyond payments, our competitors don’t. Our global partners feel at home at EBANX. We do everything within our reach to satisfy our merchants, from localised customer support to answer all questions from our merchant’s customers, to providing an outstanding merchant services team and individualised approaches. Our legal team and our marketing team are very supportive as well.
We are available 24/7 for our merchants and their customers. We are also very close to our end-users. We understand them, listen to them and we are able to communicate this information back to our merchants. By doing that we are always creating new features and specific solutions for our merchants. This way, they only have to think about growing their businesses, since we take care of the rest. Bringing Innovation to the Market The way we innovate is based on four pillars: relationships, creativity, profound local knowledge, and technology. We believe payments are just the tip of a process that is much more connected to fully opening consumer markets, to obtaining a full grasp of these markets and to sharing it with our merchants. Entering a new market is not just about offering a local payment method. It is also about understanding consumers’ thoughts and how they shop online and then transforming all of this knowledge into an entry strategy, tailor made for each merchant.
Thought Leaders Corner
5 Curious Facts About the Payments Business in Emerging Markets By Henrique Di Lorenzo
Emerging Markets have achieved a certain reputation in the payment industry. Reports from financial analysts discuss about the endless possibilities and opportunities driven by financial inclusion, Fintech innovation, demographics, eCommerce, and leapfrogging technological developments in mature markets. In my personal journey in various markets (considered to be “emerging”) I’ve realised that there are usually different dimensions that prevail when bringing a business to a new country. In this article, I will share some thoughts on some dynamics that are particularly interesting in emerging markets:
Various merchants do not have enough cashflow to pay their bills, buy supplies for their shops or keep running their services (like taxis). That’s why advanced payments services are particularly attractive to this segment. Providing merchants with micro-credits in the form of same-day deposits (of payments that are due at the end of the month) is a quite profitable business. Sometimes SMB are willing to pay more than 5% just to get access to these funds. Alternatively, services that provide consumers with micro-credit during checkout, especially in eCommerce (e.g. solutions like deferred payment or payment upon delivery), are not yet very common in emerging markets. There is an increasing activity in this space, thought! Fact is – as payments (alone) tend to become less profitable, players that combine highly profitable financial services with payments services tend to retain their relevance in emerging markets. Culture and payment habits
Interplay between financial services and payments services Payments transactions are still quite profitable in most emerging markets. While some mature markets are facing stricter regulations on transaction fees (like Durbin amendment in USA, interchange fees cap in Europe, and a similar regulation in Australia), such fees remain relatively high in most countries. This creates opportunities for new entrants, who can offer more efficient transaction processing services to merchants. However, more important than providing merchants with payments services that are a few basis points cheaper, it is to provide merchants with relevant financial services, especially in the small and midsize business (SMB) segments.
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Seemingly obvious, but easily overlooked. This item is not specific to emerging markets, as every nation has its own collection of payment methods. Customers’ habits and their receptiveness to concepts like credit lines, lending and interest are different per country. Some countries have more than 30 different electronic payment methods, among credit, debit, pre-paid, voucher, tickets, direct debit, etc. Sometimes, different payment methods can be combined in the same card (like combo cards in Brazil, combining credit and debit in the same plastic, even for contactless). Also, international payment methods can be used in a particular way, e.g. for splitting the payment into many installments, sometimes more than 24x. In places where installments are more the rule than the exception, merchants already incorporate the average payment interest rates in the product price (and provide discounts to those customers paying in a single installment). Finally, we see that the payment acceptance landscape is getting more fragmented in some emerging markets. This is because large acquirers or processors are getting increasing competition of new entrants, who do an outstanding job in meeting the payment needs of specific segments. Biometrics and data protection The differences in the usage of biometric data in some emerging markets, compared to other mature markets, are striking! In some emerging countries banks have databases with biometric data of millions of customers.
Thought Leaders Corner
Which is something that, for example, in Europe would be avoided at all costs. The reasons for the implementation of biometrics in emerging countries go beyond “customer convenience”. In many cases there’s a clear business case in the form of fraud prevention, mainly identity theft. In countries where government-issued identities are not so strong and easy to fake, there’s an increasing number of enrollment fraud, where a customer applies for a bank service or a credit line using a fake ID. After exploiting this credit line, the customer would disappear, buy another fake ID and so on… By implementing biometrics systems, banks have managed to reduce losses due to identity theft to a level that quickly justifies the business cases for the implementation. In some cases, the losses could sum up to dozens of millions of dollars. Once the bank already stores the biometric data of its accountholders in a database, it can also use biometrics for authentication when authorizing transactions for instance, at ATMs. Emerging countries that are particularly strong in biometrics are Brazil and India. As an example, in India, all Aadhaar-enabled point-of-sales (PoS) devices must be equipped with biometrics readers, due to a government regulation. Even though this seems to be widespread knowledge, I have met different acquirers and terminal vendors that were planning to enter India, while ignoring or deprioritizing biometrics. Regulation, standards and compliance
Henrique Di Lorenzo Global Director of Products at UL He is responsible for UL’s portfolio for the financial industry. In particular, UL’s web-based SaaS applications for payments compliance and transaction testing. Henrique has operated both in emerging and in established markets (Europe, Latam, USA and Middle East), mainly in technically complex projects on recent advances in the payments space.
Also seemingly obvious, but in practice this is a big headache. Quite often it’s very unclear what the compliance requirements in a specific market are. This is because they cut across different dimensions, from different (and disconnected) regulatory entities and, sometimes, without proper documentation. International payment schemes have local product rules. National banking associations set additional rules like security, payment flows and common technical standards. For vendors launching hardware, there are local regulations for product safety, electromagnetic compatibility, among others. When working with local schemes and partners, very often they define their own certification programs. Investigating the compliance requirements is something that needs to be done well in advance, before accessing a new market. Lack of information as an opportunity As mentioned above, relevant information is not always properly documented in various markets. Even when it is well documented, it’s not obvious how to find it. The only workaround is to engage in a network of contacts that can help you navigating the local business landscape. This is extremely beneficial, as business success can be strongly dependent on personal relationships. Furthermore, as the payments landscape is rapidly changing in emerging markets (due to new regulations or new strategies of the dominant local players), you need to get a firsthand insight on these changes, as they tend to directly impact your business! In summary, when getting into a new market, make sure to participate in the right forums (and contribute to it) and foster a network of experienced contacts. Otherwise you may not have enough time to prepare your business to upcoming changes.
About UL UL Transaction Security guides companies within the payments, finance, retail, and data security domains. UL helps customer to get a smoother and quicker route to access global markets, ensuring compliance with local standards, global interoperability between products and systems and security for all components in the ecosystem.
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EXPERT INTERVIEW
This is our cover story of the month. Highly regarded experts in the industry provide their point of view on specific challenges that merchants and other companies face in their day-to-day operations.
Success in SubSahara Markets PCM: Who is Letshego and what is your strategy? Chris: The Letshego Group is an inclusive finance organisation, that has been operating in Africa for almost twenty years, with a presence in 11 Sub Saharan Markets. We have 3000 staff, which includes our agency network, and are progressing in our strategy to increase financial inclusion within the markets where we operate. How are we succeeding? By providing simple, accessible and appropriate financial solutions to individuals as well as micro and small entrepreneurs - ultimately, those members of society who have historically been unable to access traditional banking products. PCM: What is the current status of finncial inclusion in Africa? Chris: According to McKinsey, there are over 320 million individuals across Sub Saharan Africa who do not have access to formal or semiformal financial services. Letshego is committed to reducing this lack of access, and ultimately improving the lives of individuals, while at the same time supporting broader economic growth and development - by enabling an individual to access financial solutions, they can participate in the economy by sending or receiving money, accessing funds to expand their business, empowering their children with an education to increase future income potential, or even saving extra funds for that rainy day. For this reason, Financial Inclusion is a critical item on every emerging economy’s government agenda. In expanding the reach of financial services to underbanked communities, research has proven we can reduce extreme poverty and create a sustainable future for millions of people who previously felt there was no hope.
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What is needed to increase the impact / reach of financial inclusion in Africa? Chris: Africa has benefited from global advances in technology, so much so, we have been fortunate to leap-frog many interim steps in building regional financial sectors through moving directly to the benefits of mobile banking technology along with improved risk and regulatory frameworks. Africa has yet to reach the level of some leading developed markets; however in the last decade we have come a long way in building enhanced financial sector infrastructure and thus supporting the development of capital markets and economic development for the longer term.
How does one increase financial inclusion? Chris: Increasing financial inclusion is not as simple as rolling out an effective mobile banking platform and hoping that will bridge the gap between the banked and underbanked. It is important that providers, like Letshego, partner with local governments and regulators, understand the nuances of the communities and economies where we operate, create solutions which match the needs of individuals, and thus deliver solutions which bring sustainable benefits to communities. Financial inclusion aims to improve the potential to increase income, advance living standards and ultimately reduce poverty – provision of financial literacy will accelerate take up of appropriate services.
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How are you measuring your success? Chris: Sustainability and social impact is the cornerstone of Letshego’s regional strategy in Africa, and as such, we remain committed to measuring and reporting our progress. We are one of few African inclusive, or micro, finance providers who have contracted an external and independent expert to assess whether we are in fact achieving our ambitions to increase our social impact, by creating our own ‘Social Impact Scorecard’. Some results from our 2016 customer surveys showed us that 54% of our customers are satisfied with our service delivery, 86% report a sense of empowerment from our financial solutions and 94% feel their lives have improved from Letshego’s support. From a social impact perspective, our scorecard has enabled us to focus our efforts around increasing impact in other critical areas such as Financial Literacy and helping individuals to understand and manage their personal debt. Letshego has the skills and reach to not only deliver financial solutions; it empowers communities with fundamental financial skills adoption.
What has your social impact scorecard shown you? Chris: In 2016 we published our first scorecard, and the results are invaluable, not only from the perspective of understanding whether our solutions are delivering the results we intended, but also enabling us to see exactly how our solutions are improving lives and where we can improve alignment with our customer’s needs. Where from here? Chris: With a presence in 11 Sub Saharan Markets, our priority going forward is to deepen our impact in the markets where we are operating by diversifying our solution offerings and forging strategic partnerships, with both government and private sector players. By establishing effective partnerships Letshego aims to achieve an increased level of collaboration between influential partners, and as a result, enhanced impact and reach of local financial inclusion targets. Financial Inclusion cannot be achieved by any one single entity – like all sustainable ventures in emerging markets, the most sustainable ventures involve collective effort.
CHRIS LOW Group Managing Director at Letshego Holdings LTD Prior to joining the Letshego Group in 2013, Chris spearheaded successful growth strategies in global financial institutions including Standard Chartered Bank, National Bank of Kuwait and Goldman Sachs. In culminating 30 years of banking sector experience, Chris has developed a passion for diverse and emerging economies, having worked in the U.K, Tanzania, Kenya, South Africa, India, Indonesia, Singapore, Philippines, Kuwait, India and now Botswana. Chris is Associate Member of the Institute of Chartered Accountants of England and Wales and studied Zoology at Oxford University.
About Letshego Letshego Holdings Limited (“Letshego”) was incorporated in 1998, is headquartered in Gaborone and has been publicly listed on the Botswana Stock Exchange since 2002. Today it is one of Botswana’s largest indigenous groups, with a market capitalisation of approximately USD500mn, placing it in the top 50 listed sub-Sahara African companies (ex-South Africa), and with an agenda focused on inclusive finance. Through its eleven country presence across Southern, East and West Africa (Botswana, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Swaziland, Tanzania and Uganda), its subsidiaries provide simple, appropriate and accessible consumer and microfinance banking solutions to the financially underserved. The Group employs over 3,250 team members, representing more than 20 nationalities, servicing a customer base of over 345,000 borrowers and 120,000 depositors through 307 customer access points.
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You think you have what it takes to start a business in a super-hot market? PCM takes a close look at some of the most innovative and promising startup companies in the payment industry.
The pace of Fintech innovation is challenging for a great number of traditional banks. To meet business needs of large financial institutions, disruptive Fintech players that can offer innovative platforms and payment solutions have become particularly interesting to work with. We sat down with Eric Mouilleron, Founder & CEO at Bankable who shares his startup story with us.
PCM: Tell us about Bankable. How did this idea come to be? Eric: I started Bankable with the vision of displacing payment inefficiencies by real-time, affordable, scalable electronic solutions. When I founded Bankable (formerly Cards Prepaid), no one knew what “fintech” stood for. I realised the power of prepaid while attending the first MasterCard Prepaid Conference in May 2007 in Prague. The prepaid industry promised high growth and I envisioned powering payments with globally scalable technological innovation. There was an opportunity in the market. Traditional banks have extremely opaque fees while consumers demand transparency. Many people only need basic banking services simply to receive money and make payments without any hidden fees. A prepaid based light bank account enables such services and empowers consumers who do not have bank accounts and are outside the credit rating system. However, the regulatory environment did not allow non-banks to offer payment services before November 2009 when the Payment Services Directive was implemented by EU member states. It was the first step to revolutionising financial services and stimulating competition in the marketplace to provide consumers with transparent and efficient services.
I completed a € 1.5 million equity injection into Bankable in December 2009 from professional investors looking to invest directly and privately in early-stage companies. Today, along with Bankable, financial technology (FinTech) has emerged as a dynamic industry disrupting financial services through innovation. PCM: Why is it called Bankable? Eric: We initially established ourselves as Cards Prepaid Ltd. We rebranded in August 2014 to Bankable to shift focus from prepaid cards as a means of payment to the company’s mission to enable “Banking as a Service”. Banks, telcos, FinTech entrepreneurs and governments can launch financial services quickly, while corporates can streamline their payment processes through Bankable’s proprietary platform as a service. The name positions the company as an established partner with reliable technology for its clients. Bankable’s logo symbolises a gear mechanism that emphasises the idea of uninterrupted performance and continuous innovation provided by Bankable to its clients and partners. PCM: Why is Bankable needed? Eric: Bankable is here to displace payment inefficiencies and to promote outsourced innovation in financial services. We are here to serve business needs with time to market in mind.
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We are a global architect of innovative payment solutions providing “Banking as a Service”. Our core virtual account management platform is available in white-label or via APIs enabling anyone to deploy payment solutions – including virtual account services, e-ledgers, virtual & plastic card programmes, and e-wallet & light banking solutions. For example, banks can offer an innovative solution (the Virtual Ledger Manager) to their large global corporate clients allowing them to reduce the number of bank accounts operated and automate reconciliation using virtual accounts and virtual IBANs. Additionally, banks and entities with a large consumer base can also launch corporate and consumer card solutions to target varied categories of clients. For corporates, our platform can power a fully white-labelled self-service private cloud-based platform for SMEs and corporates to issue Visa/MasterCard prepaid cards to employees for expenses, purchasing, payroll, incentives, etc. On the other hand for consumers, our platform can enable a “light” banking solution offering essential financial services to digitally native consumers. Consumers are not required to have a bank account to access this solution which makes it an ideal payment and financial management tool for young people, the unbanked population and migrant workers. All these solutions provide full control and transparency for clients and consumers alike. PCM: What makes Bankable different?
Eric Mouilleron, Founder and CEO Bankable
Eric: Bankable provides end-to-end payment solutions. We enable regulated and non-regulated entities to deploy payment solutions. They key benefit of our core platform is the ability to allow clients to develop payment solutions via a single point of contact. Our interoperable proprietary platform is integrated with various key partners in the payments ecosystem. This infrastructure allows clients to quickly deploy payment solutions via a single partnership with Bankable, in turn also accelerating time to market. We encourage our clients to focus on their brand and distribution, while we operate the back-end system (processing, connectivity to card schemes, etc.). PCM: What were some of your biggest challenges for launching this business? Eric: The biggest challenge even today is to attract and retain relevant clients, exceptional talent, and prestigious shareholders. PCM: Tell us about your expansion plans and how do you go about choosing the next region you expand into? Eric: We are currently focused on distributing our solutions across Europe. Currently, we serve corporate clients with a legal entity in Europe globally. For consumer projects, we can launch in all 30+ European countries.
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We definitely want to expand our global footprint as well. We are currently in discussion with regulators, Central Banks, and corporate clients in Australia, Middle East and North America. We are also looking to expand our services to Africa to build robust and modern payment solutions to slowly displace cash and promote financial inclusion. PCM: What are the 3 things you want people to know about your company? Eric: 1. Time to market is of raison d’être. 2. We are relevant and compliant to global organisations. 3. We are friendly and punctual!
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Time-to-market and ambition are of essence to us to build successful partnerships
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enabling Banking as a Service via white-label and API-based payment solutions hello@bnkbl.com www.bnkbl.com @wearebankable
To get a complete view of all the businesses in the Payments ecosystem, this rubric showcases how merchants deal with payments and FinTech challenges.
The Age of Digital Payments PCM: What are the key emerging markets for Carrefour Group and how does payment processing differ from the European market?
Frédéric: As the reference in food retail, Carrefour operates nearly 12,000 stores and e-commerce sites in more than 30 countries. A global player, Carrefour made its entry into the emerging markets of Latin America (Argentina and Brazil with 952 stores) and Asia (China and Taiwan, with 441 stores)a long time ago. In the same way as in mature markets, payment remains in emerging countries an important point of contact in the creation of the customer relationship and the economic development of the company.
PCM: What challenges do you face currently when it comes to payments processing and acceptance in Latin America for example? Frédéric: There are three important challenges we see in Latin America: - The first concerns the effective realization of the EMV migration (cards and POS). Today, main challenges for EMV migration in Latin America are “budget constraints and lack of knowledgeable resources”. Latin American industry stakeholders recognize that there is a need to educate themselves about EMV and to leverage the lessons learned in other parts of the region and the world.
Nichole Montoya, Co-Founder & CEO of Cheddar Up
The rise of mobile telephony in these countries has made applications a preferred tool for contact and customer loyalty. The global non-cash transaction volumes record highest growth of past decade (43.4% for Asia and 20% for Latin America).
Market Pay, payment institution of Carrefour Group, decided for example last year to support the migration to EMV/chip in Latin America, as a solution to prevent fraud, especially card skimming, but also as a great platform for added services.
These markets are Contactless and wallet. The payment’s experience is similar to Europe but the POS on the field is in development. In Argentina, for example, the POS have just initiated their migration to EMV.
- The second: PCI-DSS compliance. For Market Pay, it was important to help our countries in Latin America to understand the importance of the PCI-DSS compliance for security policies, technologies and ongoing processes that protect their payment systems from breaches and theft of cardholder data.
Initiatives to promote cashless societies, technological innovation, and financial inclusion emerge as the key drivers of the significant growth rates of the non-cash transactions in the emerging markets. While the proliferation of mobile payments and digital innovation are expected to be the levers of high growth across all the regions, differences in adoption patterns and development of new use cases are likely to shape the individual regional trends. Developing economies will continue on a growth path for the next five years.This will be due to the entry of new players, the ability to leapfrog to new technologies, and the expansion of traditional payments infrastructures into the digital world.
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- The last: Reduce the interchanges fees. The interchanges fees are very high in Latin America. The local interchange of credit and debit cards is very high compared to the international average (3% vs. 0.30% for credit cards) PCM: Taking Argentina and Brazil as specific examples, what are the main opportunities you currently see and how do you plan on exploiting them? Frédéric: The trend is clear: digital is in. However, much of these technological developments require a change in consumer behavior, which is notoriously inflexible. We must remember that 70% of Latin Americans do not have a bank account, 60% of transactions made by SMEs
Payment collective
are in cash and 47% of employees work in the informal economy. E-commerce accommodates a minority population, and digital wallets cater to an impossibly small market. Our main goal is to propose to our clients new payments products based on the new technologies. M-commerce opportunities are huge. There is a clear opportunity to develop and promote card-on-file capabilities in mobile apps and sites.
Frédéric Mazurier
CEO, Market Pay (Carrefour Group) Frédéric’s career has been focused on the Financial Services, oriented merchant and client vision, with an emphasis on building value through strategic products development. He was heading the business development for Carrefour Banque and bringing the innovation on the Carrefour payments world with the launch of the first Mastercard Only and Contactless card on the French (2009) and Spanish (2013) markets. He created and coordinated the issuing paneuropean payment platform currently extended to acceptance and acquiring. As CEO of Market Pay, from January 2016, he is driving one of the most important European payment institution .
Technology will drive credit card loyalty in Brazil. Loyalty program is a viable way to attarct more customers and gather more engagement. The market for loyalty in Brazil has been expanding over recent years. The economic conditions for the country are one of the main causes. PCM: What is currently missing in terms of payment means in Argentina and Brazil from a customer’s PoV and how do you see that changing in the future? Frédéric: The age of digital payments in Latin America has arrived. With a large unbanked population and much of the economy still operating informally, the trends outlined here will continue to develop over the next several years. Competitors will scramble to gain their footing and find solutions that stick. Banks will fight to stay relevant in a rapidly decentralizing payments environment. And players of all persuasions will experiment with services to bring the underbanked into the digital age.
About Market Pay (Carrefour Group) Created to support the brands of the Carrefour Group, Market Pay develops and operates custom solutions to boost the business and improve the customer relations. The payment institution, which is a whollyowned subsidiary of Carrefour Group, combines all of Carrefour’s electronic payment systems, such as Carrefour cards, POS terminals and online payment solutions, and centralises payment acceptance and acquisition services for all of the retail channels. Market Pay enables the set-up and management of customised, secure, high-performance payment solutions. It will improve the security of payment data collected from customers of Carrefour banners and develop new payment solutions for the Group.
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Yet as things stand, m-commerce is only available to Latin America’s credit-card holding upper-middle class. There is still a key underserved demographic: underbanked (and uncarded) smartphone holders.
Regulators can help to ensure level playing field for all players in the new financial infrastructure by implementing changes to existing regulations, standards of practice, and creating new legal and liability frameworks.
This group represents a huge opportunity. They are urban, tech-savvy, connected on social media, newly middleclass, and most importantly, aspirational, meaning they want copy consumption patterns of the affluent.
A turbulent competitive landscape is a win for merchants and consumers. With increased competition, consumers enjoy an improved e-commerce experience, enhanced convenience and a lower risk of fraud.
In the medium term, Latin America will experience a trend toward consolidation in the payments industry. Apart from Brazil, NFC POS penetration in Latin America is low (e.g. 5% in Colombia) and NFC-enabled smartphones (such as the iPhone 6) are very few in number compared to Android-based handsets.
Merchants benefit from declining fees and can offer better customer service as greater competition pushes slack providers out of the market.
Undeniably, the solutions most likely to succeed are those that are cheap and easy to roll out and not dependent on the installation of new hardware. The proliferation and adoption of alternate payment channels such as contactless, wearables, coupled with modern authentification and authorization techniques, is expected to further catalyze growth of mobile payments by changing the user experience. E-and m-payments are expected to take a significant share of the total global non-cash transactions. The growth and adoption of next generation payments, mostly through technology innovation, is likely to be driven by retail customer, with central authorities expected to play a key role in enabling a level playing field through key initiatives.
PCM: What influence does mobile have on your payment strategy and how does it help in the rise of Emerging Markets? FrĂŠdĂŠric: In 2017, one trend in particular will come to the forefront: the prominence of mobile commerce. Smartphone penetration in the region is roughly 45% in 2016, totaling 175 million, and is forecasted to grow by 12% annually through 2019. Argentina and Brazil have a high and an increasing mobile penetration. That creates an attractive market for the development of mobile payment. Carrefour continues to innovate and now offers customers practical mobile payment solutions in the majority of Carrefour stores, along with the loyalty benefits of the Carrefour card.
Deep collaboration among the incumbents, new entrants, and the regulators is needed to avoid complexity and delays in adaptability of next generations payments.
Payment collective
In this rubric we are introducing inspiring professionals of the financial technology industry and look into their careers and ambitions. This is a collaboration in partnership with Atlanta Trend.
EQUIFAX’S VIKRAM RAMANI Vikram Ramani, the CIO of Emerging Markets at Equifax, had to give up competitive cricket at the age of 16 in order to focus on his studies at the behest of his parents. They were concerned that it was taking up too much of his time, even though he was considered one of the top 25 players in the Indian state of Tamil Nadu. “They sat me down and told me that I needed to focus on getting into college and earning a professional degree,” he says. Born and raised in Chennai India, Vikram decided that since math and science were his favorite subjects he would become an engineer. He was accepted into Madras University where he majored in electronics and communication engineering. He also did a two year course of study in computer software at NIIT where he learned “hands on” programming. Vikram became an intern at SRA Systems in Chennai upon graduation from Madras University in 1998 and then joined the company as a permanent employee six months later. “From the beginning, I only worked on U.S. client projects,” he says. One such project, for First Data Corporation, led to his first trip to the U.S. when he went to work onsite in Denver. In 2002, the opportunity arose for him to work for Equifax, a client of SRA, in Atlanta. “We were working on Equifax’s first decisioning platform, called Apply, which was much more than delivering just a credit report,” he says. Apply was initially only being positioned for telecoms to decide whether or not to give a customer a service ( land line, Wireless , Internet etc. ) and set up the appropriate service plan, but was later expanded to also make loan decisions for banks.
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As the Apply platform grew more profitable, Vikram to become a permanent Equifax as well as manager of now managing a team of 15
and became was asked employee of Apply. He was people.
The Apply platform’s success caused Vikram to become quite well known and liked throughout the company. He also was able to develop strong relationships with Equifax customers like BellSouth, GE and Verizon. “I was able to really understand what customers wanted and solve their business problems by positioning and delivering the appropriate solutions” he says. In 2007, Vikram was asked to lead the retail vertical portion of Equifax’s new professional services group known as Technology & Analytical Services (TAS). For his next opportunity, in 2009, Vikram was asked to assume responsibility for technology operations for all decisioning and fraud platforms at the company. This offered him significant exposure to international clients for the first time and he regularly interacted with teams in the UK, Canada and Latin America. In 2012, Vikram became Vice President of Professional Services for Equifax’s Identity and Fraud business unit. “The work I did at this point was across all financial and other industry verticals,” he says. “I also spent a lot of time in Washington D.C working with Government customers.” Vikram also began working on a personal goal in 2012 when he was accepted into the Executive MBA program at Emory University. “My MBA work gave me a lot,” he says. “First of all, I enjoyed the professional diversity of my fellow students – doctors, lawyers, accountants, engineers – and it gave me a wonderful perspective on all of the great opportunities available in the world. Second, it was great at giving me some practical knowledge outside of my work experience.
Executive Profiles
For example, I have a much deeper understanding of the role that private equity firms play in today’s business world. The main thing I would say to people thinking about pursuing an MBA or any other degree is ‘don’t be afraid to try something new.’” Upon completing his MBA, Vikram decided to take his own advice. He met with a number of senior executives at the company, and told them that he was ready to do more.
Vikram Ramani
CIO of Emerging Markets at Equifax
Accordingly, several opportunities were made available to him. Vikram chose to become the CIO of Emerging Markets, with a focus on both Russia and India. “I had told them that I was ready to roll up my sleeves as the emerging markets role was going to be very ‘hands on,’” he says. He found India to be an exciting challenge, as it was still in a startup mode. “I had to do a lot of work in India at first,” he says, “putting out fires and trying to figure out how to support increasing revenue.” One thing Vikram has enjoyed about working internationally is getting to work with different cultures. “With more companies going global, it’s quite valuable to experience the different perspectives of other nationalities and learn how to work with people from other countries,” he says. “A big part of our future, and the future of many fintech companies in the U.S., is international,” he says. “It may be hard work delivering best in class U.S. financial tools and services to other parts of the world, but it is worth it. I’m very proud of what we do because we are basically providing the world with the tools they need to accelerate the stable growth of their own economies. Standards of living will rise around the world and we will be an important part of that,” he says. Vikram has been married for 11 years and has two daughters, ages 10 and 6. The family resides in Johns Creek where he still continues to play cricket. He is also a regular in the ALTA and USTA Tennis leagues.
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P20 Inaugural Conference in London Following more than 18 months of preparation and anticipation, top leaders, government officials, and regulators in the payments industry gathered at Lancaster House in central London for the inaugural P20 summit. The conference featured some of the top CEOs and innovative thinkers in the payments industry and financial technology, who traveled from across the globe to meet and discuss key issues and challenges facing the payment industry. The program, moderated by Al Lukies CBE, the Prime Minister’s Global Ambassador to Fintech, included several panels featuring top experts in the FinTech and payments space. Two headline keynote speakers included former U.S. Treasury Secretary Jack Lew, and Stephen Barclay, MP with UK Treasury oversight. “It’s very significant,” said H. West Richards of the American Transaction Processors Coalition. “(The P20 summit is) bringing the leaders of the industry together with regulators from the United Kingdom and the United States, which truly are the leading regulators and thought leaders around regulation when it comes to the financial services industry, and payments in particular.” Richards, with Robert Green of the Holland & Knight law firm in Atlanta, first conceived of the P20 concept — short for Payments 20 — in early 2016. Along with long-time financial executive Peter Radcliffe, based in London, they began pulling together a who’s-who list of participants for the first-ever P20 summit. “Bringing everyone together to help shape the future of the payments industry is a pretty big mission,” said Richards. “I’ve been talking to a huge number of people, and the need and desire to get together here in London has been tremendous,” said Radcliffe.
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Prior to the gathering, Green, Richards and Radcliffe worked to establish a series of pillars that define the mission of the P20 in London, and in years to come. Those pillars are focused on financial challenges impacting everyone: regulation, cyber security, financial technology (FinTech) innovation and financial inclusion. “I’ve talked to many CEOs, and as you can imagine, the one thing they say always concerns them is cyber risk,” said Radcliffe. “All you can do is actually make as certain as possible you are spending the right amount of money to defend the data that you have, but also the protection of the system.” “The way we tackle this is by cooperation, and sitting around that table, every member of the P20 board has that absolutely in the top of their mind. There is no competitive issue in protecting our industry against cyber-attack.” While cyber security is on the minds of seemingly everyone, financial inclusion is the key phrase being focused on by many executives and innovators. “It (financial inclusion) is important to growth, it’s important to commerce, it’s important to minimizing the disparity economically in the world,” said Allen Maines, Executive Partner at Holland & Knight in Atlanta. “There are a number of places in the world where economic disparity is growing, and that has predictably resulted in higher crime and more unrest, more political instability. The more we can level the playing field and make electronic payments available to people, the more stable the world is going to be,” said Maines. With these issues helping to define the inaugural P20, members and invitees gathered at Lancaster House on October 10, 2017, focusing not only on the event, but on the summit to come one year later in Atlanta, GA.
Special Feature
The London conference featured the inaugural P20 board meeting, along with a series of speakers and presentations designed to jump-start a year’s worth of UK/US-based innovation and collaboration. Bruce Lowthers, President of Payments at FIS in Jacksonville, FL, is the first executive to come on board for the thought leader summit and lead the London conference. Lowthers, who has been critical to the successful launch of the P20, will assume the role of conference Chair again when the event moves to Atlanta in October of 2018. “For the first time ever (in 2017) we’ve really brought together a series of executives from the United States and United Kingdom, government officials, and regulators all in one room, to talk about how we make the payments ecosystem a better place,” said Lowthers. “I think that’s truly unique because the people we have here can actually drive the change in our respective countries. That’s pretty inspiring, and gives us a great opportunity to do things and help move the payments ecosystem forward.” Reviews from attendees are overwhelmingly positive, recognizing the unique nature of the event, and the rarity of being able to pull so many influential payments industry leaders into the same place, at the same time.
Will Frampton
Owner & Director at McLeod Media Will Frampton is the Owner and Director of McLeod Media, a storytelling film production company. Frampton is a 15 year veteran of broadcast TV news, including a stint reporting from Kabul, Afghanistan in 2007, which earned him an Emmy award for best special news coverage.
“It was, I think, a brilliant day,” said Lewis Howard of the Payments and Cards Network. “We touched on some of the most important issues of today and tomorrow. Online identification, financial inclusion, cyber security. We had literally some of the global thought leaders, some of the very top of their industry talk on several panels.” “In terms of content and participation, it’s one of the best conferences I’ve ever been to.” “What’s amazingly telling is these (leaders and executives) turned up, gave up a day, to really get around the table and think, ‘how are we going to bring about change?’” said Georgina Nelson, Founder and CEO of TruRating.
“‘How are we going to open up to innovation, how are we going to help financial inclusion? How are we going to tackle some of these cyber security issues?’ These are all issues which face all of the big payments guys, but then ultimately every single consumer in the world.” The 2018 P20 Atlanta summit will be hosted at the Atlanta History Center in the Buckhead neighborhood, centrally situated in metro Atlanta. P20 organizers are expecting an even larger gathering than at the inaugural event in London, as top financial leaders again come together to set the world’s agenda on the future of money, and how people exchange it.
About McLeod Media McLeod Media, a storytelling film production company, was founded in 2013 by Will Frampton, an Emmy award-winning broadcast veteran with 15 years experience reporting across the United States. McLeod Media focuses on delivering memorable stories to help people, businesses and organizations achieve their goals.
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To watch the P20 inaugural conference
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Events LONDON, UK NOVEMBER
14-15
FinTech Europe 2017 summit will bring together FinTech and banking professionals to assess collaboration to advance processes, technologies and efficiency Discount Code: PCN2017
AMSTERDAM, NETHERLANDS NOVEMBER
14-15
The World Rail Festival 2017 will be in its 7th year and it continues to grow and attract a large audience of rail operators from around the world. The conference will host hundreds of attendees, 100 speakers and 40 exhibition booths.
LONDON, UK NOVEMBER
21-23
The Internet of Banking and Payments Summit will look to bring together the payments eco-system, including: banks, retailers, device manufacturers and payment providers to discuss how IoT payments can be harnessed for frictionless customer experience in light of PSD2
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PARIS, FRANCE
NOVEMBER
28-29
The Consumer Identity World is the place where you can dive deeper into the world of CIAM. Learn more about privacy by design, Consent Lifecycle Management and the needs of your customer Discount Code: ciwt17save10
Events CANNES, FRANCE NOVEMBER
28-30
TRUSTECH is the Largest International Event dedicated to Trust-Based Technologies with unprecedented networking opportunities and not-to-bemissed Keynote Speakers
SANTA CLARA, USA NOVEMBER
29-30
IoT Tech Expo is bringing together over 6,000 attendees from across the entire IoT industry with representatives from sectors including government, energy, education, transportation, healthcare, logistics, manufacturing, agriculture, insurance, retail, and many more, this event is not to be missed
PALM SPRINGS, USA
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8th Mega Event Worldwide is the place to make business contacts with executives managing Loyalty Programs, Ancillary Revenue Programs & CoBrand Card Programs at many of the world’s largest airlines and travel brands Discount Code: PCN
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