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Mobile Wallets: Types, Value Proposition, and FAQs

Learn all about mobile wallets, including the different types, their value proposition, and answers to frequently asked questions. Discover how they can enhance convenience, security, and reduce abandonment rates in checkout. Gain insights from Steve Klebe, Google Pay's Head of BD – Processor Partnerships.

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Mobile Wallets: Types, Value Proposition, and FAQs

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  1. Everything You Needed to Know About Mobile WalletsBut Were Afraid To Ask Your source for payments education Steve Klebe, Google Pay, Head of BD – Processor Partnerships …

  2. Key Takeaways • Explain what Mobile Wallets are • Cover the Different Types • Discuss the Value Proposition • Answers to the most Frequently Asked Questions

  3. What Mobile Wallets are • Containers for Credentials • Primarily Debit and Credit Cards • EMV Tokens and/or Regular Cards • Can also include APMs (ie; PayPal, Stored Value, etc.) • Emerging – Bank<>Bank Transfer based (ie; UPI based in India) • Use Cases • Native Apps, Mobile and Desktop Web, Voice Commerce

  4. The Different Types of Mobile Wallets • Mobile Operating System Based • Google Pay, Apple Pay and Samsung Pay • Retailer Brand Based • Walmart Pay, Starbucks, CVS Pay (deprecated) • APM (Alternative Payment Methods) • PayPal, Amazon Pay • Issuer/Network Based • ChasePay, SRC (replacing Visa Checkout, MasterCard MasterPass)

  5. Value Proposition of Mobile Wallets • 1-2 click Checkout • Reduce Abandonment/Increase Conversion • Many studies show that up to 69% of TXs are abandoned due to too many steps to purchase and up to 28% of that is due to the checkout process. (source; Baynard Institute - https://baymard.com/lists/cart-abandonment-rate) • Increase Convenience • Improve Security • Reduce Fraud

  6. Frequently Asked Questions • Are the “pays” driving incremental TXs or cannibalizing existing TXs? • How many wallets should I offer? What is the consequence of the “nascar effect”? • What types of merchants can benefit the most from integrating wallets? • How will wallets impact my fraud screening efforts/chargeback rates? • What are the PCI implications of wallets? • How will the new rules in Europe around SCA and PSD2 be impacted?

  7. Google Pay • In market since late 2017 • Added Web support across Browsers and O/S’s and 000’s of millions of Cards on File • Replaced Android Pay which launched in 2015 • Available in ~70 countries (online) and ~30 countries (offline- NFC) • Two versions; • Google Pay India • Google Pay (ROW) • Prominent merchants; 1800Flowers, Fandango, Starbucks, Macy’s, Uber, Lyft, Wish, Door Dash, RueLaLa, StubHub, eBay, Jclub, etc. + 400k merchants on Shopify • Supported by 60+ PSPs globally; Adyen, Braintree, Stripe, WorldPay, First Data, Chase Paymentech, ACI, CyberSource, MPGS, Global Payments, etc.

  8. Summary & Key Takeaways • Better understanding of what they are and what they are not • Clearer picture of who the players are • Understand the value proposition for all the participants in the value chain Q&A

  9. Thank you • Don’t forget to submit your session evaluation! • Steve Klebe, Google, Head of BD – Processor Partnerships sklebe@

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