Wearable Token Service Provider (WTSP) Keynote By Wayne Leung CEO of Tappy
Traditional Watch Industry Over 1 Billion Traditional Watches are sold every year The $20 bil illion in industry ry that Io IoT couldn’t account for.
“Prestigious design is the number one motivator driving consumer purchases”
Multiple SKU’s means more choices Design restrictions Vs Guess Payment Watch Collection Payment Enabled Fitbit Ionic
“Functionality is the number two motivator driving consumer purchases”
Smart Watches
Hybrid Watches
Digital Payments Are Mainstream
EDC – Every Day Carry
New Standards
Universal Passive Provision Unit
Second Factor Authentication
Thank You
Wearable Payment and Data Insights Robert Morgan, Business Development, Barclays UK
Two-Thirds of All eligible transactions in the UK are now made using contactless UK Contactless Spend (£bn) £69.03 £52.37 £25.21 £7.74 £2.32 2014 2015 2016 2017 2018 Source: Dec 2018 Contactless Payment Report • Over two-thirds of Brits now Tap to Pay on a daily basis • Millennial shoppers (aged 18-35) have embraced contactless payments even more enthusiastically, with 76% making daily purchases with their contactless cards • The total number of contactless cards now stands at 123.5 million, an annual increase of 3.9% • There are now over 535k contactless terminals in the UK • 2 in 3 UK terminals are contactless 2 | Mobile Payments MBR Restricted - Internal
Other markets are even more advanced or at the start of their journey 3 | Mobile Payments MBR
Wearables payments are a growing trend, as the market matures 4 | Mobile Payments MBR
Our solution – bPay What is bPay? • bPay is an innovative contactless payment solution supported by a digital ecosystem that launched in July 2015 • Our original products included a wristband, fob, sticker and loop, and has grown to include: jewelry, fitness watches, luxury watches, keychains, and coffee cups • At the heart of bPay is a pre paid account that works with any Visa ™ or MasterCard™ credit or debit card, registered to a UK address • You must be 13 years or over to register for a bPay account • bPay can be used for spend up to £30; wherever you see the contactless symbol – in the UK or when traveling • You can track spending and top up using the dedicated bPay app or online at bpay.co.uk • Allows you to add up to 10 wallets (bpay devices) to your bPay account, and control/view your spend benefits • Speed and ease of use • No charging required • Avoid the risk of carrying cash, especially on the London Underground TFL • Family friendly, as you can register up to 10 wallets • No charges when using abroad • Water Resistant 5 | Mobile Payments MBR
bPay customer journey auto top up loading money register link to credit or debit card With the auto top up feature, To register a bPay account Loading money onto a bPay Registration involves linking the whenever a bPay balance customers can download the account can be done through bPay account to any Visa or drops below a set amount, bPay app or go to individual top ups, or auto top MasterCard credit or debit card we’ll automatically top it up. www.bpay.co.uk and follow up, via the free bPay app or registered to a UK address . the instructions. through bpay.co.uk The card does NOT have to be Barclays/Barclaycard. It’s quick and easy to follow . lost & stolen up to 10 devices change account settings You can have up to 10 devices Change your account settings You can immediately report registered per account. via the bPay app or at your bPay device lost or bpay.co.uk including personal stolen using the bPay app. details and marketing preferences. 6 | Mobile Payments MBR
Our physical product journey – move from proprietary to partner Festival access Own range Partner products (enabled by smaller flexible chip) 2012 2015 2016 2017 2018 7 | Mobile Payments MBR
Press coverage 8 | Mobile Payments MBR
Convergence of Wearables and Data Wearables can be used by partners to understand their customers in more detail: - Spend data for campus type environments - Spend behaviours for loyalty schemes - Customer profiling Enriched with other data sets, wearable customer data can help brands understand: - Customer spend geographies - Competitor benchmarking - Customer demographics 9 | Mobile Payments MBR
Market & Customer Insight: A Wealth Of Real Data No one else has such powerful insights into transactional customer data Our data and models are based upon fact, driven from our relationships with our customers from all segments of society. It allows for us to understand consumer behavior across the UK in great depth on a timely basis. Insight into real Scale customer spending We have access to the transactions of 17 million customers across our current account and credit card businesses. and market performance Real Data We have actual customer geo-demographic and transactional data in its truest form. Granularity We have the ability to geographically locate 99% of our transactions down to a postcode, enabling store level analysis. Timely Our insights reflect changing customer behaviour as it has happened that month: day by day, hour by hour. Tailored Insights unique to 10 | Mobile Payments MBR
Market & Customer Insight: Data Coverage Barclays customers account for between 20% - 25% of Consumer UK Protecting our customers’ privacy is important to us, we always apply card spend anonymization rules to our data. Barclays, being one of the largest retail banks in the UK, has significant coverage of the 1. Minimum of 50 customers in any aggregate data. population’s expenditure. We see a considerable proportion of expenditure, and the scale 2. Minimum of 5 companies in an aggregated competitor set. and depth of our data allows us to provide with accurate and actionable insights. 3. No one company can have more than 50% market share in the aggregated competitor set. 30 Months of data 67 Total Unique Customers thousand 11 | Mobile Payments MBR
Looking to the future – active v passive NFC technology Passive chips Active chips • Requires power to enable tokens to • Doesn’t require power be provisioned • Less suited to global roll-outs – • Suitable for global roll-out using Visa requires bank solutions (e.g. Tokenisation Service (VTS), or bPay) to be personalised onto Mastercard Digital Enablement cards Service (MDES) • Can send data only • Requires bank participation in VTS or • Quick to market/testing (could MDES launch with bPay in weeks) • Can send and receive data 12 | Mobile Payments MBR
Routes for device manufacturers – other considerations • Pricing – how to price v non payment equivalents • Product selection – do you retrofit an existing product, or develop a new model • Customer awareness and engagement – how to grow awareness of a new spend category and motivate usage • Bank/scheme partnerships – bank partnerships to help two way promotion of products • Regulatory requirements – will differ from market to market. In the UK we need to closely monitor and approve staff training, POS signage etc… • End to end payments value chain for your market – chip hardware, scheme, issuing bank, token service provider, token requestor 13 | Mobile Payments MBR
Future developments 2: Access control and payment Holiday parks Gyms Sports clubs 14 | Mobile Payments MBR
Get in touch! Thank you 15 | Mobile Payments MBR
The rise of traditional watch brands in digital payments | Wearable trend setter
Our history
• TIMEX GROUP has a long and colorful history. The company was founded as the Waterbury Clock Company in Waterbury, Connecticut, USA in 1854. • Beginning with clocks, we expanded to pocket watches then wrist watches. Our portfolio has grown from basic mechanical movements to sophisticated analog quartz and category- defining technology • With a focus on change and innovation, Timex continues to draw upon our legacy of watch making expertise, timeless classic designs and a commitment to unparalleled quality. October, 2018
A Rich History Of Innovation 2016 1854 1941 1960 Accessible First Timers for 1982 First Smart Analog 1992 2004 Affordable Artillery and First Affordable Technology First Back-Lit Introduced Clock 1914 Torpedoes Women’s Calendar Watch Face Intelligent Quartz First Military-Issue During WWII Watch Fashion (Indiglo) Movement Watch Watch 1958 2009 2018 1895 1933 1984 1995 1974 “It Takes a Giorgio Galli Analogue First “Yankee” Mickey Mouse First First Wireless First Licking and Design Lab in bPay launch Dollar Pocket Watch at Affordable Watch LCD Keeps on Milan, Italy Watch Chicago Fair Sports Connection to a Watch Ticking” Watch PC
Our Brands
Timex is part of Timex Group one of the world’s true watchmakers. Timex Group designs and manufactures innovative timepieces under well-known global brands. Timex Group sells millions of watches worldwide each year. 8
Why Contactless Payment ?
Context
China – The Cashless Society
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