The Cashless Society – are you connected? MYOB NZ General Manager Carolyn Luey 1
“ “If we were re -designing the economy overall, you wouldn’t design it with cash or paper documents. Technology is available today for both businesses and individuals to go cashless.” MYOB CEO Tim Reed 2
The evolution of payment methods 1997 MOBILE PAYMENTS First SMS mobile 1978 payment on a coca 1914 1681 DEBIT CARD cola vending CHARGE CARD Seattle’s First machine CHEQUE The first charge card National Bank offers Cheque reportedly was issued by first debit card to CONTACTLESS used for the first time Western Union business executives PAYMENT First used at Mobil Gas Station 1979 1958 1775 450 BC INTERNET CREDIT CARD PAPER MONEY COIN PAYMENT Bank of America Continental currency Metal coins first used Online shopping is introduces a credit was introduced with as a method of invented card values ranging payment 3 between 1/6 of a dollar to $80
The evolution of payment methods cont. 2018 2015 2009 NEW PAYMENTS DIGITAL WALLET PLATFORM BITCOIN Emergence of Apple Using PayID, provides First Bitcoin mined Pay, Samsung Pay, seamless way to transfer first time Android Pay money between financial institutions 2020+ 2017 2010 2003 OPEN INNOVATION SOCIAL PAYMENTS M-POS SMART PHONE Open banking and open APIs Use of social media to Smartphone, tablet or PAYMENT to allow plug-and-play data transfer money ie. dedicated wireless NFC technology exchange, to gain deeper Google Wallet, Twitter device that performs approved as industry understanding before and Buy, Snapcash, 4 the functions of a standard after transaction. Venmo register
Who wants to get rid of cash? India Sweden Korea Recently scrapped 86% Plans to stop minting coins Has adopted a of its banknotes cashless society by 2020 China Australia Canada “Cashless” by 2020 Has seen mobile payments Has tripled use of leap 65% since 2015 contactless credit cards 5
Who wants to get rid of cash? India Sweden Korea Recently scrapped 86% Plans to stop minting coins Has adopted a of its banknotes cashless society by 2020 China Australia Canada “Cashless” by 2020 Has seen mobile payments Has tripled use of leap 65% since 2015 contactless credit cards 6
…of businesses say NZ will be cashless in a decade 7 MYOB May 2018 Business Monitor survey of 410 local SME operators
…of businesses say they have zero cash transactions – but 37% want to be 8
…of businesses say “convenience” would be one of the main benefits of a cashless society 9 MYOB May 2018 Business Monitor survey of 410 local SME operators
…says customers preferring to pay in cash is a barrier 10 MYOB May 2018 Business Monitor survey of 410 local SME operators
11
Businesses wait on average 43 days to get paid. Invoices paid through MYOB average 10 days. 12 Based on invoices paid through invoice payments between September 2017 to February 2018.
Fast and secure payment solutions designed for all types of businesses MERCHANT PAYMENTS SERVICE FACILITY GATEWAY FRAUD MANAGEMENT SERVICES INVOICE PAYMENTS PHONE FACE-TO-FACE PAYMENTS 13 PAYMENTS
Future cashless society opportunities ….. $50B Payments from invoices Payments from invoices our 1.2M sent by our customers to customers send to larger Invoice customers their end customer businesses value $100B Payments from invoices Payroll calculated from our 1:3 sent by larger businesses software when our customer pay Invoice value employees to our customers their employees and the tax office etc. 14
DELIVERING WORLD DELIVERING WORLD CLASS PAYMENT CLASS PAYMENT SERVICES AND SERVICES AND SOLUTIONS THAT ARE SOLUTIONS THAT ARE SIMPLE AND SECURE SIMPLE AND SECURE 15
Where are we going? Simplifying everything… NOW FUTURE 16 Source: Centrality, 2018
carolyn.luey@myob.com MYOB 1H2017
Recommend
More recommend
