Nowadays,
payment methods are increasingly evolving. In fact, new payment ways are
emerging, bringing with them new actors but brands like Visa, MasterCard and
American Express may be overshadowed and only become payment method supports.
Peer 2 peer payments
This type
of payment enables people to transfers money to one another.
In this field, surprising actors are emerging such as Social Media. What if
people could pay instantaneously using social media?This feature is now available on Twitter and now on Snapchat. Let’s focus on Snapchat. Snapchat, the pictures & videos sharing mobile application just released Snapcash (Nov 17th ), a new feature enabling money transfers among users. Only Visa and MasterCard cardholders will be able to make transfers.
As
suggested, in this case, banking cards companies are just supports and not the
main actors of this (r)evolution anymore.
Payment in supermarkets
Supermarkets
are now developing their own payment applications. These applications would
enables to pay more quickly without using credit cards. Let us take the example
of Auchan.
The French
supermarket is setting a payment application called Flash’NPay that will be
launched in 2015. After having registered its banking information, in order to
pay, users will have to flash a QR code, enter its confidential code and
validate the payment. Other hypermarkets like Leclerc also plan to release
their own payment application.
Here again,
the 3 brands will only be support.
Apple pay
As discussed
on a previous article, Apple has recently released a feature enabling people to
pay using their Iphones. Here, we will only focus on the banking cards role.
To make
this new feature, Apple made a partnership with Visa, MasterCard and Amex. For
those 3 brands, this is good news because they are put forward and improve
their brand image by being seen as at the cutting edge of the technology.
However,
Apple is rather appearing as a new concurrent because not only will Apple
integrate their process but it will “nibble” a part of their revenues. In fact,
when people pay with banking cards, cards issuers got a commission on the
transaction. Now, with the Apple Pay, the 3 companies will have to share their
revenues with Apple, Apple will collect fees from them.
These 3
examples show us a new trend on payments. Payment cards usage will decline in
favor of mobile payment using apps. As a consequence, banking cards companies
are moving from main actors to payment method supports. Even worse, they will
have to share the pie with their concurrent. What will be the next step? A coalition between MasterCard,
Visa and American Express? Or a slow decline of these 3 brands?
Sources:
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