How do the dutch pay in 2013

HOW DO THE DUTCH PAY IN 2013?

September 2013

DON’T BELIEVE THE HYPE...........YET

25 September 2013 – Expert group Transaction - FINAL CONFIDENTIAL AND PROPRIETARY © Shopping 2020

© Shopping 2020 – Expert group Transaction 1 1

Payments in NL anno 2013: cash, ‘pinnen’ and iDEAL

Offline: Maestro Online: iDEAL

93% (market share, # electronic transactions)

58% (Last used online payment)

Source: DNB, Currence

Remarks: • In this report we refer to “pinnen” for what is actually a Maestro transaction


Agenda

1. Introduction and background

2. Payment contexts

3. How do the Dutch shop anno 2013?

4. How do the Dutch pay anno 2013?

5. Trends and examples


Expert group Transaction is part of a nationwide study regarding current and future consumer shopping behavior

19 Expert Groups

Economisch Demografisch,

Sociaal-Cultureel Technologisch

Future Touchpoints

Ecologisch Politiek / Juridisch

Future Trends

Orientation Selection

Transaction Delivery

Customer Care Customer

Intelligence

Business Models

Omnichannel Organisatie

Veiligheid & Fraude

De Nieuwe Winkelstraat

Smarter Shopping

Supply Chain

Shopping2020 Vision

Actieplan S2020

Nederland

Travel Actieplan

Finance Actieplan

Retail Actieplan

… Actieplan

Customer Journey Key Themes

Online Ondernemen

Shopping2020 study


Michel Drupsteen Sr. Business consultant ING Bank

Wieske Ebben Policy Advisor Payment De Nederlandsche Bank

Max Geerling Director Card Products & iDeal Currence

Rene Hodde Executive Director Chess Group

Rob Hoitink Productmanager iDEAL Currence

Rommert Jorritsma Consultant Payment Systems Intersolve

Expert group Transaction: well-grounded with 23 payment experts from diverse backgrounds (1/2)

Eric van Vuuren (Host) Business Developer Equens

Shikko Nijland (Chairman) Managing Partner Innopay

Paul Alfing Policy Adviser Thuiswinkel.org

Simon Berende Senior Product Manager Consumer Payments ABN AMRO Bank

Gert Blom Manager Strategic Alliances Paysquare

Gijs Boudewijn Hoofd Betalingsverkeer & Veiligheid Nederlandse Vereniging van Banken


Marja van Kalveen Teamleider productmanagement Toonbankbetaalproducten Rabobank Nederland Bedrijven

Gerben Klop Strategy and Business Development xXess360

Jip de Lange Consultant Innopay

Okke Mönking Business Leader Acceptance Mastercard

Raoul Manten e-Commerce manager Maxeda

Tom Nijenhuis Head of Strategy & Development Equens

Jaques Parson Detailhandel Nederland

Noor Pierik Sr. Marketeer Cards Acquiring Equens

Marja van Reijn Regional Manager Global Blue

Michel van Westen Voorzitter VBIN

Dennis Wooning Sr. Productmanager Debit- & Credit Cards ABN AMRO Bank

Expert group Transaction: well-grounded with 23 payment experts from diverse backgrounds (2/2)


Expert group Transaction covers the Customer Journey from Shopping Basket to Check-Out

Source: Bonsing/Mann

ORIENTATION

Visibility Accessibility Look & feel User experience Performance Functional elements

SELECTION

Shop entrance Shop interface Product search Product information Price & delivery details Selection enhancement Selection flows

TRANSACTION

Shopping basket Check-out entry Opt-in Check-out-flow flow Delivery details Payment flow Policies & services

DELIVERY

Order confirmation Track & trace Deliverance Unboxing Returns

CUSTOMER CARE

Follow up Feedback options Review options Customer care Customer profile mgmt.

How visible, accessible and user friendly is the site in all channels and on all devices.

How attractive, easy or inspiring is it to select products and services. Does it enhance your shop experience.

How customer friendly, easy and trustworthy is the transaction process. What are the payment, delivery and personalisation options offered.

How is the process after the transaction structured. Is the delivery process adequate and a pleasant and convenient experience.

How is the customer care and personal follow-up after the purchase and what is the level of customer centricity during all 5 steps of the process.

SCO

PE

RES

EAR

CH

Q

© Bonsing / Mann time

Expert group ORIENTATION

Expert group SELECTION

Expert group TRANSACTION

Expert group DELIVERY

Expert group CUSTOMER CARE

Expert group RETAIL LOCATIONS & FUNCTIONS

Expert group RETAIL ORGANIZATION

Expert group CUSTOMER DATA VALUE MANAGEMENT

EXP

ERT

GR

OU

PS

SHO

P P

HA

SE


This report covers the current situation in transactions

‘Shopping Today’ (2013)

Shopping2020 (To be delivered in January 2014)

Central Research Question Shopping 2020 How does the consumer shop in 2020 and which actions should be taken on national, branch and

company level so that Dutch B2C operating companies can anticipate on that, nationally and internationally?

Research Questions expert group Transaction

1. What is the current situation for transactions in

Dutch retail practice?

2. What are current trends and examples?

1. What are the most important trends. points for

improvement and opportunities in transactions?

2. What are the most likely future scenarios?


Phase 1: ‘Shopping today’ Shopping2020

Two-phased approach: ‘Shopping today’ and ‘Shopping2020’

Reports ‘Shopping Today’ and ‘Shopping2020’ 1. What are the most likely future scenarios? 2. How do we get there from the current situation? 3. What are preconditions and relevant developments in order to make these scenarios become reality?

Future trends (other expert groups)

‘How do the Dutch pay in 2013?’

Work streams on various topics

Determine scenarios

Implications Gather information Document

September 26: ‘Shopping Today’

January 22/23: ‘Shopping2020’


Agenda


2. Payment contexts





How consumers and merchants are related: a two-sided market

Two-sided markets: • Two distinct user groups with different needs that are interdependent • Network effects: benefits of usage are experienced across sides Challenges: • Reach is a chicken-and-egg phenomenon • Winner takes all dynamics • Pricing of services across both sides: often one side is subsidized by the other side. In payments, the

payer is subsidized by the payee

Source: Innopay

Purpose of the chapter: • This chapter illustrates the factors determining how merchants and consumers choose their preferred

payment method. • Furthermore, this chapter shows how shopping and payments are related.


Transactions consist of three processes: agreement, payment and delivery

Transactions are determined by contexts • The ‘transaction context’ is the total of situational circumstances in which three processes of the

transaction take place: agreement, payment and delivery • A successful transaction typically consists of two actors: buyer and seller • Risk is at the heart of every transaction, for buyer and seller

Source: Innopay


e-Commerce changed the relative timing of the three processes, resulting in unbalanced risks

• In traditional commerce, three processes are executed at one time, in one place: agreement, payment, delivery. The Risk is balanced.

• The introduction of new channels such as internet changed the dynamics of transactions. Transaction processes are now disconnected in time and place, introducing unbalanced Risks.

• These risks can be characterized by four risk factors: • Relation (r) Do buyer and seller know or even trust each other? • Product (p) What is the value and substance of the product involved? • Location (l) Where does the transaction take place? • Timing (t) In what order are Agreement, Payment and Delivery executed?

Source: “Understanding buyer and seller behaviour for improved payment product development”, C. Liezenberg, D. Lycklama, H. Smorenberg. Journal of Payment Strategy & Systems, April 2007

Point of Sale transaction

Internet transaction

A Agree

P Pay

D Deliver

R Risk

A Agree

P Pay

D Deliver

R Risk

RA RP

RD

Context:

Relation (r)

Product (p)

Location (l)

Timing (t)

A Agree

P Pay

D Deliver

R Risk


Timing determines whether Buyer or Seller bares the risks

Timing (t): The timeline and order in which the processes are executed. Processes can be executed simultaneously or disconnected. In the latter case the order of Payment and Delivery can be swapped. This leads to three generic types of timing.

Source: Innopay

A Agree

P Pay

D Deliver

Pay in advance Risk with buyer

time 1

A Agree

D Deliver

P Pay

Pay afterwards Risk with seller

time 2

A Agree

P Pay

Pay and delivery at same time Risk equally divided

time 3a D Deliver

A Agree

P Pay

time 3b D Deliver


… leading to endless payment methods to match all contexts


Person-to-Person Consumer-to-Business

Pro

xim

ity

Cash Debit and Credit Cards Prepaid Wallets Giftcard Cash

Re

mo

te

eWallet Credit transfer

Online Banking ePayments eWallet Credit transfer Debit and Credit Cards PayPal Gift Cards

Every context has its own payment methods

1

4

2

3

Source: Innopay 2010


Payment and Loyalty and related fee structures are mainly based on three or four corner models in 2013

2.Merchant 1.Consumer

3.Issuer 4.Acquirer

PSP

(Clearing & settlement)

(C&S)

Good/ Servicess

Authorisation Payment

TRX Fee Periodic Fee

4-corner payment model 3-corner payment model

2.Merchant 1.Consumer

3.Service provider/

Bank

PSP

Goods/ Services

Payment Authorisation

TRX Fee Periodic

Fee

2.Merchant 1.Consument

EGI autorisatie

CPSP

3.Brandowner Giftcard (C&S)

Goods/ Services

3-corner gift card/loyalty model

• Most payment methods and fee structures in The Netherlands are based on a four corner model (f.i. debit card, Maestro, Mastercard, Visa, iDEAL)

• Interchange fees are relatively low in The Netherlands compared to EU • Most gift/loyalty methods are based on a three corner model • 1.2B euro is paid in gift cards and vouchers in NL in 2012

Source: Intersolve, Innopay


Since the beginning of e-Commerce, we’ve seen continuous evolution of the payment landscape …

• Both three and four party models have adapted for usage on the internet • Ever more niches demand new functionality and therefore new payment methods

Source: Innopay

1995 20152005

2. Making traditional payment products suitable for use on the internet

(...cards were never designed for the web…)

3-party based challengers

4-party based challengers

3-partymodel

4-partymodel

New 3-party based challengers

Online Banking based ePayment

Vo

lum

e

1. In the beginning, there were cards

4-partymodel

3-partymodel

3. New payment methods were designed specifically for use on the web

4. In reaction, the 4-party paradigm was translated to the web

5. New contexts demand new functionality. A new wave of 3-party

models aims to fulfill these needs


… but only a few new payment methods make it through their infancy

Source: Innopay, Equens

• As new payment methods will need reach to become successful, many do not survive for long

• As the uptake of the payment method takes too much time, merchants and consumers will

loose faith and abandon the novelty

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Cash

PIN

Maestro / V Pay

Chipknip

MasterCard / Visa

Acceptgiro

Wallie card

MiniTix

eWallet

Bill

iDEAL

Travik

Payter

emPayment!

Mobiel betalen NL

Payment products on the Dutch market (non exhaustive)


Successful payment solutions provide Reach and Conversion against fair Cost

Reach

Cost 1.

2. 3.

Conversion

Merchants:

1. REACH: Merchants are looking for those payment methods that their target audience uses: this makes a visitor an potential customer reach

2. CONVERSION: Payment methods that consumers trust, that are fast and easy to use increase the number of potential customers that actually buys conversion

3. COST: The cost of payment methods are primarily born by merchants. Therefore, merchants will offer those payment methods that are most economical for them. Fraud can also be regarded as a cost factor cost

Source: Thuiswinkel, Innopay

Consumers:

1. REACH: Consumers choose payment methods that are widely accepted by merchants reach

2. CONVERSION: From those payment methods that merchants accept, consumers will choose those that they trust, that are fast and easy to use conversion (ease-of-use)

3. COST: Although consumers might not be very aware of the cost of the payment mix they use, they do acknowledge cost factors like risk cost


Summary: new payment contexts demand constant development of payment methods

• The choice of a payment method depends on the context

• Many factors determine the context of a payment, which leads to many different contexts

• This could lead to many different payment methods to cater for all these contexts

• Risk (or perceived risk: trust) is a determining factor in the choice for a payment method by consumers and merchants

• The rise of the internet introduced a totally new context in which new risks were introduced

• The challenge is to balance ‘fit-for-purpose’ (a payment method should meet the requirements of the specific context) with ‘simplicity’ (fragmentation leads to complexity for merchants and consumers)

• Successful payment methods balance reach, conversion and cost

• The added value of payments is to create loyalty (enable the building of client shopping profiles and provide relevant merchant offers)


Agenda


2. Payment contexts





NL Shopping landscape: small supermarkets, historic city centers and domestic e-Commerce

The Dutch shopping landscape is characterized by: • Small distances and therefore relatively strong regional shopping areas, located in old city centers • Shopping areas often restricted to (historic) city centres • Absence of hyper markets and relatively small number of ‘big-box retailers’ • A relatively strong e-Commerce sector

Source: Van der Gijp 2013, Innopay analysis

Purpose of the chapter: • This chapter illustrates the factors determining where and how consumers shop anno 2013


Online shopping is growing, while offline retail is declining

0

2

100

90

80

70

60

50

40

30

20

10

0

12

16

14

10

8

6

4

Turn

ove

r in

Bill

ion

€

2013

79

11

2012

83

10

2011

87 Percen

tage

89

8 9

2009

92

7

2008 2010

5 6

2007

83 90

Offline retail turnover Online retail turnover % online retail / total retail

+14%

Development online vs. offline retail (NL)

-10

-5

0

5

10

15

20

25

30

35

40

45

2005 2006 2007 2008 2009 2010 2011 2012

Pe

rce

nta

ge

Growth compared to the previous year

Retail Total Online Retail

• The Dutch online market is one of the most developed e-Commerce markets in EU (after UK ~96 Bn, DE ~50 Bn, FR ~45 Bn online sales of goods & services [2012])

• In NL online retail will account for 12% of total retail turnover in 2013 • The double digit e-Commerce growth in NL is stabilizing at ~ 10% per year since 2013 • The vast increase of online retail until 2030 is for nearly 30% at the expense of offline retail • The prices in offline retail have increased, as the amount of goods sold (i.e. volume) have decreased

substantially since 2009, while recovery is not expected in the short term (> 2015)

Source: Thuiswinkel.org, ING Economisch Bureau, Internet World Stats, Emerce, E-commerce Europe, Roland Berger, CBS, Innopay analysis


Stable retail landscape, in spite of declining turnover

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6120

110

100

90

80

70

60

50

40

30

20

10

0

# co

mp

anie

s in

th

ou

san

ds

2013

31

12

10

4 3 1

2010

32

12

10

10

14

7

4 3 1

2009

33

12

10

1

2008

33

12

10

10

11

7

4 3 1

2007

32

12

10

10

10 7

4 3 1

3 4

7

13

11 10

24

7

4 3 1

2012

32

12

10

10

21

7

4 3 1

2011

32

12

10

10

17

7

Street trading '(no shop or market)

Shops in recreational items

Supermarkets and department stores

Shops in consumer electronics

Gas station

% growth y/y retail Market trade

Shops in food products

Shops in other household goods

Shops in other articles

• Declining turnover of total retail sector is not (yet) reflected in the number of businesses • Number of shops over verticals is relatively stable, except for alternative (micro) retailers, ~16% yoy • Top 10 largest retailers all active in ‘Food’ ((top 10 retailer (# shops): Ahold (759), Jumbo (685), Aldi (480),

Emté (Sligro) (130), Plus (270), Lidl (270), Super de Boer(20), Makro (17), Dirk vd Broek (99))

Division of verticals in Dutch retail

+2%

Source: CBS, Innopay analysis


e-Commerce in the Netherlands compared to Europe: high internet penetration and uptake of online shopping …

0

20

40

60

80

100%

EU DE FR UK NL

% of online shoppers / total population

’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12

200

150

100

50

0

350

300

250

EU DE FR UK NL

Mn Number of online shoppers

% Internet penetration (2012)

’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12

100% 20% 0% 80% 60% 40%

DE 83

FR 80

UK 84

NL 93

EU 73

• % Online shoppers in NL as part of total population well above EU average and leading e-Commerce countries

• High internet penetration in NL contributes to high share of Dutch population shopping online

• Although a modestly sized market, the Netherlands is seen as one of the frontrunners in e-Commerce

Source: ANVED, Datamonitor, Euromonitor, Ecommerce Europe, Innopay analysis


0

20

40

60

80

100

120

140€

EU DE FR UK NL

Average transaction value (’10 – ’12)

3,500

3,000

2,500

2,000

1,500

1,000

500

0

€

EU DE FR UK NL

Average yearly online spending per user (’10 – ’12)

’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12 ’10 - ’11 - ’12

• Average yearly spending is relatively low, even lagging behind EU average • Relative success of the Dutch online market is due to the high percentage of people shopping online • Next wave of growth to be expected from increased spending of experienced users • An average spending per user in line with other EU markets would result in a growth of 35%!

… although average spending per user is relatively low

Source: ANVED, Datamonitor, Euromonitor, Ecommerce Europe, Innopay analysis


e-Commerce in the Netherlands highly concentrated in small number of large retailers

Top 10 Top 11-100

Outside Top 100

1.8

2.0

2.0

3,2

Trav

el

• In 2011 the top 100 online retailers represented € 3.8 Billion revenue (an increase of € 700 Million compared to 2010), this exludes the large Travel websites (e.g. KLM), that accounted for € 3.2 Billion revenue

• The top 100 online retailers account for ~70% of online retail turnover and growth in online retail is primarily claimed by larger online retailers

• The trend that large webshops will grow further and smaller players will either be acquired, remain small or drop out, is likely to continue in the future

• Although 5 of the top-10 e-Commerce players have offline operations, channels still seem strictly separated

Rev

enu

e in

Bill

ion

€

70% 30%

Distribution of (B2C) online retail revenue (NL) Note: total online turnover amounted to € 9 Bn in 2011

110

83

94

106

108

108

130

200

358

469

BAS Group (e.g. MyCom)

KPN

Ahold

Bol.com

RFS Holland Holding (e.g. wehkamp.nl)

Amsterdamgold.com

Thuisbezorgd.nl

HEMA

H&M

Coolblue

Online retail revenue in Million €

Top 10 online retailers (NL)

Source: Twinkle, Innopay analysis


Summary: Dutch consumers are embracing ‘online’, although in 2013, online and offline still seem separated channels

• Offline retail is dominant, but growth is centered in e-Commerce

• There is a trend of retail shifting towards larger businesses. This trend is strengthened by the growth of online, where large, professional players are dominant

• Top 10 retailers are all supermarkets with (very) limited online activity

• Small group of businesses sets the standard for the way people shop and pay in the Netherlands

• Offline and online channel still seem to be strictly separated


Agenda


2. Payment contexts





Offline and Online can still be considered as two different payment channels in 2013

Remarks: • Payments can be initiated in the real world; Offline or in the digital world; Online • This context determines the choice of payment method • In our research m-Commerce is considered a type of e-Commerce and thus online • In this report we refer to “pinnen” what is actually a Maestro/V Pay transaction

Offline Online

+

Purpose of the chapter: • In this chapter the most important payment methods for the Dutch market are described


If the consumer is not already registered, online payments are typically more complex than offline payments

1. Choice of Products

2. Account-registration

2. Log In 7. Order Tracking

6. Validation + Order Referention

5. Payment-proces/ Authorisation

3. Order Check 4. Choosing Payment Method

2. Filling in Contact/ Delivery Details

2b. Log In 2a. Filling in Contact/ Delivery Details

Online

2. n/a 7. n/a 6. Validation + Order Referention

5. Payment-proces/ Authorisation

3. Cash Register/ Order intake

4. Choosing Payment Method

1. Choice of Products

Offline


Main differences in the Transaction flow are in Checkout, Delivery details and Payment Flow

Basket Checkout Delivery details

Payment flow Receipt Service Policies Payment method

Device

Offline • Physical • Loyalty card • NA • Pay now • Paper • Email

• On site • Phone

• Law: “Verkoop en garanties voor consumentengoederen”

• Cash • D/C Cards • Giftcards

• Kassa • Terminal • Dongle • Mobile

Online • Virtual • Log-in • Input prefs

• Input prefs

• Stored prefs

• Virtual register

• PSP

• Email • Website • Phone

• Law: “Kopen op afstand”

• PSD

• iDEAL • Credit card • Paypal • Acceptgiro • DD/CT • Cash on

delivery • Giftcards

• PC, • Laptop • Tablet

Mobile • Virtual • Log-in • Input prefs

• Input prefs

• Stored prefs

• Virtual register

• PSP

• Email • Website • Phone

• Law: “Kopen op afstand”

• PSD

• DD/CT • Paypal • Acceptgiro • Cash on

delivery

• Smartphone • Tablet

Orientation Selection Transaction Delivery Customer Care


Current Account is the core funding source of basically all payment methods

Offline Online

Funding

Channel/ Payment-product

Context

SEPA Direct Debit

Internet Banking

Credit Card

Cash Debit Card

Cash Credit

Account Stored Value

Virtual Currency

Loyalty/ Points

Current Account

Loyalty Card

Prepaid ‘Card’

Wallet

iDEAL

SEPA Credit

Transfer

Gift ‘Card’


A broad variety of loyalty schemes and gift cards exist as ‘alternative currencies’

Legal supervision for consumer protection (e.g. In case of bankruptcy) differs among the

products: FRS, Cadeaubox and the paper VVV bon lack legal supervision, while the consumers

enjoy protection with the electronic ‘boekenbon’

Types of loyalty programs and examples

Brand Retailchain

Brand combinations Savings Card

Branch combination Temporary Savings Program

Shoppingstreet/ -mall

Gift Cards Closed-loop

Semi-open-loop

Open-loop

Source: Intersolve


70%

100%

90%

80%

60%

50%

40%

30%

20%

10%

0%

2012

93%

6%

2005

88%

10%

2% 1%

2011

92%

7%

2%

2010

91%

8%

1%

2009

90%

8%

2%

2008

89%

9%

2%

2007

88%

10%

2%

2006

88%

10%

2%

PIN Chipknip Creditcard

1.000

1.500

2.000

2.500

3.000

0

500

+8%

2012

2.474

148 38

2011

2.285

172 39

35

2008

1.756

176 37

2007

1.588

175 34

2006

1.451

164

1.946

2005

1.334

147 30

# tr

ansa

ctio

ns

(mill

ion

s)

177

2009

35 178

2.154

2010

32

Split of electronic payment methods relatively stable Number of electronic payments in NL

Offline - Dutch still like to pay with PIN (Maestro)

• In this report Maestro (or V-Pay) transaction are called PIN transactions since this is the commonly used term by Merchants and Consumers

• Chipknip was introduced in ’96 as a payment scheme to facilitate low value payments, i.e. payments under € 10

• Credit cards are in NL mainly used for high(er) value payments (travel, clothing, catering) rather than everyday purchases, thereby explaining their limited share of total transactions in the offline context

Source: DNB, Innopay analysis


Offline – # Debit card transactions is increasing considerably

2000 2002 2004 2006 2008 2010 2012

0

20

40

60

80

100

120

1403.000

2.500

2.000

1.500

1.000

500

0

Trx value in

€

# o

f tr

x in

Mill

ion

s

Avg. Debit Card trx value

Total # of Debit Card trx NL

Development # of debit card trx and avg. trx value at POS (NL)

2008 2009 2010 2011 2012

0

20

40

60

80

100

120

140

20

40

60

80

120

140

100

160

0

Trx value in

€

# o

f tr

x in

Mill

ion

s

Avg. Credit Card trx value NL

Total # of Credit Card trx NL

Development # of credit card trx and avg. trx value at POS (NL)

• Convenience, speed and (lower) costs (for merchants) have driven the increase in debit card transactions

• Phasing out ‘Chipknip’ in 2015, the intended Dutch payment method for low value payments, and campaigns such as ‘Pinnen, ja graag!’ and ‘Klein bedrag? Pinnen mag!’ has also contributed to the increase in debit card transactions and a decreasing value per transaction

• Low value payments represented ~ 30% of total offline debit card transactions in 2012

• Average transaction value of credit cards has been rather stable for several years at ~ €120,-

Source: BVN, Currence, Panteia, Innopay analysis


Online - iDEAL by far most used for internet payments

1%

1%

1%

2%

3%

4%

4%

8%

13%

58%

1%

1%

1%

1%

3%

4%

7%

8%

14%

54%

1%

1%

1%

1%

4%

5%

5%

6%

13%

58%

0% 10% 20% 30% 40% 50% 60% 70%

One-off Mandate

Cash

PIN

Recurring Mandate

Acceptgiro (paper)

PayPal

Online bank credit transfer

Credit Card

Acceptgiro (Online)

iDeal

Buyers 2011-2 (n=1296)

Buyers 2012-1 (n=1440)

Buyers 2012 -2 (n=1453)

Note: the percentages indicate market shares based on surveys

• iDEAL is the most used (58%) and preferred (74%) payment method online in 2012

• Pay later payment methods are also popular in 2012 (21%)

• The Accept giro will be phased out in 2019, leaving an opportunity for other payment methods to fill the gap

Top 10 payment methods used last purchase

Source: Blaauw, GfK 2013

Prefered online payment method

2%

4%

4%

74%

7%

10% Acceptgiro (Online)

iDEAL

One-off Mandate

PayPal

Other

Credit Card

20% 40% 60%


120.000

110.000

100.000

90.000

80.000

70.000

60.000

50.000

40.000

30.000

20.000

10.000

0

Nu

mb

er o

f tr

ansa

ctio

ns

2012

116.870

2011

93.063

2010

62.961

2009

43.575

2008

27.865

2007

14.811

+51%

Number of iDEAL Transactions (1,000)

Number of iDEAL transactions is growing rapidly

• 117M transactions with a total value of 8.8B EUR in 2012 • Number of iDEAL transactions has increased with a CAGR of 51% between 2007 and 2012 • Number of iDEAL transactions is growing faster than e-Commerce • Consumers state that they prefer iDEAL because of high trust and convenience

Source: DNB, GfK, Innopay analysis

Why do consumers prefer iDEAL

5% 10% 20% 15% 25%

Habit

Fast

Convenient

Familiar

Safe


Roughly the same preferences for mobile payments as for online payments

1%

11%

2%

5%

7%

5%

6%

8%

54%

0%

2%

2%

1%

4%

7%

8%

6%

70%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Do not know

Other

One-off Mandate

Cash

PayPal

Online Bank credit transfer

Credit Card

Acceptgiro (Online)

iDeal

Payment method last mobile order 2012

Tablet(n=225)

Smartphone (n=196)

Source: Blauw 2013


Though electronic transactions score relatively good compared to other EU markets, cash is still popular

0 10 20 30 40 50 60 70 80 90 100

75

Spain 80

Italy 89

Poland

Nordics 46

France 50

Netherlands

90

Greece 97

%

52

Belgium 54

UK 57

Austria 64

Switzerland 66

Germany 69

Ireland

Cash’s share of total transactions NL 2011 (%)

• Compared to other EU countries NL has a lower % of cash transactions

• Merchants value cash payments due to its ubiquitous acceptance and the direct income of revenue streams, while consumers experience cash payments as easy and ‘common’

• Despite the fact that average costs for a debit card trx are lower (~€ 0.21 ) compared to cash payments (~€ 0.24), > 50% of transactions are cash based

• For certain contexts, alternatives for cash are not considered valid

• However, the higher costs, safety risks, counterfeit money and the administrative handling are reasons for merchants to revert to debit card payments

• Cashless checkouts continue to grow in NL

• Cash will also remain the number one fall-back option in case the electronic payment system encounters technical problems

Source: McKinsey, Innopay analysis


Summary: Dutch like to pay with Cash, ‘pinnen’ and iDEAL

• Offline and online can still be considered as two different and not yet integrated payment channels

• In spite of all the fuzz around new payment methods, Dutch still like to pay offline and electronic with Pin: 93% (2012) and online with iDEAL: 58% (2012)

• Pay later payment methods are also popular online since it decreases the (delivery) risk for the consumer

• Current account is still the core funding source of almost all payment methods

“Cash is still king”


Agenda


2. Payment contexts





Many trends have been identified of which nine have been selected as most likely to change the way Dutch pay

Transaction

Technology

Economy &

Society

Legislation &

Regulation

3. Digital wallets

4. Changing POS interaction

9. Increasing regulation

1. Digital identity

7. Consumer in control

5. Changing checkout

6. Convergence of channels

8. P2P payment

2. Mobile shopping and payments


Trend 1: Digital identity Using a single digital identity throughout the shopping experience can enable seamless payments

Increasing electronic interaction between parties leads to demand for identification/authentication in the virtual world, thus requiring a trust framework and providing the participants with clarity on rules of engagement , risk and liabilities Since trust is a basic requirement for consumers and merchants to participate in (e-)commerce, having an online identity which is as strong as a real-world identity is the ultimate solution

Description

• During current e-Commerce shopping experience, consumer identifies multiple times; towards the shop, payment provider and delivery service provider

• Having a single digital identity decreases customers effort of multiple identification and minimizes effort of maintaining identification credentials

Impact on shopping

• Making payments between parties identified and authenticated early in the shopping experience can enable a true seamless payments

• Providing payments as an invisible step in the shopping experience will increase consumer demand for budget control and insight in payments carried out

• Seamless payments may affect the sense of safeness negatively. The actual act of pushing a button or entering a code creates awareness of the expense

Impact on payments

“It's wrong to say IRL means offline: Facebook is real life.”

Nathan Jurgenson (2012) The IRL fetish

"Easy access, via a single digital identity, to reliable information about the person with whom you do business is crucial for the continued growth of online shopping. It may also be interesting for retailers and customers to learn more of each other for 'tailored' services.“

Paul Alfing – Thuiswinkel.org


Signicat: • To reuse existing strong authentication mechanisms for various

purposes • Based on trusted banking technologies

Benefits: • Bilateral agreements between banks and businesses • Five assurance levels, tailored to set of needs • One solution to fit various needs

IDchecker: • Multichannel solution to verify ID documents • Automated checks based on various large databases

Benefits: • Effective, cross channel solution • Extensive database for accurate checks

DigiD: • Secure online identification with the Dutch government

Benefits: • One gateway for all online services of the Dutch government

http://www.digid.nl

http://www.signicat.com

http://www.idchecker.nl

Trend 1: Digital identity Examples

http://www.signicat.com/

http://www.idchecker.nl/


Trend 2: Mobile shopping and payments Smart mobile devices have quickly changed the way we shop, both in-store and on the go

The share of smartphones of total mobile phone penetration in The Netherlands has well passed the 50% mark. Nearly 3/4 of Dutch smartphone users browse the internet every day, and more than 70% have used them to make informed shopping decisions. Mobile devices are increasingly being used in different contexts: • In store: to look up product information and to

compare prices at competitors’ webshops • On the go: mobile commerce enables users to

visualize products and offers while not in front of a computer screen. Localized offers are also available thanks to GPS functionalities

Currently mobile shopping is held back from the lack of widely adopted payment methods that are designed for the smaller screens (although PayPal and KNAB and ING’s iDEAL implementation are exceptions to this rule)

Description

• Mobile devices are increasingly being used in store to access product information and to find cheaper offers (also known as “showrooming”)

• According to Thuiswinkel.org, in 2012, 1,2 M Dutch consumers made at least one purchase with their phone

• Mobile based services often share the same user profile as online counterparts. This makes possible to continue researches and manage lists both on the go or behind a bigger screen

• Mobile internet glues together the traditionally separated, worlds of online and offline shopping

Impact on shopping

• Existing payment methods should be adapted for use with mobile

• Mobile devices require different user interactions, due to the smaller screens and different input methods

• Users are asking for familiar online payment methods to be redesigned for the mobile screens

• Future expected developments will allow deeper integration between mobile phones and POS terminals, with solutions that close the loop of advertising, payment and loyalty points. This will increase the need for payment methods that are able to seamlessly integrate in the integral shopping value chain

• Mobile devices will provide new opportunities for cheaper PoS payment terminals for acceptance of online and offline payment methods

Impact on payments

“Mobile phones as successors of cards are one part of the ‘mobile revolution’, but more profound is the idea of smart devices bringing internet into all contexts”

Innopay


Trend 2: Mobile shopping and payments Examples

OKit: • Single brand covering market needs over multiple contexts • Multi-channel experience, both online and offline

Benefits: • Underlying payments via credit cards and direct debits • Future direct connection to bank account available • Reusability for other purposes than payments (eg: mandates) • Integration with merchant terminals with no dedicated hardware

http://www.okit.com

eBay: • Scan any barcode and see the available listings and offers • Exploits the link between online and mobile profiles • Payments carried through digital wallet profiles

Benefits: • Users can access competitors’ prices in store easily • No need to manually type, • Frictionless interaction

http://mobile.ebay.com/

http://www.okit.com/






“The increasing number of parties offering digital wallets asks for a stronger supervision of the e-money institutions from the Central Banks to protect the stored-funds of the consumer.”

Source: Rommert Jorritsma - Intersolve

Trend 3: Digital wallets and in-app payments Payments are initiated from digital wallets, making payment means less relevant

Digital wallets offer services for payment and loyalty, storing consumer and payment credentials. Wallets aim to: • Increase speed and convenience for consumers • Provide conversion and customer retention for

retailers We currently see many parties are trying to offer wallets to consumers and retailers, resulting in a “war on the wallets”. The current market shows diversified reach & acceptance and channels supported. There are Internet- and POS-only wallets as well as omni-channel wallets. Wallets can be used in a variety of contexts and from a variety of consumer devices (PC, Tablet, mobiles). Many additional and innovative services are expected as wallets try to claim the primary customer and merchant interface

Description

• Digital wallets providing loyalty influence consumer shopping behavior in the orientation and selection phase.

• Wallets steer consumers in where to buy and what to buy by providing relevant offers and financial benefits to consumers

• Digital wallets are increasingly used as quick-checkout method in web shops as alternative for traditional PSP-checkout

• Upon checkout digital wallets disclose consumer and payment credentials

Impact on shopping

• Consumer’s bank account is still the preferred location to store funds

• Digital wallets offer initiation of different types of payments (cards, direct debit) resulting in charging the current account, credit account and/or stored-value

• By providing a seamless payment initiation and additional services from a Digital Wallet, the relevance of the payment means (and it’s provider) decreases and shifts to the provider of the Digital Wallet

Impact on payments


Trend 3: Digital wallets and in-app payments Examples

PayPal: • Single brand covering market needs over multiple contexts • Multi-channel experience, both online and offline • Arguably the largest online 3-party model

Benefits: • Integration of different channels • One single user experience, brand trust • Capability to support future payment innovations • Targeted offers by merchants • Enable relevant merchant offers (which will benefit customers and

merchants)

http://www.paypal.com

Minitix: • Cash-replacement app, allows for various services to be paid

through mobile phones • Funded with traditional payment methods (iDEAL, CT)

Benefits: • Integration with third party platforms • Mobile user experience adapted to users needs

http://www.minitix.nl

http://www.paypal.com/

http://www.minitix.nl/


Trend 4: Changing POS interaction Contactless payments provide convenience and new technologies challenge the classic POS terminal

The in-store Point of Sale terminal (POS) is changing to new interfaces, the classic magstripe has been changed to the EMV chip and a next step is the contactless interface, allowing consumers to tap with either a contactless card or a contactless mobile phone supporting Near Field Communication (NFC). New technologies are challenging the traditional POS terminals and the way payments are initiated in-store. The need for smart and secure terminals might decrease with security moving into the network and shifting to the consumers mobile device. Here we also see the use of new forms of hardware, identification and data communication, such as mPOS devices, Biometrics, NFC and QR-codes. Increased use of loyalty, in combination with contactless mobile phones will require multi-read capabilities at the checkout, where not only payment credentials need to be exchanged but also coupons, vouchers, tickets, loyalty points and so on. Providing consumers with a uniform user experience is the challenge here

Description

• In the current Dutch market, consumers can walk into a store without considering acceptance of payment cards

• Consumer and merchant interact in a two-sided market

• Both sides need to be enabled for the new types of interaction to complete the shopping with the preferred means of payment.

• All developments aim for a smooth and hassle free checkout

• Goal is taking the pain* out of the shopping experience

Impact on shopping

Contactless payments • NFC contactless payments provide consumer

with new interaction with a POS • Using NFC enabled card or mobile phone. • Contactless payments allow for PIN-less low

value payments In-store alternative payments • New technologies, enables use of non-card

alternatives • This brings e-Commerce payment experiences,

into the physical store • Examples; Digital Wallets and Card-not-present

(CNP) transactions

Impact on payments

“There is a positive correlation between pain of paying and the amount spend on the purchase. More surprisingly, research indicates that the payment method used influences the level of pain of paying experienced.”

Source: The irrationality of payment behavior A DNB Occasional study, describing the ‘pain of paying’


Trend 4: Changing POS interaction Examples

Octopus, Hong Kong: • One of the world’s leading smart card payment systems • Enables payment for transport systems as well as at retail outlets

and online transactions Benefits: • One single card to enable different payment services • Reloads automatically by connecting to users’ bank accounts,

solving the loading problems http://hong-kong-travel.org/octopus/

Snel en simpel betalen, The Netherlands: • Enables caterers to speed up checkout • Supports biometrics and contactless initiated payments Benefits: • Increasing the speed at checkout • Providing an alternative for e-Purse (Chipknip) • Automatic reloading of stored value by connecting to users’ bank

accounts http://youtu.be/_o4kyCcb6to & http://www.snelensimpelbetalen.nl

Mobile NFC Leiden: • Collaboration between banks and one mobile operator • Banks and mobile operators to subsidize the issuing of capable

devices • Contactless NFC retail payments from mobile phone

Benefits: • Collaboration between different types of players • Mobile operators providing hosting of secure banking application http://www.mobielbetaleninleiden.nl

http://hong-kong-travel.org/octopus/





http://youtu.be/_o4kyCcb6to

http://youtu.be/_o4kyCcb6to

http://www.snelensimpelbetalen.nl/

http://www.mobielbetaleninleiden.nl/


Trend 5: Changing checkout New shop floor experiences with evolving cash registers and payment terminals

In combination with the capabilities of smart devices such as tablets and smartphones, the in-store checkout and payment flow is changing. Some stores allow sales assistants to freely roam the shop floor, where checkout can be delivered from a smart device such as a tablet and payment is carried out by mPOS. Others allow consumers to scan products using their mobile device and pay via a wallet, thus eliminating the need for a checkout as a whole. Where electronic payments used to be made based on POS terminals, the capabilities of smart devices allow for the customer to pay with a digital wallet in the store

Description

• Shop floor experiences are evolving from new technologies

• Location based services (geo-location, in-store-wifi, etc) allow for direct recognition and identification of the consumer

• Using CRM services to determine customer preferences and sales history over all channels maximizes cross and upselling

Impact on shopping

• If user is identified and authenticated sufficiently, the payment can be carried out as seamless part of checkout

• Using CRM to linking customer’s payment history to checkout, decreases the merchant’s need for a guaranteed payment

• New technologies are used to initiate payments; e.g. NFC, QR-code and biometrics

Impact on payments


Trend 5: Changing checkout Examples

LevelUP: • Platform to enable payments and loyalty solutions together • ‘Closing the loop’ of commerce by issuing consumer app and

providing merchants with new terminals Benefits: • One solution for merchants’ advertising & payments needs • Hiding the payment interaction behind a pleasant user experience

http://www.thelevelup.com

Apple Store checkout: • Dematerialisation of the counter: mobile POS solutions allow for

payment interaction anywhere in store • Counters can be reused for customer service purposes Benefits: • Better use of store space • Customers do not have to wait in line to pay anymore • Mobile POS terminals are less expensive than traditional

http://www.apple.com

http://www.thelevelup.com/

http://www.apple.com/


Trend 6: Convergence of channels Customers are not distinguishing e-, m- or physical commerce; the future will be commerce

As the internet maturity of the Dutch population continues to grow, consumers are by default considering both the online and offline channel to make purchases. On top of this, there is a growing possibility at merchants to go across channels during in the shopping experience, creating a true omni-channel customer experience. For the consumer this means no longer distinguishing between e-Commerce, m-Commerce or physical commerce, but just commerce

Description

• Omni-channel integrates e-Commerce platforms into the physical stores

• Enabling sales personnel to sell products even when they are not in stock

• Delivery of goods in an e-Commerce manner. • Increasingly online orders can be picked up at

physical store or pick-up-point

Impact on shopping

• Payment is specific to the context, resulting in separate payment user experiences for the virtual world and for the physical world

• Digital wallets try to provide a generic payment user experience across channels

• Other payment means are adapting to the variety of channels, e.g iDEAL growing to mobile

Impact on payments

“iDEAL Mobile goes beyond channels and offers “payments everywhere.”

Source: Max Geerling


Trend 6: Convergence of channels Examples

Tesco Virtual Store, South Korea: • Pilot for window shopping through QR codes in metros • Users can scan selected products, pay in-app and get groceries

delivered conveniently at home Benefits: • Extension of grocery shopping spaces in creative locations • Online shopping enables better stock management, while

payments are carried forward in-app

http://www.tescoplc.com

Clicks-in-Bricks: • Extending online commerce experiences in-store • Tablets are connected to terminals that allow users to ‘self service’

checkouts Benefits: • Merchants can still sell goods when not in stock • Buyers can browse through merchants catalogs in store and

purchase directly

http://www.clicks-in-bricks.com

http://www.tescoplc.com/

http://www.clicks-in-bricks.com/







Trend 6: Convergence of channels Examples

MyOrder SideKick: Cookies for the physical world • Know who’s in the shop • Reach the customer on the smartphone and the tablet with

attractive offers • Geo fencing technology, customer gets a reminder when in a

certain radius of the store • Consumer gets a reward when he checks in the shop Benefits: • Learning to know your customer • Cross sell possibilities • Push offers over the air • Instant rewards and offers

http://www.myorder.nl

xXess360°. Scan & Shop Around, The Netherlands: • Online multi-channel, loyalty and e-Commerce platform. Providing

consumers a real shopping experience through innovative ways of product discovery (360°shopping)

Benefits: • Turns real shopping malls into mobile and personalized shopping

environments for consumers • Transforms smart phones into personal point of transaction

devices allowing consumers to discover, scan & buy products • Retailers expand their stores with mobile shops allowing personal

interaction with their customers and increasing loyalty .

http://xxess360.com

http://www.myorder.nl/

http://xxess360.com/

http://xxess360.com/


Trend 7: Consumer in control Increasing need to be in control of personal (payment) data

• The need to register yourself over and over again forced consumers to leave information across websites. Sensitive information is left scattered on the internet, which makes it vulnerable for fraudsters. This is also causing many privacy risks especially when online or offline personal data is being used for big data mining

• As a reaction to this scattering and usage of personal data and related privacy issues an interesting trend emerged to turn the ownership of personal data around

• Life Management Platforms or Personal Data Ecosystems provide users the possibility to retain full control over their own personal data and can basically determine what data to share with which company

Description

• Consumers want to know if merchants respect their privacy (transparency) both online and offline

• Increasing attention towards merchant and third party behavior by consumers and privacy interest groups

• Need to balance shopping experience improvement versus privacy

Impact on shopping

• Increasing need for transparency and security • Rising need for anonymous and less centrally

controlled payments method such as Bitcoin • Consumers may have to be protected or made

aware of risks when payments are being pushed to the background or further integrated into the seamless shopping experience

Impact on payments

“The Age of Privacy is Over.” Mark Zuckerberg


Trend 7: Consumer in control Examples

Personal Data Ecosystem Consortium: • Community: face-to-face events in Europe and North America • Education: white papers and hold seminars explaining the

personal data economy to enterprises, investors, and entrepreneurs.

• Advocacy: engagements with government US and European initiatives like NSTIC to promote user-centric identity and personal control of personal data.

• Research: research and share findings about personal data technology, business models, ecosystems, and social impact for our members and the public

Benefits: • Credible organization that can provide access to global best

practices

Qiy: • Platform for users to control their data and privacy levels • The Qiy Foundation is an independent organisation that

developed an infrastructure of which your personal Qiy domain is part. This infrastructure is called the Qiy Trust Framework

Benefits: • Qiy gives you a personal domain to manage your personal data.

That way, you decide who and when others may access your personal data and for what purpose

http://www.qiy.nl/

http://www.qiy.nl/


Trend 8: P2P payments Why would only merchants be able to accept payments?

Peer to peer payments, payments with less links in the chain and less central control, will be an alternative in retail contexts, when messaging surrounding the transfer of funds becomes real time. Such payment methods could be based on mobile technology because it gives both sender and receiver an interactive (and real time communicating) device.

Description

The distinction between a merchant and just any economic actor might become less obvious as shopping contexts become more fluid. The acceptance of a payment by just any economic actor would enable also less formal shopping contexts and, in the same time, embrace ‘System D’: the informal economy The informal economy is currently responsible for about $ 10 trillion and completely dependent on P2P payment methods. Because of the lack of alternatives, this part of the economy is 100% cash based

Impact on shopping

• The development of a P2P payment method would create a payment method that is applicable to a wide variety of contexts

• Card schemes add value because they enable real time trade between actors that do not know each other, in a world where funds travel at less than real time speed. Real time messaging around a P2P payment method would challenge this functionality

• The business case in most retail payment contexts is based on fees paid by the receiver. A P2P payment method is likely to find its business case more equally distributed between payer and payee

• This could result in fragmentation of payment methods and thus additional complexity for regulators and end users

Impact on payments

“The ultimate payment method is aP2P payment method” The experts from the Transaction working group discussed about this statement and found that there may be some truth in it as any ‘economic actor’ might be wanting to accept payments.“


Trend 8: P2P payments Examples

Bitcoin: • First ever decentralised virtual currency • Monetary policies do not exist, an algorithm keeps the system in

balance • Funds are stored decentralised in enduser’s bitcoin wallets

Benefits: • Immediate, worldwide transfers between users and businesses • Zero or low-cost payment processing • Added benefits of anonymity and limited traceability

http://bitcoin.org/

Mobile Payments, UK: • Coordinated by the Payments Council, allows users to send money

between bank accounts • Using mobile phone number as alias to the bank account, providing

high ease of use

Benefits: • Instant payments, via trusted provider (bank) • Payments carried through Faster Payments for quick settlement

http://www.paymentscouncil.org.uk/current_projects/mobile_payments/

mPesa: • Mobile money remittance service. Launched by Vodafone in 2007 • Became most successful domestic P2P payment service, forced

merchants to accept it as well

Benefits: • Money messages sent through mobile devices, via Telco operators • Instant transfers, with immediate notification that helped uptake

with businesses

http://www.safaricom.co.ke/personal/m-pesa

http://bitcoin.org/

http://www.paymentscouncil.org.uk/current_projects/mobile_payments/

http://www.safaricom.co.ke/personal/m-pesa/m-pesa-services-tariffs/relax-you-have-got-m-pesa




Trend 9: Increasing regulation A clear direction towards a digital economy, increased competition and innovation in payments

The European Commission (EC) has been providing the legislative directives to harmonize payments on a European level. This has resulted in the initial Payment Services Directive (PSD) and the implementation of SEPA payments under the European Payments Council (EPC). Another relevant directive is the Electronic Money Directive (EMD), setting the rules on funds held in non-bank managed stored value accounts. Parallel to this the EC is working on the Digital Agenda for Europe (DAE) to help European citizens and businesses to get the most out of digital technologies. In general, the EC is focusing on increased competition and innovation in payments as well as safeguarding the trust and reducing fraud and cybercrime. Mid July 2013 a new legislative pack has been released with regards to payments; PSD2. This drafted legislation sets out new rules on Access-to-the-Account (XS2A). As a result of this Third-party Payment Providers (TPPs) can get access to the consumer’s payment account for informational services and payment initiation. This will lead to merchants seeing new providers of payment services.

Description

• Banks will implement XS2A in the payments portfolio offered to the account holders

• XS2A is expected to trigger a broad range on new and innovative payment user experiences

The PSD2 only drafted legislation on XS2A, it is now up to the market players to continue to come to a mutual understanding and further detailing of the framework. Depending on the speed generated, the ultimate date of implementing the legislation into national laws of EU member states is 2017. There is a risk of diversification, leading to confused consumers and a lack of trust in XS2A payment solutions. A clear understanding on consumer dispute handling and related liabilities is crucial for the trust in and adoption of XS2A services.

Impact on shopping

• XS2A payments will use SEPA Credit Transfers for settling funds between payers and payees

• Consumers will be able to initiate payments with greater convenience

• Increasing complexity and possibly the cost structure of commerce and payments

Impact on payments

“XS2A is a clear example of opening up of the payments industry. Banks can either see this as a threat or an opportunity, but when done properly, linking the innovation capacity of new entrants to the reliable and trusted payment capabilities of banks can be a tremendous boost for Commerce.”

Eric van Vuuren - Equens


Trend 9: Increasing regulation Examples

SEPA: • 2014 will be the end date for the SEPA migration • Trough unified standards, Europe is making payment systems

effective and reducing their costs Benefits: • Common standards across the region • Cost effective solutions for maintenance of systems

http://www.europeanpaymentscouncil.eu/

PSD2: • Opening up access to the payment account for informational and

transactional services • Linking innovation to standardized payments

Benefits: • New services to become available using bank accounts • Payment account’s access will develop in services including cash

management and investment advisory

http://ec.europa.eu/

http://www.europeanpaymentscouncil.eu/

http://ec.europa.eu/


Eric van Vuuren (Host) Business Developer [email protected] Equens

Shikko Nijland (Chairman) Managing Partner [email protected] Innopay

Contact information expert group Transaction

Economy & Finance

How do the dutch pay in 2013