a payment system uprising by ahmad hayat

A u t h o r i z e d t o X P a y , K u w a i t M a r k e t R e s e a r c h R e p o r t s

“A Payment System Uprising: The Emergence of Mobile Payment Solutions” By Ahmad Hayat - Product Development Analyst Examining the prospects of mobile payment within the data & transaction processing industry

July 16

08Fall

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A PAYMENT SYSTEM UPRISING [PART 1] - Research Report | July 2016 | XPay Kuwait By Ahmad Hayat – Product Development Analyst | Email: [email protected]

Table of Contents I. International Payment Processing Systems Outlook 3 - 8

A. Growth Rates & Regions B. Influencing Factors 1. Infrastructure Developments 2. Banking Sector Responses to Digital Payments

II. Consumer Experiences with Mobile Payment Processing Systems 9 - 14 A. Trendiness B. Cost & Convenience C. Security

III. Why Could Mobile Payments Have a Bright Future? 14 - 17 A. The Big Two B. Rising Payments Revenue C. Opportunities & Threats to the Mobile Payment Solutions Industry

IV. Implications 17 V. Works Cited 18

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International Payment Processing Systems Outlook Growth Rates & Regions | The Payment industry worldwide has so far achieved substantial revenue growth between emerging and developed markets, which isexpected to grow at an average rate of6% annually through 2019 according to “Global Payments 2015: A Healthy Industry Confronts Disruption” byMcKinsey & Company. It is anticipated that the proportion of transaction-related revenues will continue rising through 2019, growing faster than liquidity revenues (7 percent vs. 5 percent CAGR), and contributing more to global payments revenue growth for the period ($360 billion compared to $220 billion)[McKinsey & Company, 3].This may suggest rising opportunities for payment processing systems with platforms to handle transaction-based services i.e. merchant, as this is driven by payments-specific trends and the ongoing migration of paper to digital.Also the digital revolution in customer behavior and the intensifying competition will likely revive the war on cash, giving further momentum to transaction-related revenues[McKinsey & Company, 3]. When examining the Constant Annual Growth Rate (CAGR) of non-cash transactions across various regions, we see that developing markets such as Emerging Asia, Central Europe & Middle East & Africa (CEMEA), and Latin America pose significant growth potential averaging to 16.4%. Thus, Xpay’s home market of Kuwait is positioned to be in an internationally recognized region of non-cash transaction growth within CEMEA. The CEMEA yielded the 2nd highestannual growth rate in non-cash payments as of 2014, right behind the Emerging Asian markets as shown in Figure 1. Figure 1

(Source: World Payments Reports) Growth rates in the CEMEA and emerging Asia regions were highest due to the low volume of non-cash transactions that would occur in the these economies (Figure 2). This suggests that CEMEA markets have significant ‘room’ for

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payment processing firms to enter. We believe that the use of cash or commercial paper remains widely adopted, which tends tosubsequently create opportunities to better serve such markets with digital payment systems. Figure 2 Regions of Non-Cash Transactions

(Source: World Payments Reports) In the EMEA, we discover that major uses for payments have comprised of consumer-liquidity [24%], followed by commercial liquidity[18%] and commercial cross-border transactions [17%]. In this case, we can get a glimpse of how consumers and merchants tend to use payment-processing systems in the EMEA, or more closely toresemble Kuwait’s payment uses (Figure 3). Figure 3Regional Payment Uses

(Source: McKinsey & Company)

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The countries represented in Figure 4 seek to demonstrate the top markets with regards to non-cash transaction volumes and rates of change from 2012 to 2013. Here, we see that China held the greatest rate of change (+37.7%) in non-cash transactions with a relatively low volume(Ranking in 6th place). Whereas, the United States had the highest volume transactions of $123billion in 2013 due to an abundance of payment processing companies with high market penetration. Additionally, Russia presents an optimistic outlook for payment systems that deal with non-cash transactions since it held last of the top 10 markets in terms of volume, but yet held a healthy growth rate of 33.4%(2ndhighest). Thus, we hope to study payment-processing firms that operate inChina &Russia to examine their techniques of increasing their services adoption, while also examining how firmsin the United States compete for users by innovation in an effort to enhance their below-average world growth rate in our upcoming report. Figure 4

(Source: World Payment Reports) _____________________________________________________________________________________________________ Influencing Factors| When analyzing payment-processing companies it is vital to point out factors that are influencing this particular segment of the technology industry.For instance, both traditional and new types of payment providers are already reshaping the market. There has been an increased presence of new non-bank competitors combating bank processors by innovating to user-friendly technology, and reaching towider customer demographics. In Figure 5, we intend to summarize the four potential disruptions that will alter the payments landscape during the coming years according to McKinsey & Company’s research report.

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Figure 5 Four Influences to Affect thePayment Industry Factor Description Non-bank digital entrants are shaping customer experiences

The emergence of technology giants and start-ups have intensified competition with banks that will need to respond to these changes with new strategies, capabilities and operating models.

Modernization of domestic payments infrastructures is underway

The industry is currently going through a wave of infrastructure modernization that is required to compete effectively with nonbank innovators and address-evolving customer needs. More than 15 countries have modernized their payments infrastructures in the last few years, and many others are in the planning stage.

Cross-border payments inefficiencies are opening doors for new players.

It is claimed that Banks have done little to improve the back-end systems and processes involved in cross-border payments. As a result, cross-border payments remain expensive for customers, who also face numerous pain points (e.g. lack of transparency and tracking, and slow processing times). However, nonbank players are increasingly penetrating on the traditional cross-border turf of banks— moving from consumer-to-consumer (C2C) to business-to-business (B2B) cross-border payments—they will force many banks to rethink their longstanding approaches to cross-border payments.

Digitization in retail banking has important implications for transaction bankers.

The digital revolution will extend well beyond consumer payments and retail banking, causing significant changes in transaction banking. As customers grow accustomed to faster and more convenient payments on the retail side, they will soon demand similar conveniences and service levels in transaction banking.

(Source: McKinsey & Company) Infrastructure Development Paymentsystems in emerging markets tend to commonlylack traditional payment infrastructure, which promotes the chances of using e-commerce technologies to fulfill this need. Indeed, the fast take-up of new technology is enabling payment services to be provided to the unbanked, as demonstrated by the success of M-Pesa in Kenya, and its recent entry into the European markets (Dominic Broom, Web). According to thescholarly research article called “Drivers of e-business activity in developed and emerging markets”, claims that results of an empirical analysis of the determinants of e-business activity across a sample of 26developed countries and 52 emerging markets in 2005. Suggested that there wasno support found for a linkagebetween e-business and institutional factors [i.e., country risk,economic freedom, and transparency] or payment infrastructure. This implies that e-commerce or digital payments processing systems arenot correlated withanation’s institutional factors. It is stated that, “The absence of a link between institutional factors and e-business suggests that e-business arises notonly when supporting economic institutions exist but also as ameans of overcoming inadequate institutional conditions”

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(Gregorio, D. Di, Suleiman K. Kassicieh, and R. De GouveaNeto 155). Thus, countries that suffer from the lack of sufficient payment infrastructure from banking systems should benefit the most from digital pay. Banking Sector Responses to Digital Payments The Banking sector’s credit-card industry processed a volume of around $2.7 trillion in the United States as of 2015 (Andreessen Horowitz, Web). It is important to understand how much value digital payments could possibly add, and explain why certain parts of the credit-card industryare particularly vulnerable to disruption. The e-business fosters to undermine monopoly power but it has not yet led to a reduction of monopoly power for providers who hold proprietary intellectual property (Gregorio, D. Di, Suleiman K. Kassicieh, and R. De GouveaNeto 156). In other words, banks with intellectual property payment technologies maybe hard to compete with. However, the ability for individual digital payment firms to reap extraordinary profits was initially overestimated, there is little doubt that the social gains to e-business innovations have been dramatic (Gregorio, D. Di, Suleiman K. Kassicieh, and R. De GouveaNeto 156). This suggests that mobile payment companies must achieve high adoption rates for their offered services to determine success.

Furthermore, major credit card companies such as Visa Inc. and MasterCard Inc. have undertaken strategic initiatives to operate in a world in which the numbers of digital payment transactions are constantly growing. According to Visa Inc.’s Annual Report of 2015, in the next five years Visa will slowly switch from cards to electronic payment methods by adopting new technologies. Meanwhile, it is claimed in MasterCard Inc.‘s Annual Report of 2015 that “The payments industry is certainly changing. Countries are going cashless and electronic payments are becoming a vital way for governments to achieve economic goals”(3). This also supports the notion that payment processing is headed towards digitalization, thus realizing the potential with mobile electronic payments. In this case, we will briefly examine the upcoming strategies of payment processing companies that yielded the highest market share in global transactions as of 2014: Visa [45.6% for credit cards] and MasterCard [29.9% for credit cards] as shown in Figure 6.

Figure 6

(Source: The Nilson Special Report)

In this sense, understanding Visa and MasterCard’s new approaches to growing their businessalongside profitability can reveal to us where the trends of the payment processing industry is moving towards in the coming years, and what are the potential challenges to be faced [Figure 7].

In 2014, Visa and MasterCard both held 75.5% of global market share for credit cards, in addition to having 91.4% market share for debit cards transactions.

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Figure 7 Summary of Visa and MasterCard’s Growth Strategy as of 2015

Expansion Plan • Diversifying customer base into new and existing markets

by working with partners such as governments, merchants, large digital companies and other technology companies, mobile providers and other businesses.

• Adding new opportunities for electronic payments, such as transit and person-to-person transfers.

• Broadening financial inclusion for the unbanked and under banked. While also serving small business merchants, particularly those who have not historically accepted electronic payments.

• Developing safety and security products and solutions, data analytics and loyalty solutions to add value.

• Examining the evolving ways consumers interact and transact as physical and digital payments converge. Challenges

• Increased presence of alternative systems and new entrants from competitors like digital wallets, mobile payment, e-commerce etc.

• Potential displacement third-party transaction processors throughout the world, such as First Data Corporation and Total System Services, Inc., which link issuers directly with point-of-sale devices for payment transaction authorization and processing services.

• Legal and regulatory frameworks such as anti-money laundering, Internet cyber-security and interchange fees.

Expansion Plan

• Launch of digital solutions platforms like “Visa Checkout”, which covers nearly $85 billion of addressable e-commerce volume within 9 million registered users. Also “mVisa” – new mobile payment service was launched in India to enable consumers to make cardless purchases, pay bills and send money to other individuals via “pushing” a payment from their bank or stored value account via their mobile phone.

• Enhancing payment system security by: 1) Tokenization – replacing account numbers with

digital tokens to reduce fraud 2) Data Analytics – centralized network database

to identify & deal with theft 3) EMV-chip technology – creates a unique

transaction code that can’t be used again • Introducing greater client incentives to obtain longer-

term contracts, build more transaction volume and product acceptance.

Challenges

• Legal and regulatory frameworks such as anti-money laundering, Internet cyber-security and interchange fees.

• Growing use of e-commerce and mobile payment systems use.

• Large exposure to a single market -more than 50% of transactions come from the U.S markets.

(Sources: MasterCard Annual Report 2015 & Visa Annual Report 2015)

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Consumer Experiences with Mobile Payment Processing Systems | Consumers using mobile payment-processing systems intend to value the following:

Trendiness

MasterCard Inc. has planned to hold its promise in changing the convenience, safety, and growth in commerce. As consumers and merchants evolve to prefer digital first experiences, MasterCard Inc. is transforming the company to embrace the opportunity that global connectedness provides (MasterCard Inc. 4). It is expected that consumers will view mobile payments as a hot trend that is carving a niche in buying behavior and capturing the interest of restaurant clients – especially with so many being less tolerant of long waits to pay their bills after they complete a meal(Barrotti, Alex , Web.). For example,mobile payments that contain Point-of-Sales [POS] systems can allow for a quick bill pay at a restaurant, as a result saving the waiter time in printing the receipt and handing it over in a checkbook.In fact, mobile payments are applications that can be simply downloaded using a smart-phone. Figure 8 below reveals the total application downloads around the world from 2010 to 2012. Figure 8

Trendiness Cost & Convenience

Security

World application downloads for Apple grew from around 2.5B to 31B during a three-year period. Whereas, Android applications had ended up with roughly 14B downloads by 2012.

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(Source: Compuware)

Despite the statistic of application downloads being almost four years old, we are given an idea of how rapid smart-phone users are downloading such content. According to “Statista.com”, the number of mobile application downloads worldwide are expected to reach 268.69 billion in 2017 (Web.).Furthermore, trend behaviors have evolved to favor the use of mobile applications rather than mobile websites as shown in Figure 9. We believe that if the popularity with using and downloading mobile applications persists, the success for mobile payment applications maybe imminent.

Figure 9

(Source: Compuware)

In addition, statistics reveal that the total number of smartphone users worldwide from 2014 to 2019 has been constantly growing. Currently by the end of 2016, the number of internationalsmartphone users is forecasted to reach 2.08 billion [Figure 10]. From these numbers, we can only get a glimpse of how widely spread phone ownership has become along with the size of the target audience to potentially use mobile payment systems. Meanwhile, the global percentage of adults who use the Internet occasionally or report owning a smartphone stands at a median of 67% as shown in Figure 11. It is notable that phone ownership and Internet use is higher in developed countries as opposed to developing economies. Thus, a rise in global phone ownership and Internet use should be driven by the economic conditions of developing nations. These economic conditions include rising standards of living [GDP per capita], increased employment rates and improved telecommunication services.

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Figure 10 Global Growth of Smart Phone Users

(Source: Statista)

Figure 11

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(Source: Pew Research Center) Cost & Convenience Mobile payment systems hold the descriptions of both being easy to use, and at low cost. The mobile wallet is a payment mechanism that can be used from an app on a mobile phone or tablet. Consumers can sign up for a mobile wallet account online and link their charge cards, debit cards, and bank accounts. Customers can then download the mobile wallet app onto their mobile phones or tablets and use it to securely pay for goods they want to purchase at stores where that mobile wallet is accepted as a payment method (Barrotti, Alex,Web.).

In reference to the article called “Mobile Payments: What’s in It for Consumers?” by Fumiko Hayashi states that mobile payment systems can benefit consumers in many ways. Firstly, a mobile device will eliminate the inconvenience of carrying multiple plastic cards in a physical wallet by enabling consumers to link mobile payments to those card accounts. Also mobile payments can be used for small-dollar transactions, as they will eliminate the inconvenience for consumers carrying coins and currency.Finally, a convenient advantage of mobile payments to consumers ensures faster transaction speed for certain types of purchases. With contactless payment methods, including contactless cards and NFC-based mobile payments, the consumer needs to only tap or wave the contactless device in front of a reader to make a purchase. According to some estimates, this method of payment can be 15 seconds to 30 seconds faster than swiping a traditional card and signing the receipt or entering a PIN (Morea; Polasik and others). This small difference in transaction speed can be important in situations such as mass transit or highway toll gates where consumers need to move quickly through the checkout point (Hayashi, Fumiko, 40).

Mobile Payment Solutions help resolve:

With regards to cost, mobile payments are just as accessible, if not more so, to small and medium-sized enterprises (SMEs). Large businesses are often hindered by ‘red tape’ and rigid infrastructure, which makes them slower to adopt new technology strategies. Engaging mobile payment solutions can help SMEs reduce costs associated with processing cash payments such as bank charges, transport and security overheads and leakage fees that are normally underestimated by merchants(Global Selector, Web.). Customers on the other hand can save money with mobile payment solutions, especially when it comes to sending international remittances. The World Bank report in Figure 12 reveals that the cheapest method to send money abroad was using post offices, and the most expensive were commercial banks. However, sending funds through post offices are slow, and whose reliability depends upon each country’s norms. Furthermore, the cost of sending remittances from Sub-Saharan Africa and the Middle East remain the highest in the world as pointed out in Figure 13.

PlasticCards

Plastic Cards Theft Slow Processing Loose Change Waiting Lines to Transfer Money

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Figure 12

Figure 13

(Sources: World Bank)

Security

Mobile payment solutions trust is exactly what’s needed in order for the technology to experience widespread adoption. The EMV (EuroPay, Mastercard, Visa) card has been developed with a secure microchip for transmitting data, but it is a physical asset. The trick is to create a parallel level of security in the virtual world.The industry has moved in terms of securing customer payment credentials with the advent of host card emulation (HCE). Before HCE, only two possibilities existed. One was storing credentials in a specialist security chip, called Secure Element (SE), in the phone. This creates a mobile wallet in which the “Secure Element” securely transmitting sensitive data like an EMV card does. The other possibility was to use “Card On File” credentials in the cloud – essentially just storing basic payment information online (Wired.com, Web.).Selecting any of the two methods offer solutions to secure mobile payments. Meanwhile, with the annual rise of card fraud worldwiderepresented on Figure 14, consumers maybe reluctant to try a more secure option with mobile wallets. For instance, credit card fraud caused losses of around $16 billion dollars during 2014 alone.

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Figure 14

(Source: The Nilson Report) _____________________________________________________________________________________________________ Why Could Mobile Payments Have a Bright Future? The Big Two [Visa & MasterCard] |

Mobile payment solutions have a potential future as we had mentioned about how the two major card firms [Visa and MasterCard] have gone towards shaping their business strategies. In this case, MasterCard Inc. seems to lean in the direction of acquiring mobile payment system firms, whereas Visa Inc. is already underway to launch their own mobile platform called “mVisa”. The payments market is large enough to accept new methods of transaction processing as cash and check continue to represent the most widely used forms of payment, constituting approximately 85% of the world’s retail payment transactions (MasterCard Inc. Annual Report 2015).

Since both dominant card companies have a long-term goals set to increase the use of debit or credit card, mobile

payments prove to be an easy means to reach consumers in developing markets that lack sufficient banking services. Presently, Mobile payments solutions are used in a number of countries, including both emerging markets and the developed countries. In emerging markets, most mobile payments are person-to-person transfers. In developed countries, mobile payments tend to be used for consumer purchases at stores or over the Internet. Factors driving mobile payment adoption also differ between emerging markets and developed countries. In emerging markets, such as in Africa, many consumers havemobile phones but few have bank accounts, thus spurring interest in mobile phones as a means of access to financial and payments services (Hayashi, Fumiko, 39).

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Rising Payments Revenue |

Global payments revenue increased its share of total bank revenue from 38 to 40 percent. Future revenue growth will likely remain in a healthy range, although macroeconomic and interest rate uncertainties could affect performance. The increase of the banking sector’s share for payments indicates an international market looking for secure methods despite banks being the most expensive means. However, around 60% of global payments come from non-banks. McKinsey expects annual global payments revenues to increase at a relatively stable annual rate of 6 percent during the next five years, exceeding $2 trillion by 2020 as depicted in Figure 15(McKinsey & Company, 6). Figure 15


The APAC [Asia Pacific & Asia Central] continued to be a major center of growth in 2014 by adding approximately $75

billion in payments revenues, and accounting for about 55 percent of the industry’s revenue growth worldwide. Within Asia, China was again the leading performer, contributing $65 billion, or 87 percent of total regional revenues. Revenue growth in Latin America was also strong, surging 22 percent to $200 billion. Brazil clearly led this region, accounting for about 60 percent of its total payments revenue. Both North America and the EMEA [Europe, Middle East & Africa] also enjoyed steady albeit more modest revenue growth (about 4 percent in both regions). In the European Union, which was the primary source of the revenue erosion that occurred in EMEA during the preceding years, 2014 payments revenue rebounded and grew about 2 percent(McKinsey & Company).It is clear that high growth rates are to come from emerging markets, the growth of the middle class and expanded consumer activity represent vast untapped pools for payments companies, particularly involving mobile money applications, because cellular penetration in these regions tends to be high. If mobile payment firms are to be successful they must be responsive to customer preferences, prepared to develop valuable new features, and sufficiently nimble to anticipate and counteract competitive activity in order to thrive.

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Figure 16


Opportunities & Threats to the Mobile Payment Solutions Industry |

Opportunities • Businesses that adopt mobile payments solutions can better cater to varied consumer payment preferences.

Mobile payments can provide flexible, convenient and secure transactions that help increase customer base and encourage purchasing decisions.

• Mobile payments technology can help enhance the shopping experience for customers by reducing wait times and efficiently managing demand during peak periods.

• Mobile payment solutions offer small enterprises the opportunity to integrate loyalty and incentive programs to provide value-added benefits to customers. For example, the technology can help push in-store promotion alerts, e-coupons and discounts as well as provide intelligent and personalized recommendations that can increase customer loyalty, boost sales and increase revenue.

• The use of smartphones creates access to ‘big’ consumer data that can be analyzed to surface valuable insights on consumer behavior. Mobile payments leave an electronic trail that can be used to track consumer preferences and shopping patterns to provide real-time customer knowledge. This enables targeted marketing, which translates into increased sales and improved customer satisfaction.

• Engaging mobile payment solutions can achieve better cash flow management and reduce costs associated with processing cash payments such as bank charges, transport and security overheads and leakage fees that are normally underestimated by merchants.

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(Source: Global Selector)

(Sources: McKinsey & Company, andHayashi Fumiko)

Implications |

After studying the potential threats mobile payment solutions could face, we have stated below important considerations to help combat and minimize such risks that could hamper our company’s prospects.

1) BUSINESS MODEL STRUCTURE- For all parties to be willing to participate in our service, it is necessary to establish fees, rules on ownership of consumer data and relationships, and rules on liability for fraud losses that allow each party to cover its costs and earn a reasonable profit. In this case, a pricing strategy will be developed from a feasibility study conducted in the product development department.

2) DISTINGUISH BENEFITS –Consumers & merchants may not adapt to our mobile payment solutions because they may

not be well informed about its benefits. In this case, our marketing team must clearlystate the value of mobile payments relative to traditional payment methods. The perceived benefits to consumers of mobile payments may also depend on how much choice is available for the consumers between different funding methods, and the application’s capabilities (Hayashi, Fumiko 41). Finally, we do not want to state cheaper fees as our priority value offered to our users as this could erode profit margins.

3) REGULATIONS – Carefully work through regulatory requirements and develop proximate relations with the central bank.

Threats

• The setup and learning processes to adopt mobile wallets maybe less burdensome for some consumers than others. I.e. In Kuwait, teenagers will be easier to educate about new technology than working-class expats.

• Central bank regulations may slow or possibly hinder product development in particular areas • Challenges exist in attempting to create viable business models for all parties involved in providing mobile

payments. How can mobile payment firms establish themselves to make a profit when credit card companies are charging low or even zero transaction fees?

• There has been uncertainty about the net benefits to consumers of mobile payments relative to traditional payment methods. For example, consumers may think what’s in it for them and what value will mobile solutions offer?

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Works Cited Barrotti, Alex. "Mobile Payments: Innovation for Improved Efficiency and Customer Convenience | Payment Week."

Payment Week. N.p., 2016. Web. 19 July 2016.

"Digital Wallets: The Next Platform (& Where Startups Can Compete)." Andreessen Horowitz. N.p., n.d. Web. 13 July 2016.

Dominic Broom. "Global Payments 2020: Transformation and Convergence." Finextra. N.p., n.d. Web. "Global Payment 2015." Mckinsey.com. McKinsey& Company, n.d. Web. 07 July 2016.

Gregorio, D. Di, Suleiman K. Kassicieh, and R. De GouveaNeto. "Drivers of e-business activity in developed and emerging markets." IEEE Transactions on Engineering Management 52.2 (2005): 155-166.

Hayashi, Fumiko. "Mobile Payments: What’s in It for Consumers?" Kansascityfed.org. FEDERAL RESERVE BANK OF

KANSAS CITY, n.d. Web. Heggestuen, John. "New Payments Startups Face an Uphill Battle to Disrupt the Massive, Entrenched Credit-card

Processing Industry." Business Insider. Business Insider, Inc, 2015. Web. 13 July 2016. "MasterCard Annual Report 2015." Investor.MasterCard.com. MasterCard Inc., n.d. Web. "Mobile Apps: What Consumers Really Want." Info.dynatrace.com. Compuware, n.d. Web. "Mobile Payments Can Be a Business Enabler." Global Selector. N.p., n.d. Web. 21 July 2016. "Number of Mobile App Downloads 2009-2017 | Statistic." Statista. N.p., n.d. Web. 19 July 2016. "Number of Worldwide Non-Cash Transactions | World Payments Report." Number of Worldwide Non-Cash

Transactions | World Payments Report. N.p., n.d. Web. 09 July 2016.

Poushter, Jacob. "Smartphone Ownership and Internet Usage Continues to Climb in Emerging Economies." Pew Research Centers Global Attitudes Project RSS.N.p., 2016. Web. 19 July 2016.

"Purchase Transactions On Global Cards 2014." The Nilson Special Report.N.p., n.d. Web. 18 July 2016. "The Cost of Sending Remittances: June 2015 Data." World Bank. N.p., n.d. Web. 21 July 2016.

Visa Inc. Annual Report 2015. (n.d.). Retrieved from http://s1.q4cdn.com/050606653/files/doc_financials/annual/VISA-

2015-Annual-Report.pdf "Why Mobile Payments Adoption Has Been Slow – And Why That's About to Change." Wired.com. Conde Nast Digital,

n.d. Web. 21 July 2016.

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