Monday, 12 December 2016

¿A quién beneficiará el nuevo modelo de comisiones en cajeros en España? Parte 2


El mes pasado en el post ¿A quien beneficiara el nuevo sistema de comisiones en cajeros en España?, analizaba la nueva situación competitiva en la provisión de fondos en cajeros bancarios, y argumentaba que esta nueva situación de subida de comisiones por retirar dinero, podría provocar la generalizacion del cashbsck como alternativa a los cajeros, beneficiando a los supermercados y terminando con el monopolio de los bancos en la dispensación de efectivo al público.

"Pero lo que la gran banca parece que olvidó es que los bancos no son el único negocio que maneja efectivo, existen otros que lo manejan y tan bien como ellos: los supermercados. ING Direct se ha dado cuenta de ello y ha lanzado en España un servicio, twyp cash, que permite pagar la compra y/o pedir dinero en efectivo en supermercados del grupo Dia y en estaciones de servicio de Shell y Galp. ING Direct no hace más que traer un modelo muy común en países anglosajones y en América Latina: el cashback".

¿A quién beneficiará el nuevo modelo de comisiones de cajeros en España?


La llegada del cashback traída a España por ING Direct es una manera creativa de no tener que ceder al mayor coste impuesto por los grandes bancos. Ahora bien, algo que aprendí de Luis Huete en el IESE y que nunca olvidaré es que sectores o productos y servicios con altos márgenes atrae a nuevos competidores.


Si esta subida de precios de la prestación del servicio debido a la libertad del propietario del cajero a establecer el importe de la comisión se une la cada vez mayor reducción de oficinas y cajeros bancarios, nos encontramos con la situación perfecta para entren operadores de cajeros no bancarios.

Y esto es lo que explica que Cardtronics, líder mundial en cajeros no bancarios, haya decidido entrar en España tras firmar acuerdos con SuperCOR (otra vez los supermercados) y Red 6000.


"Aprovechando el cierre de oficinas (lo que conlleva inicialmente el recorte del número de cajeros) y la guerra de las comisiones en estos terminales, ha decidido desembarcar en España Cardtronics, el mayor operador de cajeros automáticos del mundo".

Cardtronics abrirá “miles de cajeros” en España hasta 2021


Cardtronics gestiona a nivel mundial mas de 200.00 cajeros, pero lo que es más interesante es que 138.000 están desplegados en retailers tan conocidos como Seven-Eleven, Target, Walgreens o CVS pharmacy. Según Cardtronics estos cajeros están beneficiando a estos retailers de dos maneras: llevando más tráficos a sus tiendas e incrementando el gasto de sus clientes.

El primer retail en España con cajeros Cardtronics será SuperCOR, la cadena de supermercados perteneciente a El Corte Inglés, con 175 tiendas repartidas por la geografía española.  Sin  duda, una segunda vuelta al papel de los supermercados como dispensadores de efectivo de la población española.

Friday, 25 November 2016

My summary of the week

Mobile Payments

  • Facebook is from last October registered in the Bankof Spain Register as an e-money issuer. Facebook subsidiary, Facebook Payments International Ltd,. based in Ireland is now granted operations in Spain. Facebook launched p2p payments through Messenger in the US last year and its license in Ireland would let FB to delivered p2p payments across the EU. It is to be seen if Facebook will rely on card schemes or the future SCT Inst scheme in the EU. 


Fintech

  • Major insurer AXA is partnering with Silicon Valley insurance start up Trov to launch an on-demand, mobile-first service aimed at millenials in Britain. Trov lets people buy flexible insurance for single items through their smartphone. If, for example, you have got an expensive camera sitting in your cupboard that you only occasionally use, you can use Trov to get temporary insurance for the times when you do actually take it out and use it. 

  • According to El Confidencial, Kantox, the Spanish fintech start up that offers FX management solutions would be the latest fintech start-up to pivot its business model and will start soon to sale its technology to banks. 

  • BNP Pariba has opened an online portal to connect bank staff and business lines with innovative start-ups. Dubbed OpenUp, Startups can use it to post ideas and get connected to the relevant business line managers for onward development. The site also includes a facility for BNP Paribas employees to post projects, with a dynamic matching that notifies all relevant parties when a match occurs. 

  • Santander InnoVentures, the fintech venture capital fund of Santander Group, has announced an investment in PayKey, a start-up that allow peer to peer payments as easily as writing  chat or sending a photo to a friend using WhatsApp, Facebook Messenger or Twitter. Israeli-based PayKey has developed a mobile keyboard application that connects to the bank to make instant and secure payments. 

  • Deutsche Börse acquired stake in figo. figo is a banking service provider focused on building the banking infrastructure of the future and it offers its customers an API designed to fulfill PSD2 requirements, giving banks an alternative to building the regulation-required APIs in-house.


Banks & Market development

  • ABANCA is the latest Spanish bank to create a Consumer Finance unit. This new unit will be led by Salvador Loscertales and plan to finance 400 million in its first phase. ABANCA Consumer Finance will focus on POS Finance as well as credit cards/loans for open market.   

  • Metro Bank boots sharing economy with market leading approach to Airbnb. The high street bank will let its residential mortgage customers to rent their properties through Airbnb, and similar site, for up to 90 days a year without prior approval. 

  • Ikea extends it online commerce offering to all its shops in Spain, after testing the service in its shops in Valencia, Barakaldo and Pamplona 

  • Mastercard Spain has announced a new promotion for L27 and Airport Express bus lines in Madrid. All Friday rides until 30 December will be free of charge if paid by a Mastercard card. Earlier this year Mastercard, Santander Elavon and EMT launched a pilot to let users of both bus lines to pay their rides contactless.

Monday, 21 November 2016

El cambio de narrativa en Fintech

Hace un par de semanas tuve la oportunidad de ver una presentación de Nick Kerigan, Managing Director,  Future Payments en Barclaycard, durante el evento Cards & Payments Innovation Europe 2016 organizado por Marketforce. El título de la presentación era Start-ups: Friend or Foe?. Una slide que captó mi atención fue la referida a la evolución de la narrativa en fintech pasando de amenaza a colaboración para la banca, y para ello utilizaba algunos titulares en medios financieros y como evolucionaban de amenaza a colaboración:


La cuestión es que este cambio de narrativa es real y ya llevamos algún tiempo viéndolo en la parte de los bancos que de manera paulatina empezaron a participar en el ecosistema fintech en sus distintas modalidades: incubadora, aceleradora, venture capital, M&A, co-labs, etc.

Pero lo que parece más novedoso e interesante es que últimamente veo en el lado fintech un viraje hacia la colaboración con los bancos aún más claro, y se sustancia en la premisa de que las fintech están pasando de querer reemplazar a los bancos a querer ayudar a arreglar los bancos.  En España hemos empezado a ver este cambio también, y como muestra de ello, algunos ejemplos recientes:

1.- Aplazame. Durante su presentación en la competición fintech de South Summit 2016, en la que fue ganadora,  Fernando Cabello-Astolfi, CEO de Aplazame, anunció que Aplazame ofrece ahora una versión marca blanca para bancos.
2.- Spotcap. En este artículo de Expansion (cuyo título lo dice todo), Diego Bestard, director de Spotcap en España explica cómo Spotcap está pivotando su modelo de negocio para ofrecer ahora a los bancos un white label service.
3.- Kantox. No he visto confirmación por parte de la compañía, pero en este artículo de El Confidencial, se indica la intención de la fintech española por ser menos bróker y más proveedor de tecnología, lo que incluiría la venta de tecnología a bancos.

En definitiva es un encuentro de dos que se necesitan, los bancos tienen escala y distribución y expertise regulatorio y las fintech tienen la tecnología y las habilidades que los bancos necesitan.

Friday, 11 November 2016

My summary of the week

Amazon

launched its €4.99 Dash buttons in Spain. The Dash button, which first launched in the US in 2015, will make it possible for the company's customers to order any of the different participating brands by pressing the Wi-Fi enabled button. Fairy, Dodot, Ariel, and Hero are among the firms included in the service's national debut. Each button can order one product manufactured by its specific company   


Mobile Payments

•             Citi unveiled Citi Pay, a new global digital wallet that will provide Citi customers with a simple and fast option for online, in-app and in-store payment. Customers will be able to make online and in-app purchases using the same Citibank online user ID and password that they currently use to manage their existing online relationship with Citi. Citi is partnering with Mastercard® to leverage its digital payment service, Masterpass®, to enable the online and in-app transactions
•             PayPal has integrated with Apple agent Siri to enable subscribers to use voice commands to transfer payments in 30 countries and in a variety of languages.
•             The Bank of Ireland has authorized Facebook Limited International Payments Ltd. as an e-money institution with effect 24 October 2016.
•             Starbucks has reported that 25% of transactions are mobile in the US, while over $1.4 billion was loaded on cards in the Us and Canada in Q4 and over $6 billion in FY2016.


Fintech

•             Citi unveils global API developer hub. Through the hub, developers will get access to APIs across eight categories, including account management, peer to peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorisation.

•             Payolution, the white label installment payment solution owned by Paysafe, launches in the UK through Odlo, the Norwegian-based online sports retailer.

•             During its Q316 results, Square announced that  Software and Data product revenue was up 140% YoY, already representing 8% of Total Net Revenue.

  
Spanish banks


•             Bizum, the p2p mobile payment platform backed by major Spanish bannks, reported that 176,000 users have registered in the first month of operations.

•             Following Self Bank and BBVA launches, Evo Banco has announced a digital on-boarding solution based on selfie and video call.

•             Bankia launches BeBankia a service that let merchants create offers that can be redeem by Bankia customers and non customer through a dedicated app. The service is similar to Barclaycard BeSpoke Offers that after 2 years of operations was closed.



Friday, 4 November 2016

My summary of the week

CapGemini publishes World Fintech Report 2017

In the report CapGemini highlights that:

- Customers are embracing new Fintech providers, with 50.2% globally saying they do business with at least one non-traditional firm
-Both traditional and non traditional firms struggle to meet customers expectations on the most important Moments of Truth
-Traditional firms have become more open to partnership with Fintechs
-Inculcating innovation requires methodical approach

Banks $ PSPs

•               BBVA and Self Bank are the first banks in Spain to launch online onboarding using selfie and video call to verify customer´s identity.  This solution allows anyone to open an account in just a few minutes and start banking right away. BBVA and Self Bank are the first banks in Spain that take advantage of the SEPBLAC authorization to use video calls as a customer verification method.
•               Bankia launches Bankia Fintech by Insomnia, a fintech incubator and accelerator in Valencia which first cohort is formed by 14 spanish fintech start-ups. During the presentation the CEO announced that the next programme will be open also to international fintech start-ups.
•               Citi launches ability to dispute a charge within mobile app. Credit card members can submit a merchant dispute on posted charges for an array of reasons including damaged items, returned goods, duplicate charge, etc. Once the dispute is submitted, card memebers will be notified via the app that Citi is taking action, the status of the case and what to expect next.
•               ING Direct Spain has announced that it already has 140,000 TwypCash users that can withdraw money from Dia Group supermarkets and Shell & Galp gas stations. Users also have a 4% discount in the purchases made in these merchants with the TwypCash app.
•               More than 10,000 spanish customers have made use of Carrefour fuel station mobile payments service since it was launched in the summer,  with 9 out of 10 saying it was a “very satisfying” experience. Carrefour has 125 stations in Spain and offered the mobile payment service to Pass cardholders in June 2016 through its Mi Carrefour app, allowing customers to pay for fuel without leaving their vehicle.

Fintech

•               Mastercard expands its use of ledger technology and releases 3 new blockchain APIs to its developer site that allow developers to use the company´s blockchain technology in an effort to promote experimentation of the tool.
•               Antony Jenkins, former Barclays CEO, has launched his own fintech company called 10x Future Technologies and has already closed it first deal with Virgin Money to build a new digital banking platform. 

Friday, 28 October 2016

Money20/20 announcements you can´t miss

Money 2020, the leading Payments event took place this week and I thought I´d share the most relevant announcements made during the event: 




Early Warning
  • Early Warning announced Zelle, a new, faster payments network for participating US banks. Payments can be sent using just an email address or mobile phone number from within the mobile banking experience of networks banks. It is really the Bizum equivalent for US banks. Zelle  will launch in early 2017











Ant Financial
  • Ant Financial announced that is partnering with First Data and Verifone as part of its global expansion to let Chinese visitors and tourists in the US pay with AliPay. Ant Financial            explained that they aim to have at least one million merchants outside the Chinese Mainland to accept Alipay worldwide in three years.








IBM
  • IBM announced the launch of IBM Pay, a white-label branded mobile payments solution in the cloud for large merchants and retailers. The solution requires no new investments in hardware and can be integrated directly into existing merchant shopping apps. IBM Pay works with all merchant´s private –label payment card to help merchants maximize revenues and increase loyalty program participation. IBM Pay is part of IBM Watson Commerce unit.








Samsung
  • Samsung Electronics announced that Samsung Pay is adding three new countries (Malaysia, Russia and Thailand), a global partnership with Mastercard to offer a simplified online payment and express checkout solution through its digital payment service Masterpass and new features in the US: access to deals at nearby stores and in-app payments. Samsung also informed that with the addition of its latest financial partners Capital One and USAA, Samsung Pay now supports banks and credit unios representing over 85% of the US debit card and credit card market.









Bank of America
  • Bank of America's president of retail banking, Thong Nguyen, unveiled an artificially intelligent bot to help customers make smarter decisions.. The new digital assistant "Erica" — a play on the bank's name — will be available inside the bank's mobile app staring next year. Erica will use artificial intelligence, predictive analytics and cognitive messaging to help customers do things like make payments, check balances, save money and pay down debt. She will also direct people to look up their FICO score and check out educational videos and other content.









PayPal
  • PayPal enhances payment experience for Facebook and Messenger. In the US, PayPal will start to roll out as a payment            option across more of Facebook´s commerce experiences, including Messenger commerce, where merchants will also be able to accept PayPal payments directly in their bots. Also, PayPal customers in the US will also be able to get notifications in Messenger, first starting with making it easier to manage receipts for PayPal transactions in one place.








Mastercard

Mastercard made four important announcements during the event:

  • The North American rollout of Identity Check Mobile™, a new payment technology application that uses biometrics, including fingerprint and facial recognition, to verify a cardholder’s identity and simplify online shopping. BMO Financial Group (BMO) will be the first bank in the U.S. and Canada to offer Identity Check Mobile to its corporate customers starting in the first half of 2017. The U.S. and Canada availability of Identity Check Mobile follows the recent European rollout across 12 markets, including: Austria, Belgium, Czech Republic, Denmark, Finland, Germany, Hungary, the Netherlands, Norway, Spain, Sweden and the U.K.
  • Its plans to launch artificial intelligence (AI) bots that allow consumers to transact, manage finances, and shop via messaging platforms. Mastercard KAI, the Mastercard bot for banks, will seamlessly extend Mastercard services to customers on messaging platforms and make financial information and decisions part of consumers’ everyday lives. In this testing phase on Messenger, Mastercard is partnering with Kasisto, the company that created KAI Banking, the conversational artificial intelligence (AI) platform, to power branded virtual assistants and smart bots for financial services. It can fulfill customer requests and solve problems, enabling financial institutions to create entirely new consumer experiences – ones that are as easy and natural as texting a friend. Starting early next year, consumers based in the United States can ask the bot questions about their accounts, review purchase history, monitor spending levels, learn about Mastercard cardholder benefits, receive contextual offers through integration with Mastercard Priceless experiences, and get help with financial literacy.
  • An agreements with Microsoft, Google and Samsung to bring online payments capabilities to U.S.-based users of their digital wallets. Starting early next year, Mastercard cardholders that use Microsoft Wallet, Android Pay or Samsung Pay will be able to shop online at the hundreds of thousands of merchants around the world where Masterpass is accepted. Consumers using those wallets will be able to use their same secure tokenized credentials and device authentication methods to complete online transactions at any merchant site that accepts Masterpass. The optimized checkout process creates a seamless shopping experience, protected by multi-layers of security.
  • And a partnership with Fit Pay, Inc. to bring Mastercard contactless payments to consumer wearables and Internet of Things (IoT) devices. By integrating the Fit Pay platform with the MasterCard Digital Enablement Service (MDES), the companies will work with Wearatec and other innovative manufacturers to bring to Mastercard cardholders a variety of secure contactless payments-enabled devices.

Visa
 
Visa made three important announcements during the event:

  • That Visa Checkout is opening its platform to partners. Issuers and digital wallet providers who utilize the Visa Checkout open platform will be able to extend their payment capabilities to online payments – ensuring their customers can pay everywhere Visa Checkout is accepted, on any device and in apps. Once linked, online banking customers and bank mobile app users will be able to use their banking username and password to access their Visa Checkout accounts. Merchants who have already integrated or plan to integrate Visa Checkout will have access to digital wallets, such as Android Pay.
  • A collaboration agreement with Intel® to Drive Better Payment Security for Connected Devices. The collaboration is twofold: 1) More Secure Internet of Things: Intel and Visa are working together to integrate Visa’s encryption technology with Intel® Data Protection Technology for Transactions as an option for merchants to provide more secure data transmission. It  will support use cases in which card data is accepted through non-traditional payment channels, such as computers, mobile and IoT devices. 2) By providing hardware-level data—in the form of a secure device code—during the 3-D Secure authentication process, issuers can have even greater confidence to approve low-risk transactions, or to require additional verification for suspicious ones. Called Intel® Online Connect, the solution will be included in 7th Gen Intel® Core™ systems and will work with the existing 3-D Secure protocol and the upcoming 2.0 version.
  • That it is allowing third party partners to offer Visa Token Service (VTS). By expanding access to VTS to new partners – including technology companies, device manufacturers, issuers, Internet-of-Things (IoT) companies, wallet providers, merchants and others – Visa will be able to more quickly and easily offer secure digital payment services on any device to the market. Giesecke and Devrient, Gemalto and Inside Secure are the initial partners participating in Visa’s token service provider program to offer new expanded access to VTS. 



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Tuesday, 11 October 2016

¿A quién beneficiará el nuevo modelo de comisiones de cajeros en España?

En marzo de 2015, Caixabank rompió con el sistema de tasas de intercambio multilaterales, por el que todas las entidades participantes en un mismo esquema de pago (Servired, 4B o EURO 6000) se cobraban una misma tasa por el uso de cajeros (tasa multilateral) y, posteriormente, cada entidad cobraba a su cliente una comisión por dicho servicio. En Junio de ese mismo año otros grandes bancos españoles (Santander, BBVA, Bankia, Sabadell y Popular) anunciaron su intención de aplicar la misma medida. Ante la alteración del modelo tradicional, y la queja de los usuarios bancarios que estaban pagando dos comisiones por un único servicio, el 2 de octubre de 2015 fue aprobado el Real Decreto-ley 11/2015, en el que se establece que la entidad propietaria del cajero no podrá exigir comisión alguna al usuario del servicio ni repercutirle gastos, pero sí podrá exigirla a la entidad emisora de la tarjeta. La gran banca conseguía (aunque no totalmente pues pretendía cobrarle al cliente) lo que buscaba, libertad para establecer tarifas a usuarios no clientes.

El racional de la gran banca parecía claro y aparentemente justo: los grandes bancos (especialmente BBVA y Caixabank) habían estado invirtiendo una gran cantidad de dinero en actualizar sus cajeros y dotarlos de cada vez mayores funcionalidades y querían monetizar dicha inversión. Siendo cierta la inversión, la razón es falaz. Las nuevas funcionalidades que se incorporan a los cajeros solo sirven para los clientes, no para los no clientes, que únicamente quieren sacar dinero.

«Los cajeros se han convertido en una ventana más al banco desde la que el cliente podrá operar con sus productos cuándo y cómo mejor le convenga, de acuerdo a nuestra apuesta por una estrategia multicanal», explica Manuel Crespo, responsable de banca digital y tecnología de canales de BBVA España.


Mientras, el director general de Caixabank, Juan Antonio Alcaraz, ha destacado que los cajeros automáticos son una parte esencial de la estrategia multicanal de la entidad, que ofrece a sus clientes "una excelente y accesible banca, sin importar donde se encuentren y la hora del día que sea".


¿Para que le sirve el servicio de ingreso de efectivo de los cajeros de Caixabank a los clientes de ING Direct? Para nada. ¿Para que sirve que desde un cajero de BBVA se pueda hacer una transferencia a un cliente de Bankinter? Para nada. La verdad es que la inversión se ha realizado para convertir los cajeros automáticos en terminales autoservicio con el fin de rebajar las tareas administrativas en las sucursales. A pesar de ello, la retirada de efectivo todavía representa el 74 por ciento del total de operaciones realizadas con cajeros.

La razón detrás del movimiento de la gran banca en el modelo de comisiones de cajeros tiene más que ver con arrinconar a los bancos más pequeños e intenta atraer a sus clientes poniendo en valor su mayor número de cajeros. Esa es la razón principal, es un movimiento de ataque a la competencia más pequeña. No lo digo solo yo, lo dice también la CNMC.

El informe añade que el cambio de modelo propicia un mayor uso relativo de la red propia frente a las ajenas y podría dar lugar un repliegue de los usuarios hacia las entidades con mayor red de cajeros.


Pero lo que la gran banca parece que olvidó es que los bancos no son el único negocio que maneja efectivo, existen otros que lo manejan y tan bien como ellos: los supermercados. ING Direct se ha dado cuenta de ello y ha lanzado en España un servicio, twyp cash, que permite pagar la compra y/o pedir dinero en efectivo en supermercados del grupo Dia y en estaciones de servicio de Shell y Galp. ING Direct no hace más que traer un modelo muy común en países anglosajones y en América Latina: el cashback. ¿Qué diferencia hay entre un cajero que dispensa dinero y una caja de supermercado que también te dispensa dinero? Desde el punto de vista de la utilidad del cliente, ninguna. La respuesta de ING Direct ha sido muy creativa y digna del único challenger bank que tenemos en España.

¿Secundarán otros bancos el movimiento del banco naranja? No lo sabemos, pero la propia dinámica del mercado puede empujar en esa dirección. Comparemos, por ejemplo, la evolución de cajeros y supermercados en España y veremos que a medida que se cierran oficinas bancarias en España se abren más supermercados llegando a contar en 2014 con más de 18.000 (sin contar hipermercados y autoservicios).



                                                        Fuente: Banco de España y Nielsen

Es indudable que vamos muchas más veces a un supermercado que a un banco.

Del ultramarinos al súper. Así ha cambiado la fotografía de la distribución en España a como era hace 30 años. Los españoles han pasado de hacer la compra en tiendas tradicionales, que en 1985 representaban dos de cada tres puntos de venta de gran consumo, a hacerlo en supermercados e hipermercados, que actualmente aúnan el 45% de los lugares donde llenamos nuestras despensas.

Si otros bancos y supermercados adoptan el cashback,  el monopolio de la dispensación de efectivo a consumidores en nuestro país por parte de los bancos podría llegar a su fin. Ahora que los clientes tienen más difícil diferenciar qué cajero le cobra comisión o no, tal vez sea más fácil buscar directamente el supermercado de barrio más cercano.

Pero existe un caso de uso adicional que no entra en competencia con los cajeros de los bancos sino que los complementa, y es el de los pueblos en los que el cierre de sucursales bancaria ha dejado sin ningún cajero. El periódico ABC publicaba hace unos días un reportaje sobre Dozón, un pueblo de 2.000 habitantes en Pontevedra que no tiene oficinas bancarias y cuyos habitantes tienen que ir al pueblo más cercano a 17 kilómetros para sacar dinero de un cajero. No conozco este pueblo pero estoy seguro que tiene un supermercado o tienda tradicional que aplicando la tecnología adecuada podría servir de dispensador de efectivo del pueblo.