Trésorier/Treasurer magazine - N°86 - Jul/Aug/Sep 2014 - (Page 12)

TREASURERS OF THE FUTURE WILL HAVE TO DEAL WITH NEW E-PAYMENT METHODS In a constantly changing world, we need to adapt continuously and always look ahead. «Business models» are changing, with the result that many businesses are moving to B2C, with all the consequences that this brings in terms of payment habits. Targeting a young public means opting for new and modern ways of paying. The dividing line between banks and «e-industry» is very fine. New Internet giants are appearing on the banking market and plan to compete with banks in certain domains, including payments and loans. A new industrial revolution is underway. However, technology is evolving quicker than regulations. Surely financiers need to be prepared to take this new state of affairs on board in their approach to payments? LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°86 - JUL / AUG / SEP 2014 In a changing world, new competitors are emerging on the payment methods front 12 The world is changing extremely fast, particularly as a result of the recent huge strides in technology. The «business model» of many companies has also shifted towards B2C in parallel with it. A consequence of this fundamental transformation is that companies have to collect funds (i.e. incoming payments) using new payment methods (i.e. e-payments). They need to embrace these diverse and varied payment methods if they are to the collect funds due to this business transformation and make their new operating models viable in the long-term. The difficulty often derives from the high volume of receipt transactions and their low, or even tiny, value. This throws costs and other expenses into sharp relief. These new niches are encouraging many service providers, (such as banks, e-traders, software houses, technology companies, search engines, etc..) to develop and offer alternative solutions, which are genuine competition for traditional banks. Some new entities even have banking licences, enabling them to carry out transactions which the banks themselves have always tried to shield from competition. Without having the same regulatory and financial constraints, with shorter response times and the capacity to develop appropriate IT solutions very fast, these new players are on a course, in time, to gobble up the online payment market. A war has broken out. No one knows who will win it. We cannot say whether the banks will try to adapt their own business model, or whether e-business companies will diversify into neutral ground. But it is absolutely certain that the fighting will be fierce, and that there will be bodies lying by the wayside. The new arrivals will obviously have immeasurable advantages compared to banks - cost structure, speed of response, technology and developers, fewer regulatory restrictions, huge liquidity, etc. Furthermore, e-business companies could, and know how to, make the fullest use of customer information (i.e. bog data) to profile them, target them and finally «hook them», like a skilful angler. These electronic payment solutions exist or are being brought into existence as we speak. For them, too, size and scale will be crucial in building a business that will last. Security, interfacing, flexibility and price will be the key challenges to be overcome to be able to attract new users. The survival of e-payment companies will come at a high price. This does not/ no longer scares technology companies, which are awash with cash. The portability and mobility of payment devices and methods will be crucial advantages to be capitalised on in attracting new people to sign up. Can treasurers decide they don't need to bother about this development, this genuine tsunami and market trend? These new «e-companies» will provide access and solutions, because their very survival depends upon it. Multiple players There is a profusion of players: there are the banks which are trying to become more «virtual», the Internet giants always ready to swoop and the trading companies themselves which may wish to grasp opportunities or find solutions to problems themselves, without needing to rely on others. For example, Monoprix (French retailer) announced that it would be agreeable to adopting the Bitcoin from 2015. Major retailers will certainly take an interest in these new virtual currencies. Since technology is evolving faster than the economic and regulatory environment, you need to be able to adjust to make sure that you don't miss the bandwagon. Company diversification is a way of protecting your business and a strategy. The ICT revolution is underway. People are changing their consumption habits. The world itself, perhaps, is not changing; it is, rather, undergoing a transformation. The plethora of companies ready to pounce on these e-payments makes it even harder to decide on the best approach. Today we see the arrival of Alibaba, iPay, Monitise, PayPal, Discover, TrueMoney, (the list is long) - full of ambitious projects. You need to choose carefully and decide on your strategy, faced with the arrival of so many players. You need to think prepayment, payment now and payment later, which are the three main forms. Alternative payment methods are proliferating. They come in various forms. The «e-wallet» concept has made

Table des matières de la publication Trésorier/Treasurer magazine - N°86 - Jul/Aug/Sep 2014

Couverture
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW David Holland
FOCUS
FORUM
CORPORATE FINANCE
15 MINUTES WITH INTIX
THE FINANCIAL RISK OBSERVATORY
NEWS

Trésorier/Treasurer magazine - N°86 - Jul/Aug/Sep 2014

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