MasterCard Canadian Payments Insights

Transcription

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CANADIAN
PAY M E N T S
INSIGHTS
WINTER 2006
DEMYSTIFYING CHIP:
YOUR GUIDE FROM
THE WORLD LEADER
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WELCOME TO THE
PREMIER EDITION OF
INSIGHTS.
CONTENTS
INSIGHTS WINTER 2006
2006 marks the halfway point in the first decade of the new millennium
– and the beginning of a new era in electronic payments. Over the next
few years, we will be seeing great change in the payments industry as
innovative technologies and applications open up new business
4
opportunities. MasterCard Canada’s new Insights report provides you
with a valuable tool to help you navigate through our rapidly evolving
FUNDAMENTALS
OF EMV CHIP:
THE NEXT REVOLUTION
How the payments card revolution in the
last half a century changed businesses
and consumers alike.
industry. Insights offers a wealth of information and regular updates in
select areas of the payments industry.
6
CHIP IN CANADA
Introduction of chip-enabled MasterCard
payment cards in Canada by 2010.
Our premier edition provides an assessment of the strategic significance
of chip, taking a close look at the enhanced capacity, capability and
customization that chip offers. We also provide an overview of chip
developments around the world and our perspective on the multi-party
8
WORLD MAP
11
CHIP: THE GLOBAL
LANDSCAPE
How chip card adoption continues
to gather force in most regions of
the world.
co-operation that is required to realize chip’s full potential in the
Canadian market.
1 5 GLOSSARY
12
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FUNDAMENTALS
OF EMV CHIP:
T H E N E X T R E V O L U T I O N : T H E P AY M E N T E N V I R O N M E N T
I S Q U I C K LY C H A N G I N G . A R E Y O U R E A D Y T O
M A K E C O N TA C T I N T H I S B R AV E N E W W O R L D ?
The payments card revolution in the last
half a century – and it was a genuine
revolution that changed businesses and
consumers alike – was launched with
a relatively simple technology. The
standards created for using the magnetic
stripe for data storage propelled a simple
plastic card into the information age.
Merchants can design better and more flexible reward programs that can be activated
instantaneously when the right customer
shows up and chooses to use a certain payments application. Issuers can manage
cardholders’ spending profiles and personal lines of credit interactively in real time,
eliminating the need for online authorization for certain transactions, and signaling a
risk alert for certain other transactions.
A quantum leap
that brings issuers,
merchants and
cardholders a
whole new realm
of possibilities.
In recent years, a second technological revolution in the payments industry has been
steadily gathering momentum – the chipbased card, that is poised to change
everything again.
This time, it is not just consumers and merchants that will be affected. The migration
to chip cards promises to offer new and
exciting opportunities that allow many
organizations to pursue radically different
competitive strategies, create new services
and product suites, and fundamentally
alter their ability to build relations with
their customers.
The move toward chip-based cards – chip
migration – is akin to putting a small
computer processor with memory, logic
and a configuration of software applications
4
A more exciting dimension is what a chip
card can do in business terms for the cardholder, merchant and issuer. Reward and
loyalty programs can be fully integrated
with payments applications. The cardholder is informed each time a payment is
made, outlining which loyalty programs are
available for that payment to accrue to, and
what rewards are being offered in terms of
instant discount and related benefits.
into a plastic card that looks no different
from the credit cards that we all have today
in our wallets. This chip- and PIN-enabled
(Personal Identification Number) card is
not simply a credit card with functionalities; it literally represents a quantum leap
that brings issuers, merchants and cardholders a whole new realm of possibilities
in their business and personal lives.
THE POTENTIAL
A chip card offers many more payments
applications than the standard payments
card today. It allows the cardholder to select different payment methods based on
his/her preference at a specific time and
place. But these additional payments applications are only a small portion of what a
chip card can do. It replaces a signature
with a PIN, which enhances security for
cardholder authentication. It can also be
used for Internet authentication, for
business purposes as well as dealing with
government and public agencies. The
amount of personal data that can be stored
in a chip card is many orders of magnitude
larger; a wide array of important personal
data like passport details, government identification, driver’s license, personal health
data and medical histories could potentially all be stored in a single chip card.
It could potentially
create a whole new
platform to craft
more effective and
highly differentiated
competitive strategies.
cause of the establishment of a common
standard – EMV. This is the standard set
of specifications agreed to by the Europay,
MasterCard and Visa consortium for smart
cards using integrated circuit (chip) and
PIN (personal identification number).
EMV compliance ensures inter-operability
of all chip cards and terminals equipped
with chip card readers.
All these new applications and functionalities combine to make it possible to think of
how the chip card can be made fully compatible with a cardholder’s lifestyle needs
on a highly customized basis. It also enhances merchants’ capability to create
more powerful and personalized loyalty
and reward programs. From the issuers’
point of view, the chip card is not merely a
technology for better security and fraud
prevention, but it could potentially create a
whole new platform for them to craft more
effective and highly differentiated
competitive strategies.
The standard for EMV compliance was established in May 1998, and is defined as: (i)
a set of functions for communication
between a smart card and a terminal; (ii) a
framework for card and cardholder
authentication; and (iii) a framework for
card and terminal risk management.
With universal compliance, a chip card issued in one country would be
compatible at any EMV-compliant
payment terminal in any country. EMV
compliance is therefore a prerequisite
for the development of a global smart
card network.
THE EMV STANDARD
Chip migration has been made easier be-
EMV compliance is critically important to
chip migration because of increasing re-
turns. At its simplest, increasing returns
refers to the phenomenon when as more
people adopt a product, this leads to more
people also adopting it, thus generating a
self-perpetuating process. Increasing returns, however, cannot begin if there is no
single common standard for introducing
the technology or product in question.
In this regard, the EMV standard is of great
importance to chip migration. Strict adherence to EMV compliance is nothing less
than a necessary condition for the future
success of chip migration: the cardholder
wants the simple assurance that the chip
card in his/her wallet will not run into technological glitches because of different technical standards wherever he/she is; and the
merchant simply does not want to have to
deal with different technologies that complicate their business operations.
It’s a whole new world.
Adapted from a recent article in Insights,
a publication of MasterCard International Inc.
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CHIP IN CANADA
M I G R AT I O N I N O U R N AT I O N — L E A D I N G T H E C H A R G E T O
C H A N G E T H E W AY W E TA K E C A R E O F B U S I N E S S .
MASTERCARD CANADA RECENTLY
announced that 12 of its card issuers will be
working with MasterCard and five leading
acquirers to introduce chip-enabled
MasterCard payment cards in
Canada by 2010. This explicit and proactive commitment to chip by
MasterCard issuers
and industry acquirers is unprecedented in the
Canadian market, and brings
significant momentum to the
transition
to
chip technology.
With these 17
commitments to
date, MasterCard
has set the stage for
chip migration and the
most important change to
the Canadian payments industry
since its inception.
Over the past year, various players in
the Canadian payments industry have
confirmed their commitment to a timeline for chip implementation. Already,
several issuers and acquirers are experimenting with chip and have gained useful
knowledge and perspective on how chip
technology will affect their business. Many
of these organizations are committed to a
large-scale deployment of chip-enabled
cards
and
chip-ready
payment
terminals by the end of the decade.
MasterCard Canada’s philosophy for bringing
chip to market in
Canada is to work
with issuers and
acquirers to facilitate their planning for chip; in
addition, each
organization
has to manage
the chip migration in the context of their individual business
case and identify
the business potentials within it. It’s not an
exaggeration to say that
the introduction of chip represents a massive business shift
for Canadian issuers. New
cards have to be introduced,
systems
need to
be
adjusted to
handle the different way chip carries
information and, of course, a major cardholder communication effort will be needed. But
Many organizations are committed to a
large-scale deployment of chip-enabled
cards and chip-ready payment
terminals by the end of the decade.
6
MasterCard issuers
committed to introduce
chip by 2010:
• ATB Financial
• BMO Bank of Montreal
• Canadian Tire Bank
• Capital One Canada
• Citibank Canada
• Credit Union Electronic Transaction
Services (CUETS)
• GE Money Canada
• HSBC Bank Canada
• MBNA Canada
• National Bank of Canada
• People’s Trust Company
• President’s Choice Bank
Canadian acquirers
committed to introduce
chip by 2010:
• First Data Loan Company
• Global Payments Inc.
• Moneris Solutions Corporation
• Chase Paymentech Solutions
• Unified Network Payment Solutions
chip also means the creation of an extraordinary new business opportunity.
To date, much of the focus on chip globally – and in Canada – has been as a fraud
and security solution. Chip cards are rightly seen as capable of providing greater security and better protection against fraud.
However, chip migration is a technological
transition that offers much more than just a
means for fraud prevention.
Chip migration
offers a whole
new platform
for developing
a new generation
of competitive
strategies.
The implementation of chip is more than a
technology upgrade. Chip migration offers
a whole new platform for developing a new
generation of competitive strategies.
Blindsided by the narrow perspective of
fraud prevention, an organization risks
missing a strategic opportunity to build the
technological foundation for competing
successfully in the 21st century.
The chip card is a new platform to develop
more differentiated products and offer
more value-added services in dealing with
cardholders. It fundamentally alters the
competitive landscape – changing cardholders’ behaviour from one of selecting
cards based on basic features (rates, fees, rewards) to one of seeking values: service options and product capabilities that can be
customized to one’s lifestyle needs.
The 4 Cs – Tapping the Potential of Chip
The implementation of chip means capacity, capability, customization, and co-operation.
Capacity:
refers to the chip’s ability to carry larger applications. Issuers and acquirers need to
examine their current business model and identify where they have been limited by
the capacity of the magnetic stripe.
Capability:
greater capacity means the chip has more capability. It can run applications that
interact in a more sophisticated fashion with the point-of-sale. Has thinking been
limited to date because of the current card capacity? Evaluate customer programs
that currently run off the card, that is, through manual or separate systems. With
chip, those programs may now be able to sit on the card. And if that is the case,
can they be tied in with other existing card programs?
Customization:
card-based programs can be highly customized to the issuer and the merchant; they
can also be built to handle individual customers or customer segments in a specific
manner. The potential to tap into existing CRM (customer relationship management)
efforts also exists.
MasterCard’s chip solution suite, MasterCard OneSmart™, gives merchants, acquirers, and issuers
everything they need to migrate to and manage chip-based programs. MasterCard’s OneSmart
bundles together all components necessary — card applications, card readers, system software, and
business processes — to leverage the business opportunity of chip. OneSmart packages include: customer acquisition; customer retention; card activation and usage; loyalty; innovation such as
OneSmart PayPass™ which combines both contact and contactless interfaces on one chip; new
delivery channels, and more.
Co-operation:
the migration to chip is not happening in a MasterCard vacuum. This is a change
impacting multiple payment platforms simultaneously. In order to make the transition cleanly and cost effectively, there has to be a co-operative effort. The shared
EMV chip platform is part of that co-operation, but not the only part.
MasterCard has extensive global experience in the planning and implementation of chip programs.
MasterCard’s Chip Centre of Excellence, based in Brussels, Belgium, is the fulcrum of a global network of expertise and experience. MasterCard can help organizations identify the business
opportunities in chip and plot a business strategy to integrate chip, when and how it makes most
sense for the business objectives.
Globally, MasterCard leads in the implementation of chip cards worldwide, with more than 248
million chip cards in active use, significantly more than any other payments organization. This
experience is now being applied in the Canadian market to ensure the payments industry is in the
right position to capture the benefits of chip technology.
As of September 2005, there were more than 1,500 completed and active MasterCard chip projects
globally, representing an 80% growth from 2004.
continued on page 10
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CHIP IN CANADA
CHIP: THE GLOBAL
LANDSCAPE
I N T E R N A T I O N A L LY,
C A R D
L E A D S
There were 250 million EMV-compliant
chip cards and two million chip-cardcapable ATMs and point-of-sale terminals
deployed globally at the end of 2004. More
than 275 million banking cards issued in
TO
THE
T H E
WAV E
E N D
OF
O F
Of these chip cards, more than 95% are
EMV-compliant chip cards.
In Asia/Pacific, EMV-compliant chip migration for both credit and debit cards are
at different stages of development. Taiwan,
Korea, Japan and Malaysia are the first
markets to lead the chip migration and
have recently been followed by Singapore,
Thailand and Hong Kong.
THE
T H E
Serving the premium customer — It is an uphill
task to provide ever more differentiated services
to premium customers. For many of these
consumers, pricing is just one of the multitude of
factors they consider.
Increasingly, they need
more tailored service packages that dovetail with their
lifestyle needs. Chip cards
have the capability to carry
such packages.
Cardholders could be given wide-ranging
choices to accrue benefits to different loyalty
programs, consolidating them, or switching
them from one program to another. All these
make a “cardholder-centric” loyalty pro-
Chip cards put the cardholder in the centre
of the decision-making process, acting
like the cardholder’s own bank manager
in his/her wallet by having built-in
authorization logic. The chip card could
inform the cardholder about the costs and
benefits of different payment options in
every purchase decision that the consumer is
contemplating, and provides clear indication
of the spending power minute-to-minute.
TAIWAN
Credit card fraud has been a serious problem for Taiwan. This was one of the key reasons Taiwan set a deadline of 2006 for full
EMV compliance chip migration. The first
The move to chip is not
only the right decision,
it’s the right time for
card issuers and other
payments industry organizations to consider how
to leverage chip technology to enhance their
business. MasterCard is
providing cutting-edge,
customized
hands-on
support and extensive
expertise to assist in a
smooth transition, with
the philosophy of ‘do it once, do it right’.
Cardholders could be
given wide-ranging choices
to accrue benefits to different
loyalty programs, consolidating
them, or switching them
from one program to another.
Loyalty programs — Chip
cards offer the potential for
designing a whole new
generation of loyalty programs that are both convenient and instantaneous to
cardholders. For example,
reward points will not be redeemed through
complicated and time-consuming procedures as
they usually are today, but will be benefits that
10
gram possible, which in turn greatly
enhances the relationship between the issuing
bank and the customer.
More than 275 million banking cards
issued in 2005 carried a chip, an amount
that has almost doubled since 2002.
Taiwan*
18
2005 carried a chip, an amount that has almost doubled since 2002. The number of
chip cards in the banking industry is increasing every year and, given the two billion chip cards currently in circulation, it is
clear that the potential for growth is huge.
The majority of chip cards are currently
being issued in Europe. In 2005, over 70%
of cards issued in Europe were chip-enabled. Asia/Pacific is hot on Europe’s heels,
where, as of 2005, over 25% of cards issued
were chip cards.
CHIP CARD MIGRATION IN ASIA/PACIFIC
As of June 2005, MasterCard had more
than 38 million MasterCard branded chip
cards in Asia/Pacific, registering 65% deployment growth compared to a year ago.
Roll out of smart card-based
health card by end of 2004
16
12
10
EMV migration deadline
for Asia-Pacific, 2006
Mandate by
Ministry of Finance
to migrate all ATM cards
to smart cards by
end of 2004
14
Unit Shipment (Millions)
CHIP IN ACTION
Here are a few examples of how the
chip card delivers:
cardholders receive immediately upon using the
card for payment. A cardholder could choose,
on the spot, to use certain reward points for a free
home delivery when making a purchase.
S W I P E.
fraud. As chip becomes fully integrated into
the payments landscape, the value goes beyond fraud and chip becomes a competitive advantage for those who have implemented it properly.
A number of factors converged to influence
chip migration in this market. One of the
early reasons was to combat credit card
continued...
CHIP
Implementation of the
Taipei Easy Card for
MRT stations, buses
and parking lots
8
6
4
2
0
2001
2002
2003
2004
2005
2006
Telecommunications
Government
Source: Frost & Sullivan
2007
2008
Financial
Transportation
*All figures are rounded; base year is 2003
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Taiwan Bank Fraud Trends
40
First Ever Multi-Use Smart Card
35
30
In January 2005, MasterCard International
partnered with the Kaohsiung City Government to introduce a chip-based payment
solution for Southern Taiwan’s transportation
system. The OneSmart PayPass Chip Combi
Card integrates both contact and contactless
chip payment solutions for electronic transportation payments. The all-in-one payment
card combines MasterCard credit, debit,
Mondex stored value features, access to the
Cirrus Global ATM network and the MasterCard
PayPass contactless functionalities.
US$ (Millions)
25
20
15
10
5
0
2000
2001
2002
2003
Mail or Telephone
Lost card
Stolen
Undeclared card
Source: NCCC
Unauthorized usage
Fake card
Others
Grand Total
continued...
chip card was introduced in Taiwan in 2001
jointly by MasterCard, Cosmo Bank and
Core Pacific Mall. Over 80% of the 1,000
point-of-sale terminals in Core Pacific Mall
became EMV compliant within a short
time period. It is estimated that about 60%
of the total terminals in Taiwan had been
made fully EMV compliant by the end of
2004, making Taiwan the leader in
Asia/Pacific in this regard. Details of the
Malaysia*
10
Unit Shipment (Millions)
9
Smart cards issued
peaked in 2003 due to
the Central Bank’s mandate
for migration to chip-based
ATM cards by end of 2003
Smart cards issued
national ID (MyKad)
was launched in
2001, and the duration
of the roll out is
3 years (2003 to 2005)
8
7
6
5
4
3
Malaysia is stepping
up to meet the
government’s
mandate for
EMV migration–
deadlines for
card and terminal
migration are end
of 2004 and 2005
respectively
2
1
0
2001
2002
2003
2004
2005
2006
Telecommunications
Government
Financial
Source: Frost & Sullivan
12
MALAYSIA
The deadline set for full EMV compliance
in Malaysia is 2006. Significant progress
has been made so far. Terminal compliance
and credit card compliance are near 100%.
Growth in EMV-compliant terminals has
come from both “new” and “replacement”
demand. The Association of Banks of
Malaysia and member banks have worked
very closely in achieving speedy progress in
chip migration.
THE EUROPEAN EXPERIENCE
FRANCE
Cartes Bancaires (founded in 1984) started
France’s chip usage as early as 1990 with
the issuance of its first B0' (Bull Zero Prime)
card. Today, there are 42 million chip cards
issued by 180 banks and financial institutions to access 40,000 ATMs and carry out
transactions with 600,000 merchants all
over France. These are US$ 200 billion and
3.4 billion transactions (75% payments,
25% ATMs) per business year.
The French experience has shown that after
several years of using chip cards, domestic
counterfeit has dropped from about US$25
million in 1992 to almost zero in 1997.
The fraud rate has also dropped from
0.087% to 0.019%.
Experience has
shown that after
several years of using
chip cards, domestic
counterfeit has
dropped from about
US$25 million in
1992 to almost
zero in 1997.
roll out of different products and the chip
migration are illustrated in the chart on
page 11.
Even before the completion of the planned
chip migration, payment card fraud losses
EMV Comes to China
12
11
In addition to bringing the latest smart card
technology to Southern Taiwan, it also provides mass transit users a higher level of
security, convenience and service.
declined. Card fraud rate, for example, fell
US$10.8 million in 2002 to US$7.6 million
in 2003. Losses due to stolen cards, however, rose 36.4% from 2002 to 2003. But the
general trend of card-related fraud has
been on the decline as illustrated in the
first chart on page 12.
2007
2008
Transportation
Others
The Industrial and Commercial Bank of China
(ICBC), the largest commercial bank in China,
partnered with MasterCard International in
December 2005 to launch the first EMV-compliant, chip-based card in China. The introduction of the Peony MasterCard card marks an
important milestone in the Chinese credit card
industry, with ICBC as the first local bank to
pioneer the shift to chip-based cards.
The completion of the ICBC program and move
to the EMV chip platform enables cardholders
traveling overseas to use their EMV chip card
utilizing the POS systems and ATM machines.
This also allows the service to be accepted
locally and provides opportunities for the
local payments industry as they enhance the
payments environment in China, especially in
light of the 2008 Beijing Olympics.
*All figures are rounded; base year is 2003
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GLOSSARY
continued...
UNITED KINGDOM
The UK is the most mature card market in
the world with 35 million cardholders and
87.6 million cards. The credit card is ingrained into the payment landscape with
83% of adults carrying one or more payment cards.
The primary motivation for the move to
chip, as in other markets, was to reduce
counterfeit fraud. In 1997, UK industry
losses topped £20.3m (17% total fraud)
while chip-enabled France enjoyed a 0%
rate of counterfeit fraud. In the UK, counterfeit fraud grew at a rate of 72% between
1995 and 1996 and another 49% from 1996
to 1997 – the case was clear cut. In addition,
card issuers realized that the mature card
market would benefit from the fresh platform for new services and product offerings
that smart cards brought.
In the UK, counterfeit fraud grew at
a rate of 72% between 1995 and 1996
and another 49% from 1996 to 1997.
The First Chip Trial in the UK
The first chip trial in the UK was held in
Northampton and Dunfermline. The key
objective of the trial was to create a national
framework with global inter-operability that
had a common specification, was EMV compliant,
and secure. The trial also had to demonstrate
the operability and acceptability of chip technology in POS and ATM environments.
The trial began in January 1997 with 13 card
issuers and 8 acquirers taking part issuing
53,000 credit cards and 64,000 debit cards.
The cards could be used at 475 retailers and
19 ATMs. Throughout the trial, cardholders
used their cards for 104,000 point-of-sale
transactions and 117,000 ATM transactions.
The trial wrapped up in June 1998 and
exceeded all success criteria established.
Minimal incidents were reported and those
that were, were related to service code
failures. Both retailer and cardholder market
research done after the trial demonstrated
positive experiences with the technology
within these groups.
CHIP TERMS DECODED
Chip refers to the embedded microchip in
payment cards (embedded cards are also
known as smart cards). Chip-enabled cards
work in a similar fashion to traditional
payment cards but have the capacity to
store a much larger amount of encrypted
information — chip cards can carry valueadded applications like loyalty, digital ID,
e-ticketing, e-coupons or personal data
storage. Chip cards also require the use of
a PIN, thereby providing added security.
Upgrading to chip is like trading your
walkman for an MP3 player. Because of the
added capacity, chip can offer new
payment applications, combine multiple
payment functions and give businesses the
ability to create customized loyalty and
rewards programs that can be activated
when the customer chooses to use a certain
payments application.
Chip migration refers to the move toward
chip-based cards. Chip is already in use in
many parts of the world including Europe
and the Asia-Pacific region. Twelve of
MasterCard Canada’s card issuers will be
working with MasterCard and five leading
acquirers to introduce chip-enabled
MasterCard payment cards in Canada by
2010. With 17 commitments to date on the
migration to chip, MasterCard is leading
the market in Canada.
DIP a chip describes the action consumers
take to insert a chip card into a chip-enabled
POS terminal.
EMV is an acronym for “Europay
MasterCard Visa” and is the global technology
standard for chip-based payment cards to
replace existing magnetic stripe cards. The
EMV standards, finalized in 1996 in
Europe, were created with the goal of
ensuring global inter-operability of
chip-based payment cards and their
payment terminals/readers. In 2002,
MasterCard International merged with
Europay International.
Magnetic stripe refers to the current card
technology which carries data on an
electromagnetic band.
OneSmart™ is MasterCard’s suite of chip
solutions for issuing banks, merchants and
consumers. OneSmart uses the power of
chip technology to deliver highly secure,
more customized and better, differentiated
card programs.
PIN stands for Personal Identification
Number, and is the four-to-six digit
security code cardholders are asked to
enter into a keypad at the point-of-sale
terminal when they make a purchase. The
PIN is one of many advantages with the
chip platform upgrade.
POS is an acronym for point-of-sale. This
can mean a checkout counter in a shop or
a mobile location where a financial transaction
occurs, i.e., paying the pizza delivery person.
POS terminal stands for the device merchants
use to process financial transactions.
Smart cards refer to cards embedded with
a single or multi-application chip. Also
sometimes referred to as “chip cards.”
CHIP FAST FACTS
248.5 million: total number of
MasterCard-, Maestro-, and Mondex®branded smart cards issued worldwide,
with a considerable number of them
carrying value-added applications like
loyalty, digital ID, e-ticketing, e-coupons or
personal data storage.
156.5 million: number of MasterCard
branded cards that are EMV compliant,
representing an almost 100 per cent
year-over-year increase.
3.7 million: current number of EMV POS
terminals around the world that accept
MasterCard branded chip cards, a 150 per
cent growth year-over-year.
All figures as of September 30, 2005
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©2006 MasterCard International Incorporated. All Rights Reserved.

MasterCard Canadian Payments Insights

Transcription

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