OUR VALUE PROPOSITION
Mobile Payments as an Enabler of Access for Brands and Consumers
with Jonathan Bennet, Chief Commercial Officer, DOCOMO Digital
The ever-evolving payment landscape
2020 has changed so much about the way we live and work – including our shopping and payment preferences and habits. And that shift is only going to accelerate. It brings with it the terminology of contactless, debit, credit, mobile, buy-now-pay-later, and e-wallets.
In this webinar, Jonathan Bennet, Chief Commercial Officer for DOCOMO Digital, talks to Megan Billingsley of Payments Dive’s studioID about what brands and consumers are looking for from payment providers, with a focus on the alternative payment methods’ landscape, including direct carrier billing and e-wallets.
The pandemic has accelerated the digital payment adoption
Apart from forcing people to buy goods online, it has also caused a considerable increase in digital content consumption. This, in turn, has made people reconsider how they’re consuming that content and how they’re paying for it.
This has meant that digital payments went from nice-to-have to an absolute must for players who want to keep growing in the competitive market. And the growth in the digital payments sector is enormous – and only going to continue, predicted to be valued at a mind-blowing $10.5 trillion by 2025.
Consumers are looking for convenience, choice, and security
And it’s the job of brands selling products and services globally to make easy payments possible everywhere – not just in the developed markets but also the underdeveloped ones where credit card adoption rates are much lower. Looking at the fact that around 2 billion people globally are unbanked today, that fact becomes even more critical.
Today’s consumers are much more demanding of different payment methods, where too few options and clunky interfaces just won’t do. How consumers make payments is largely a personal preference, so providing that choice is crucial for brands who want to expand their customer base.
Alternative payment methods are an effective way to reach new markets
How does Netflix or Disney+ reach consumers in markets like Indonesia, where two-thirds of the population are unbanked? The answer is the adoption of alternative payment methods, with e-wallets playing an important part, especially with the growing proliferation of smartphones.
Another fairly new alternative payment method is alternative carrier billing, which leverages the relationship consumers already have with their mobile carrier – especially (but not only) in the emerging markets.
Carrier billing also plays an important part in service bundling, allowing mobile subscribers to pay for multiple streaming services based on their monthly phone bill.
Both methods enable the habitual change in the consumer to pay for products and services using their mobile phones and will continue to be at the forefront of the growth.
“We need to get in the minds of the consumer. What does the consumer need?
At DOCOMO Digital, we’ve made it our mission to effortlessly connect brands to global consumers through local payments. And we see it as a great responsibility. We need to give brands access to consumers, which they demand of payment providers. But on the other hand, we need to give these consumers the choice of payments that they need.”
JONATHAN BENNET, CHIEF COMMERCIAL OFFICER, DOCOMO DIGITAL