Tuesday, July 19, 2011

Mobile Banking Development in Japan


Major retailers/manufacturers issue credit cards that can be registered for mobile payments

JUL 04: Largest mobile operator NTT deployed Sony contactless IC so bank account number/balances with PIN & credit account. Those mobiles used at vending machines & POSs


2005: Two other main operators adopted same IC. Platforms for mobile proximity payments developed for businesses
1) NTT developed iD, 2) Railways developed Suica, 3) JCB credit card company developed QUICPay which is promoted by Mobile Payment Promotion Association 4)Bit Wallet- JV between NTT, Sony & financial institutions- developed Edy, 5)MNicos; issuer of three credit card brands; developed Smart Plus and 6)711jp developed nanaco platform.


6,4&2: prepaid products –based allowing account cash funding
4&2: funding allowed via credit cards or internet bank accounts
6,3&1: post payment –based.

Except iD, all platforms can coexist on any carrier’s mobile devices.
Consumers download applications for each payment platform with which they contract any mobile device that has IC
Merchants have readers for each specific platform.
2007: NTT, Railways, BitWallet issuers & JCB agreed to make their readers and data centers interoperable. Other followed


2008: e-bank Japan has about 200 staff, of which 30 are internal IT staff, yet it manages almost 3m customer accounts; who withdraw cash using ATMs of companies the bank has agreements with. Send ID via mobile camera!

Japanese internet banks market share
51% e-bank, 35% Japan Net Bank ,12% Sony Bank  & 2% SBI Sumishin Bank
Customer demographics
63% Male  & 37% Female
Age
23% Under 30
38% 30-39 year olds
25% 40-45 year olds
14% Over 50

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