投资市场报告-PDF版

支付行业系列研究（一）：总起篇律回春渐变革提速-230525（20页）.pdf

支付行业系列研究（一）总起篇：律回春渐，变革提速行业深度报告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。行业报告 银行与金融科技 .

2023-05-26 20页 5星级

赛仕软件（SAS）：无边界付款白皮书（14页）.pdf

白皮书无边界付款通过全方位理解所有渠道中的客户，消除无现金付款中的欺诈风险ii目录崭新的数字付款世界.1付款现代化正在展开，欺诈风险和高度复杂性却也随之而来.2日趋严峻的欺诈风险.3无现金交易中的欺诈.

2023-05-11 14页 5星级

贵州农信：网联支付平台信创实施（2023）（26页）.pdf

网联支付平台信创分享 信息科技部：渠道管理组汇报人：王正祥时间：2023.02项目背景项目实施情况系统质量上线运行0101成本高信息风险成本低国产化信息安全数据风险技术垄断数据安全现状技术封锁软硬件维.

2023-05-09 26页 5星级

WorldPay&FIS：2023年全球支付报告（182页）.pdf

第八版支付洞察促进增长T H E G L O B A L P A Y M E N T S R E P O R T简介3概要5全球支付洞察6亚太地区支付洞察29亚太市场指南44欧洲地区支付洞察73欧洲市.

2023-05-05 182页 5星级

中国银联：2022年移动支付安全大调查报告（44页）.pdf

点击查看更多中国银联：2022年移动支付安全大调查报告（44页）.pdf精彩内容。

2023-03-01 44页 5星级

粤贸全球：2023 RCEP区域跨境支付工具调研报告（38页）.pdf

区域跨境支付工具Cross-border Payment Tools RCEP广东粤贸全球科技有限公司2022年12月CONTENTS01020304RCEP贸易数据跨境支付行业业态跨境支付未来趋势关.

2023-02-01 38页 5星级

波士顿咨询：2022年全球支付行业报告-增长格局换新天（40页）.pdf

2022年全球支付行业报告增长格局换新天2022年12月 Markus Ampenberger、Inderpreet Batra、Jean Clavel、Tijsbert Creemers、Kunal.

2022-12-28 40页 5星级

TechStrong Research：2022Q2Devops和公共云报告-公共云支付的新方式报告（英文版）（19页）.pdf

DEVOPS AND THE PUBLIC CLOUD:New Ways to Pay forthe Public CloudQ2 2022COMMISSIONED BYDANIEL KIRSCHPr.

2022-12-26 19页 5星级

中国支付清算协会：2022年移动支付用户问卷调查报告（17页）.pdf

2022 年移动支付用户使用情况问卷 调查报告 中国支付清算协会 本报告版权属于中国支付清算协会。如需转载或引用请与中国支付清算协会联系。2 为全面、深入了解移动支付业务应用现状，准确把握个人用户基.

2022-12-20 17页 5星级

思略特（Strategy&）：暴风雨前的平静-2022年支付及开放式银行调查报告（英文版）（18页）.pdf

The calm before the stormWhat subtle changes in consumer mindset tell us about the future of banking.

2022-12-20 18页 5星级

艾瑞咨询：2022年中国第三方支付行业研究报告（47页）.pdf

中国第三方支付行业研究报告2022.11 iResearch Inc.2于可心魏琦艾瑞咨询 支付与供应链数字化研究团队报告撰写研究范围界定第三方支付相关概念：第三方支付机构（非银行支付机构）指的是独立.

2022-11-17 47页 5星级

飞书深诺：2021年BNPL平台市场研究报告（38页）.pdf

Source：飞书深诺策略中心Introduction即“Buy Now，Pay Later”，一种分期付款方式。一般在购买时支付首期货款，然后在4-6周内分3-4次付清货款，且消费者不需要支付利息。.

2022-11-14 38页 5星级

Atradius：2022年西欧B2B支付实践趋势报告（英文版）（11页）.pdf

2022Statistical appendixAtradius Payment PracticesBarometer Western Europe key survey results1Wester.

2022-11-10 11页 5星级

Gartner：2023年CIO议程-4项举措确保企业的技术投资支付数字红利（英文版）（14页）.pdf

4 Actions to Ensure Your Tech Investments Pay Digital DividendsCIOAgenda20232 2Four things to do tod.

2022-11-10 14页 5星级

Crypto.com & DataMesh：2022年加密货币支付企业和消费者调查报告（英文版）（16页）.pdf

1Crypto for the real worldRevolutionising everyday purchases using cryptocurrency.What Australian businesses and consumers say about the future of transacting in cryptocurrency AUGUST 20222ContentsIntroduction 3Level of Interest 5How ready is Australia?7Key Barriers 8Cryptocurrency Preferences 9Payment Mediums 10Industry Segments 11Settlement&Custody 12Conclusion 13About the Survey 143IntroductionFrom humble beginnings in 2008 to its latest 2021 price peak,Bitcoin(BTC)and cryptocurrencies in general have increased investor interest and wider market participation.Crypto and the blockchain technology that powers it is enjoying widespread popular embrace amid a proliferation of alt coins,DeFi projects,surging market capitalisation and the explosion of interest in non-fungible tokens(NFTs).The market value of cryptocurrencies reached US$3.2 trillion in November 2021,coinciding with a surge of investment in projects that reimagined what is possible in a world that is decentralised and distinct from the traditional fiat financial system.Its appeal has surged beyond venture capital to mainstream banks and sovereign wealth funds,as well as accelorating efforts by authorities to regulate cryptocurrency and make it safe for the mainstream.As the popularity of cryptocurrency has increased,so has demand for ways to use it in the real world as an alternative to entrenched,expensive and slow traditional means.This report was commissioned to test Australian consumer and merchant attitudes toward one of the key use cases still to be conquered paying for everyday goods and services at point of sale using cryptocurrency.The results reveal strong demand from both consumers and merchants for means to transact in cryptocurrency and belief in the long-term use case.Consumers clearly see it as more than just a speculative investment and believe the ability to use it for everyday transactions adds another dimension to their holdings.Merchants share a similar belief in the long-term use case and see it as a payment channel to attract new business and provide their customers with new means to pay.With barriers to entry Australians interest in cryptocurrencies exploded during the pandemic.This has driven a growing appetite for consumers and merchants to make and receive payments for goods and services in cryptocurrency,without slow and costly conversion to fiat currency.starting to be overcome,one third of merchants surveyed say they will be prepared to offer cryptocurrencies as a payment type within a year,and 60%within three years.This is a clear endorsement from consumers and merchants that cryptocurrencies as a utility to make and receive payment are here to stay.Technology company DataMesh,in partnership with C,will be the first global partner to integrate the MerchantPay solution into a EFTPOS terminal.This enables C customers to purchase goods and services via their C App,and for DataMesh merchants to accept 25 cryptocurrencies that settle immediately.The functionality is being rolled out through South Australias based,Peregrine Corporations retail network,including its On The Run petrol and convenience centres and other retail outlets nation wide.The findings in this report are based on surveys of more than 500 merchants across Australia and more than 2,000 consumers who have some experience with or exposure to cryptocurrencies.In this report,they will be referred to as consumers rather than crypto holders.The survey was completed in late May and early June of 2022,after a major fall in the value of cryptocurrencies and the collapse of Terra/Luna stablecoin project.This Australian data set follows on from a global survey of more than 110,000 C users and Worldpay from FISs global base of more than 1.5 million merchants conducted at the end of 2021.1 1 Crypto for Payments:Consumers are hungry will merchants be able to fill their appetite?February 2022 by Worldpay from FIS C4 There is significant interest in having the ability to make and receive payments directly in cryptocurrency.55%of both merchants and consumers say they want to transact in cryptocurrency.Both merchants and consumers prefer to transact in Bitcoin and Ethereum but there is significant demand for an Australian dollar stablecoin.Both merchants and consumers(32%and 35%)would like to have the option of transacting online and in-store,but consumers are more focused on online.One third of merchants say they are or will be ready within a year to transact in cryptocurrencies,and 60%within three years.The lack of regulation,price volatility and,to a lesser extent,uncertainty about the tax implications remain barriers to wider adoption of cryptocurrency transactions.There is reasonably high level of alignment between consumers and merchants interest in the different types of goods and services for which they would like to transact in crypto.Luxury goods,digital media,retail and grocery are high on both lists but there are clear opportunities in industries such as travel and hospitality,which are in high demand from consumers as they emerge from two years of COVID-19 lockdowns.Key Takeaways5holding crypto today1 and 17%of Australians owning cryptocurrency,2 creating avenues for payment utility is becoming increasingly important.Level of InterestSignificantly,55%of both consumers and merchants said they would like to use cryptocurrency to purchase goods and services.Around a quarter of merchants and consumers are already transacting in cryptocurrencies although it remains the smallest share of all transactions compared with traditional methods such as online and instore credit and debit cards.Consumers Around two thirds of consumers(63.7%)believe cryptocurrency has a use case other than as an investment,while 20.7%are unsure.Thirteen percent say they are already using crypto to pay for goods and services,and this emerges as the strongest driver of potential future uses.Topping the list of applications are payments(local and international),earning staking rewards,as a store of value and for the purchase of digital collectibles such as non-fungible tokens(NFTs).The main driver of consumers desire to pay in crypto is that it provides a new option for them to use their holdings(44.9%).Speed,the ability to benefit from real-time prices for crypto and the cost of either traditional fiat or crypto-to-fiat payment methods were also significant factors.Against that,those that are unwilling to pay for everyday goods and services using cryptocurrency cite price volatility(48%)and uncertainty around the tax implications(34.5%)as reasons not to do so.More than a third say they would prefer to hold on to their cryptocurrency,highlighting the continuing investment appeal of digital tokens.Ideally,cryptocurrency users would like to be able to avoid the cost and hassle of fiat conversion before they spend and take advantage of real-time prices at the point of sale.Where direct payments in cryptocurrency are not possible,customers have turned to payment products that contribute to their crypto holdings.For example,prepaid cards that auto-sell crypto holdings to fund fiat purchases such as Cs Visa card and reward program are becoming increasingly popular.As the cryptocurrency sector continues to become mainstream with 16%of US citizens Earning staking rewards40.4%Purchasing digital collectibles or NFTs39%For lending and borrowing28%Store of value39.8%Financial inclusion (for the unbanked)15%Other1.6%Potential uses for crypto holdings ConsumersMaking payments (local or international)60.3%1 Merchants getting ready for crypto Merchant Adoption of Digital Currency Payments Survey,June 2022 by Deloitte PayPal2 Laycock,R.,2022.Finder Cryptocurrency Adoption Index6Merchants 11%of merchants say they are already accepting crypto payments from consumers,but significantly more say they are interested in doing so,55%of merchants surveyed said they were either“willing”or“very willing”to accept crypto payments.Their appetite is fueled by the desire to offer more payment options to customers(52.7%)and a positive view on the long-term adoption of cryptocurrencies as a payment medium(53%).The opportunity to unlock new markets and customers(31.9%)was also a strong driver of merchants willingness to adopt crypto payments.The responses indicate a major opportunity for merchants,who are receiving just 2.5%of payments in cryptocurrency now.With existing options limited largely to online payments,it means consumers are forced to first convert to fiat currency before spending in the real world.Other advantages would include lower transaction costs and fewer disputes.Against that readiness there are several challenges for merchants,including integration with existing payments and the lack of clarity around regulation of cryptocurrencies.A lack of budget and training,as well as internal buy-in were also cited as barriers to adopting crypto payments.This suggests a role for payment service providers and technology firms to clear the obstacles and ease the way for companies by integrating crypto payments into existing systems for digital payments.The clear interest of consumers in having crypto payment options and the gap between consumers and merchants already using these options suggests there is an important role for payment companies who can make this happen.Why merchants are willing to adopt crypto payments MerchantsOtherTo meet existing customer demand0.7%Lower transaction fees and dispute costs5.4%Unlock new markets and customers11.51.9%Offer more payment options to customers53%Positive about long term crypto adoption52.7%7How ready is Australia?while 28%,rate themselves at seven or above.That contrasts with how consumers perceive the readiness of Australian businesses.More than half(53%)of consumers think Australian businesses lie between 0-3 on the readiness scale,which means they dont think businesses are ready yet,while 19%consumers scored businesses at seven or above.Merchants are assessing future payments opportunities and how to best cater to consumer demand to pay in crypto.Merchants currently make the bulk of their sales via debit/credit cards used instore or online,with cash the next most popular option.Buy Now Pay Later(BNPL)options come in fourth with 13%of merchant sales,while cryptocurrencies currently make up a small part of sales(2.5%).While there is limited capability among Australian merchants to accept crypto at the moment,more than third of merchants say they are now ready or will be within a year.Readiness jumps to more than 60%when the timeline is pushed out to three years.A quarter of merchants rate their readiness on a scale of 0-10 at zero meaning not at This gap between the perception of merchants and consumers about the readiness of businesses points to the opportunity for merchants to cater to the already established interest of consumers in transacting with cryptocurrencies and to let consumers know about it.Drivers of appetite Consumers Crypto payments are faster Creates new option for how to use cryptoDrivers of appetite Merchants Positive about long-term crypto adoption Offering more payment options to customers Unlocking new markets and consumers MERCHANTS CONSUMERS Readiness to transact in CryptoAlready doing it11%Ready now15%Within 6 months to 1 year28%tween 1-3 years194(4%Key BarriersIntegration into the point-of-sale(POS)and payment systems(28%)and budget concerns(14%)rounded out the top three barriers,highlighting the need for businesses to invest in systems and practices that enable payments.Outlook:Over the next five years,among the new payments technology,Australian merchants believe the highest growth in customer adoption will come from BNPL and Digital Wallets(29ch),with Crypto the third most promising.MerchantsAccording to the merchants surveyed,the biggest barrier to adopting crypto payment technology was regulatory uncertainty(34%).As cryptocurrencies have become an increasingly widespread investment,the industry has embraced and even led calls for regulation to create a safer environment for the mainstream consumer to interact with cryptocurrency.Governments and international bodies have made strides in identifying the issues that need to be addressed by regulation as well as contemplating the creation of central bank digital currencies(CBDC)but the key will be to secure measures that can be easily understood and operated across international borders.What is the biggest barrier to adopting crypto payment technology in your business?BudgetIntegration into my POS and payment systemsOtherTraining and internal adoptionRegulationConsumersEven after being engaged with cryptocurrency over the last 12 months,most consumers surveyed(81%)believe there is a need for education about spending crypto for everyday purchases.There are big differences in who consumers believe should be responsible for that education.While 40%think this education is the responsibility of crypto companies themselves,just under one in four(24%)think the onus should be on the Government.One in five(21%)think its the responsibility of payment providers to provide the education,while a small group(12%)think retailers/businesses themselves should be in-charge of this education.9Crypto-currency PreferencesStablecoins offer obvious benefits to both merchants and consumers,including the lower volatility in their price and the ability to identify the value and transact without first undertaking a conversion to fiat currency.Perhaps unsurprisingly,an Australian-dollar stablecoin was the third most popular currency identified by consumers ahead of established US dollar stablecoin USDC and the equal third most popular option for merchants.ANZ Banking Group is one of a number of entities that have trialled or announced plans for a stablecoin,recently completing a second demonstration transaction for its client Victor Smorgon Group to purchase carbon credits using the A$DC stablecoin.No retail AUD stablecoin are in wide use but there could be a significant opening for anyone who can create one.Bitcoin,Ethereum and stablecoins along with some exchange native tokens,are viewed as the preferred cryptocurrencies to make and receive payments.Customers and merchants want to transact with the same set of cryptocurrencies,varying only by the degree of enthusiasm for one or the other.There are obvious benefits to transacting in the large market capitalisation currencies(such as Bitcoin and Ethereum),which include brand name and security,that can offset the typical challenges of these networks such as speed and cost of processing.Exchange-native tokens that offer staking rewards and access to cryptocurrency-backed fiat payment methods such as debit/credit cards are also popular with consumers.The number of new blockchains has also dramatically expanded in recent years and with that,the number of coins and digital tokens has proliferated.This leads to a more diverse range of means to cater to specific needs of consumers and merchants for speed,cost,security and other features.While there is expected to be some thinning in the number of coins in future,the continuing move to a multi-chain future puts the onus on merchants,payment processors,technology firms and others to continue to adapt their checkout experiences to cater for customers with a range of cryptocurrencies at their disposal.Merchant cryptocurrency preferences Consumer cryptocurrency preferences EthereumBitcoinUSDCLitecoinCROXRPSolanaAUD stablecoinBitcoinAUD stablecoinCROEthereumUSDCLitecoinXRPSolanaNote:icons are proportional to merchant and consumer preference10BNPLQR codesCryptoPayment MediumsAbout one third of consumers and merchants would like to see a mixture of both online and in-store options for paying with cryptocurrency.Both groups show similar level of interest for in-store payment options.Consumers currently have a stronger overall desire for cryptocurrency payment options than merchants,with the difference accounted for by demand for online payments,perhaps reflecting the entrenchment of the shift to online shopping through the pandemic.Which payment type do you think will see the most adoption amongst your customers in the next 5 years?Merchants Other8)%Cryptocurrencies are overwhelmingly transacted in the online world.Overhauling technology and payments infrastructure to allow more in-store payment options poses a series of challenges for merchants that do not exist in the digital world.There are also limited opportunities for merchants to buy,build or partner in the development of in-store payment options with technology and payments systems providers.These difficulties are starting to be overcome,however,as merchants realise the demand for providing both options and the potential for in-store payments.A terminal developed by DataMesh in partnership with C will allow in-store cryptocurrency payments via the C App.A first in Australia,the payments terminals are being rolled out throughout the Peregrine Corporations retail outlets,nationwide.Digital wallets11Industry SegmentsAustralian merchants are enthusiastic for crypto payments across the board,but there is a wide variance between different industries and clear gaps compared to the demands of consumers.The merchants most enthusiastic on crypto payments were in digital media,luxury goods and IT,followed by retail and grocery all industries that did relatively well out of the pandemic.Whats more,digital media might be seen to have an affinity with cryptocurrencies,while luxury goods companies have been among the beneficiaries of the markets enthusiasm for NFTs that provide guarantees of authenticity and new means of consumption in the online world.Experience indicates higher average spend by holders of cryptocurrency,1 which may help explain the appeal to retail and grocery merchants Interest was significantly weaker for travel,automotive and hospitality sectors that were among the hardest hit by pandemic lockdowns and likely to have been more focused on their own survival rather than innovating in payments.It was weakest in Government,legal services and the not-for-profit sector.ConsumersConsumers expressed the strongest interest in cryptocurrency payment capabilities for travel an option they havent had until the lifting of lockdown mandates and reopening of borders in the first half of 2022.There would appear to be an opportunity for airlines and cruise companies to take advantage of this demand and open up cryptocurrency payment options.The same might be said for luxury goods and retail and grocery merchants,who could expect to see an increase in traffic and transaction size once they adapt their systems to cater for cryptocurrencies.Financial Services,healthcare and telcos/utilities were the areas of least interest for customers to spend their cryptocurrency.1 Crypto for Payments:Consumers are hungry will merchants be able to fill their appetite?February 2022 by Worldpay from FIS CSpending preferences ConsumersOther3.9%Financial services&Healthcare 14.6%Hospitality17.1%Digital media 26.9%Gaming&NFTs27.0%Retail&Grocery36.9%Luxury goods37.4%Airlines/Travel45.3%Telco/utilities 20.0%Automotive 25.7Settlement&CustodyFiat-only settlement of transactions is the least appealing option for retailers,highlighting the steps they have taken towards diversifying their payments and the increasingly old-fashioned view of cash.Twice as many merchants are interested in receiving settlement in crypto(18%)when compared to Fiat-only(9%).This is half the number of prior comparable international surveys1,which may be an indication of renewed caution since the fall in prices through the f inal quarter of 2021-22.Settlement in crypto can avoid the cost and delay of fiat conversion,providing certainty for merchants,as well as the opportunity to allocate a portion of receivables as investment and earn rewards from staking crypto assets,including stablecoins,when compared to low-yielding bank deposits.A high percentage of merchants would like to keep the flexibility of settlements in both fiat and crypto(28%),while 18%are still unsure about their settlement preferences.Trusted third party custody providerCustody of own assetsNot interestedUnsureMerchant preferences for custodyMerchant preferences for settlement Mix of both fiat and cryptoCrypto-onlyFiat-onlyNot interestedUnsure9(&%ConclusionAustralian payments are ripe for a cryptocurrency revolution.Notwithstanding difficult market conditionsin the first half of 2022,merchants andconsumers believe there continue to be newuse cases for cryptocurrencies.Merchants and consumers have a strong appetite for innovations that would allow them to make and receive payments in cryptocurrency for everyday goods and services,as well as larger items such as luxury goods.Lower cost,less delay and the ability to take advantage of real-time prices are among the key attractions for consumers who want to pay directly in crypto,rather than first converting to fiat.Merchants see an opportunity to offer new payment methods to consumers and unlock new markets.Regulation and education have a role to play in making cryptocurrency transactions more accessible and better understood,but consumers and merchants are ready to embrace change.14About the SurveyIn late May and early June 2022 independent research firm PureProfile surveyed more than 2,000 consumers and more than 500 merchants about their attitudes to transacting in cryptocurrencies.The consumers were pre-screened for having had an interest in cryptocurrencies in the past 12 months.They were split evenly between men and women aged 18 to 64 and distributed between all Australia states and territories.Their annual income ranged from less than$5,000 to more than$405,000.Consumers surveyed Merchants surveyedTwo in five consumers were aged 18-3410%of merchants were in retail and groceryOut of 18 industry groups surveyed,the largest were merchants in:More than one in two merchants employed 100-1000 peopleTwo thirds of respondents were managers or directors and nearly one in six was a C-Suite executive41rned between$100,000 and$1,999,999 10rned$200,000 or more per year IT Financial Services Healthcare Legal and professional Services15About C Founded in 2016,C serves more than 50 million customers and is the worlds fastest growing global cryptocurrency platform.Our vision is simple:Cryptocurrency in Every Wallet.Built on a foundation of security,privacy,and compliance,C is committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders,creators,and entrepreneurs to develop a fairer and more equitable digital ecosystem.Learn more at C.About DataMesh Group DataMesh Group is an Australian based technology company that is transforming the way banks,acquirers,merchants and their customers,interact with each other.With extensive world-wide knowledge,the organisation has been focused on delivering a revolutionary new experience via its next-generation switching and orchestration platform known as Unify.Unify is an open architecture and fully PCI/EMV compliant system that is now considered to be one of the worlds most modern and powerful cloud and/or terrestrial-based financial switching solutions in the market today.The architecture includes a unique suite of tools,including a federated terminal management module,merchant and acquirer portals,SoftPOS,Data Analytics,and a valuable customer insights engine through a series integration plug-ins and secure APIs.DataMesh has commenced its global roll out,creating a world-wide,interconnected network of processing capabilities,under a shared or SAAS model.Learn more at www.OneDMG.com.16Vakul TalwarSVP CommerceE:W:CDoug LaverHead of Strategic Partnerships E:W:OneDMG.com

2022-11-09 16页 5星级

Raconteur：2022年未来支付报告（英文版）（14页）.pdf

Distributed inPublished in association withFO R E I G N TR ANS FE RSR E A DY M O N E YB O DY TA L KF.

2022-11-07 14页 5星级

Money20／20：Web+3.0+银行和支付的新轨道（英文版）（19页）.pdf

1WEB3 101New Tracks forBanking and Payments A letter to our readers 3Web3-So What?4 Web1-Dancing Babies,Screeching Modems 4 Web2.1-Mobile,Social,Global,Fun!5 Web2.2-You Are The Product 5 Web3-Taking Back Control 6 The Foundations of Web3 7 Blockchain 8 Smart Contracts 10 Cryptocurrencies and Crypto Tokens 12 Fungibility 13 Recap-Web2 vs.Web3 14 Advantages of Web3 14 Disadvantages of Web3 14 Web 3 Components&Financial Services 15Conclusion-Evolution,not Revolution 16Web3 Glossary 18A letter to our readersIf you work in the financial services industry,theres a good chance that you have come across a plethora of exotic new terms and acronyms in the last couple of years blockchain,DeFi,NFTs,DAOs.For those of you who are minting your own NFTs,tracking gas fees for ETH,debating the merits of stablecoins versus traditional cryptocurrencies,and dabbling with the metaverse,this report is not for you.Sorry there will be other reports that are more your cup of crypto.If,on the other hand,you are like many of us who nod knowingly at conversations at dinner parties but dont truly understand the subject,this is your crash course.Call it Web3 101.Its designed to get you up to speed and provide you with the foundation you need to add to the conversation of what is to come.In the following pages,well guide you through Web1,2,and 3,unpack how blockchain,smart contracts,and tokens provide the architecture for a new form of internet,touch on how these innovations are impacting traditional financial services via decentralized finance(DeFi),and assess just how disruptive Web3 is likely to be,and when.Money20/20 is the place where fintech conversations happen,and we invite you to participate in this Web3 discussion via dialogue with the authors directly,as well as via our social media channels(Twitter handles and email addresses at the end of the report).And,of course,our shows are THE place to have the conversation in person.We truly welcome your feedback and we look forward to being alongside you for the journey.Read on to enter into the new frontier of a decentralized internet and all that that entailsBest regardsNick HollandGlobal Head of ResearchMoney 20/204WEB3WEB3WEB3WEB3Web3-So What?Already there are a myriad of descriptions of Web3 and its evolutionary path from Web1 and 2,but what were they,and how is Web3 important enough to denote a distinction from the previous iterations?Heres a brief history of how we got hereWeb1Dancing Babies,Screeching ModemsYou may or may not remember a time when the internet was accessed via a wheezy dial-up modem on a bulky,creamy beige-colored desktop computer.Depending on your connectivity,web pages loaded painfully slowly,offering very much a read-only environment,assuming you were prepared to wait that long.Yes,you could write emails,but this was an era where connectivity to the recipient in real time was far from guaranteed-their connection was probably as slow and sporadic as your own.Nonetheless,there was a great deal of innovation at this time as companies and entrepreneurs explored the radical changes precipitated by having access to their peers all over the world via an often censorship-free ecosystem.This was Web1 and existed around 1990-2005.This internet was“read-only”.5Web2.1Mobile,Social,Global,Fun!Around 2005,some radical changes began to reach the mainstream in the evolution of the infrastructure and hardware of the internet.Broadband internet access to the home and office increasingly became de facto,meaning that there were some seismic shifts in the ways content could be delivered and monetized.Around this time,many digital service providers began moving towards streaming content since internet bandwidth could now(mostly)support this.In parallel,devices that could access the internet began the process of becoming untethered from physical cables and wires via the explosion of WiFi networks.Combined with the emergence of touchscreen and truly portable smartphones and tablets,the internet was now something that was likely to be with you 24/7 the internet came to you,not vice versa.With this newfound connectivity and portability,users were equipped with the ability to not just email and hope for a response when the recipient turned their computer on but could explore real time messaging one to one via services such as MSN Messenger and AOL,and with one to many platforms such as MySpace and the fledgling Harvard University startup,Facebook.This could be considered a golden age of discovery for the internet still highly anarchic and disruptive,but with the scale for people around the world to find their tribe,engage in new experiences,and to have fun.If Web1 was“read”,web2,part 1 was“read/write”,and lasted until around 2012.Web2.2 You Are The ProductIn 2012,a number of events happened that could be considered as pivotal in the second generation of Web2 /Amazon Prime began embedding video streaming as part of service this telegraphed the shift from being an online retailer to an online ecosystem for all things digital and physical./Facebook launched its IPO,and hit its one billionth user demonstrating the scale that the network had reached,along with a renewed focus on delivering to shareholders./Samsung began using Google Android OS a development that cemented Googles place as the de facto operating system for non-Apple devices globally,and a duopoly for almost all smartphones./Apple launched Siri,demonstrating a new and more simplistic form of device interaction.While these events may not seem that significant in their own right,they have had seismic implications for the way that the internet has developed over the last decade,placing control into just a handful of organizations that we have come to know as“Big Tech”.These behemoths,along with newcomers such as TikTok,have reached truly gargantuan levels of adoption,building ecosystems that are mostly impenetrable without partnerships or acquisitions with them.This takes us to the present day as users we are linked to digital ecosystems that would be hard to extricate ourselves from given how embedded these operating systems,search engines,social networks,and digital devices are in our daily lives.This is the era of“read/write/engage”(arguably,enrage?)Surely there is a better way?6Web1/Decentralized /Built on open source protocols /Open to all users /1 billion internet users in 2005 /0.08 connected devices per human in 2003Web2/Centralized /Built on closed platforms /Free to users in return for personal data sharing /2.3 billion users internet in 2012 /1.8 connected devices per human in 2010Web3/Decentralized /Built on open source blockchain based technologies /Open to all users,owned by users /Potentially 4.9 billion internet users in 2022 /6.5 connected devices per human in 2020Web3Taking Back ControlEnter Web3 as the antidote to the centralized,walled gardens that have characterized the last decade of the online experience.Web3s rather lofty aims are to wrest the ownership and therefore control of the internet back to the end user.If web1 was“read”,and web2 was“read/write”,followed by“read/write/engage”,then the central ethos of Web3 is“read/write/own”.The true potential of Web3 resides in the ability to cut out intermediaries and therefore simplifying transactions and interactions.We will get into the enabling technology in the next section,but for now,imagine a Web2 business such as a social network.The platform is the intermediary,connecting individuals via a central portal(webpage,app).The platform controls how you interact and with who,while serving up content and advertising that it believes fits your profile from data it is constantly harvesting about you.A Web3 social network would operate very differently.Instead of being centralized around a third party platform,the network would now be based upon a decentralized web of users that directly connect to one another and collectively all own the social network.In many ways,this marks a return to the more egalitarian and open ethos of Web1,but with far more advanced and user friendly technology.Sources:Statista/Researchgate,20227The Foundations of Web3It would be impossible to discuss Web3 and its implications without some basic understanding of the fabric of what makes decentralization possible,the underlying technology blockchain,smart contracts,and tokens(non fungible and otherwise).Collectively these form the foundations of key attributes that separate Web3 from previous versions transparency,consensus,irrevocability,decentralization,and a system for monetization and equitable payment of participants.8BlockchainWhile the term“blockchain”has become common in the fintech vernacular,its use cases may be somewhat misunderstood due to its association with cryptocurrencies.While blockchain has become synonymous with Bitcoin,it is not the only blockchain.At the foundation layer of Web3,there are numerous blockchains designed to have purposes well beyond the minting of digital currencies.So,what is a blockchain?Lets start with a real world analogy railways.Imagine a railway that is being built the very first pair of rails and sleeper represent a“block”,and are laid on the ground and permanently secured.In front of this,the next set is laid and again,secured to the ground.This is the beginning of our blockchain.In time,it becomes a vast network of tracks(blocks).Here are some other attributes of our blockchain railroad /Track(blocks)can never be removed,only added to./Each track has a unique number as each additional section of track is added,the sequence of these numbers is forever cemented one in front of the next./The tracks and entire railroad are visible to all users of the network./The track continues to grow to meet traffic requirements and new destinations./The track has transparent rules for usage,such as standard rail gauges,timetables,and clear fee structures.And,most importantly /All users of the rail network are owners,unlike previous technology where stagecoach companies were an intermediary that had to be negotiated with and paid.9So,what prevents someone from tampering with the rails and messing up this unique sequence?In a word decentralization.Every user of our railroad has access to a real time map that displays the entire network at that time,including precise details of every section of track.Because everyone has a copy of this map,any changes made would be immediately apparent to everyone.A more relatable analogy?You have a really embarrassing photo of yourself on social media.Despite your numerous attempts to delete the photo,it keeps coming back to haunt you because all of your friends have their own copy of the photo and they relish the discomfort that this particular photo elicits from you every time it appears in public.Thats the power of decentralization data lasts forever and cannot be tampered with or erased.Blockchain key attributes /Distributed-the blockchain railroad is accessible to all users and all users have ownership./Global-our blockchain railroad traverses the entire globe,accessible to anyone,anywhere with the means to connect to it via the internet./Security through transparency-the railroad is tamper proof,given that all users have a current map and tampering would be immediately apparent./Immutable-the blockchain railroad cannot ever be altered./Always on-the blockchain railroad never goes out of service,and is available to all users 24/7/365.Local Man Forever Known as“Hotdog Man”Blockchain Spenders WorldwideBankingProcess manufacturingDiscrete manufacturingProfessional servicesRetail29.7.4.9%6.6%6.0%Source:IDC,202010Smart ContractAnother fundamental component of Web3 is smart contracts.Without getting into the weeds,a smart contract is a computer program that resides on a decentralized network,rather than a single computer.Combining these programs together forms decentralized apps(Dapps),similar apps running on your phone or laptop.Lets extend our railroad metaphor further smart contracts could be considered the engines that pull rail cars around our blockchain railroad,they are what makes Web3 happen.Should we want an engine to run,we have to pay for“gas”that is purchased using the native currency for that specific blockchain railroad network.In a Web3 context,most smart contracts run on the Ethereum blockchain(there are also numerous other blockchains that are designed for smart contracts such as Solana,Polygon and Avalanche),and the cost of getting a smart contract to run is measured in“gas”that is purchased with Ethereums native cryptocurrency ether(ETH).“Gas”fees represent payments made to the owners of the computers that are executing the smart contracts.As with the internal combustion engine,should you want your smart contract“engine”to perform faster,you may need to pay more for a higher octane fuel.Unlike traditional contracts where there is typically a buyer,seller,and a broker in the middle,smart contracts are decentralized,directly connecting the buyer and seller with the blockchain acting as the broker by providing a permanent record of the transactions occurrence.11TITLEALICEBUYERLAWYERS,BROKERS,INSURANCESELLERBOB$ALICEBUYERSELLERBOB$TITLE“CODE AS LAW”Smart Contracts key attributes /Autonomous-smart contracts can run without any human intervention,continuously,until they are turned off./Decentralized-running on the blockchain,smart contracts are visible to all users,making them tamper proof./Direct-with no intermediary,smart contracts directly connect users./Equitable-as is the case with our blockchain railroad,everyone with access to the blockchain can view the smart contract code./Revenue generating-smart contracts require“gas”to execute.12Cryptocurrencies and Crypto TokensCompleting our railroad metaphor,we should consider the cargo that our rail network carries.Not all blockchain railroads are created the same some are designed specifically for carrying currencies,others are more universal in their design and can carry currencies as well as digital tokens.So whats the difference between coins and tokens?If a coin such as a penny or a bitcoin represents the ability to own something via purchase,a token is evidence of ownership.A physical world example of a token is a title for a car,or a deed to a property its not the actual car or the house,but proof that the car or house belongs to you,which can be transferred to another person if sold.In the Web3 world,tokens are the same a representation of the ownership of an asset.202220212020201920182017226177319512738917.5Total Cryptocurrency Market Cap($Billions)The Rise and Rise of Cryptocurrency ValueSource:Statista,2022FungibilityAn important concept to understand relative to Web3 and tokens is that of fungibility and non-fungibility.Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type.Fungible goods are items that are interchangeable because they are identical to each other for practical purposes.If exchanging two items would be meaningless,they are fungible.In the physical world,a good example is paper bank notes.If you and I both give each other a dollar bill,the note is to all intents and purposes the same a dollar bill,carrying exactly the same value as the one I previously had in my possession.In the Web3 world,this would apply to cryptocurrencies such as Bitcoin a bitcoin swapped for another bitcoin has exactly the same value,one bitcoin.Non-fungible goods have attributes that make them unique and therefore not interchangeable.Physical world examples could be diamonds,real estate,and collectibles such as signed baseball cards.Until very recently,digital content has been fungible an MP3 recording or a JPEG image is not unique,being replicable and interchangeable indefinitely.For instance,if I do a web search for a famous painting,a Magritte maybe,I can copy and paste the image to a document of my own that is identical to the one I found.This image is fungible.13Recap-Web2 vs.Web3Returning one last time to our railroad analogy,lets compare Web2(horse and cart)to Web3(rail network)14Advantages of Web3 /A decentralized ownership every user has a vested interest in maintaining the integrity of the rail network and planning for its future success./The ever-expanding rail system encourages innovation and exploration of new destinations./Its universally accessible anyone can take a train.Horse carriage travel is somewhat more exclusive,possibly involving a fee to the owners,or the owners giving you free travel in return for favors./Its clear who and what is traveling for all to see,reducing opportunities for nefarious activity./Robust architecture there are multiple routes and multiple trains.There is no single point of failure,unlike horses that are less reliable and more susceptible to highway robbery.Disdvantages of Web3 /It may not be the fastest route.Trains have specific timetables,stops,and are bound by the tracks they run on.The“Pony Express”is directly A to B,and therefore faster./Fuel(gas)costs can be very high at times,and the cost of crypto used to purchase gas can fluctuate wildly.Horse travel will require buying tickets from,or giving favors to the stagecoach company,but the cost of horse feed isnt necessary./Bad workmanship(bad coding,inaccurate data)at any point on the blockchain railroad is permanently recorded,potentially causing derailment at a future date.Web3Web2Web3 Components&Financial ServicesGiven our new found knowledge and understanding of what Web3 is and how it works,lets apply this to current financial services and assess where it can impact incumbent services.Obvious areas of disruption are where there has been a traditional intermediary.Credit and debit card networks are intermediaries between payment transactions,mortgage lenders are intermediaries between home buyers and sellers.In fact,much of the financial services industry is built upon a trusted third party brokering an arrangement between two parties.Web3 provides a construct for the broker to be removed.The table below is by no means exhaustive,but designed as an idea board for where current financial services could be either disrupted or augmented with Web3 technologies.15BankingPaymentsLendingInvestingInsuranceBlockchain/Identity/KYC&Fraud/Interbank clearance and settlement/Anytime,anywhere payments/Fraud mitigation/Transparent transactions/Repayment automatically forms a transparent,public credit history/Blockchain-enabled lending data dovetails with the aims of open banking/Trading infrastructure/Centralized,low-cost,transparent post-trade operations decrease the cost to trade for large&small investors/Certificate of Insurance Storage/Provenance managementSmart Contracts/Loyalty&rewards/Interest accrual/settlement/Streamline workflows/Remittance/P2P/Asset-backed loans/Supply chain financing/Loan closing workflows/Credit/Risk management/Smart contracts could automate many treasury functions in institutional trading/Crypto insurance/Claim Management/ProcessingTokens/Cross border accounts/CBDCs/Stablecoins/Identity management/Payment tracking/Underlying asset information and proof of ownership/Cryptocurrency/Fractional investing/NFTs/Tokenized Securities/Certificare of Insurance16Conclusion-Evolution,not RevolutionWeb2 and Web3 will not be mutually exclusive there will be middle ground,and degrees of decentralization befitting the required functions of the network.However,while there will be overlap and collaboration between Web2 and Web3,that does not inoculate from disruption occurring to traditional financial services.Where disruption is most likely in financial services due to Web3 will be /Networks that have overpriced transaction fees or exorbitant interest rates due to the assumption of exclusivity.E.g.banks that charge a fee for recurring transactions would be seriously undercut./Networks that have relied on opacity and hidden fee structures for revenue generation.Interchange fees were built on the premise of scarcity of access,whereas Web3 rails would enable direct connections and thus undermine the rationale of scarcity for interchange./Platforms with restrictive access requirements(credit score,proof of citizenship,etc.).Opening a bank account often requires a smorgasbord of documentation to prove identity.Web3 would not./Networks where fund settlement is measured in hours or days.International remittance gives large institutions the chance to profit from the float,which reduces utility by lengthening the time to completion.In a Web3 world,international remittances would be P2P,decentralized and auto-executed via smart contracts.FIs could still make money from gas fees for processing the transaction on their Dapp,but they couldnt charge anachronistic fees or profit from the float.If your organization resembles any of the above,Web3 could be an existential threat.Eventually.The transformation from Web2 to Web3 will be evolutionary,not revolutionary.Many Web3 initiatives in financial services thus far can be characterized as lacking in fundamental user centric design principles that would make them accessible for most people just the participation in any Web3 activity involves the convoluted purchase of the requisite cryptocurrencies.From here,the journey dives down a rabbit hole of gas fees,metamasks,and transactions where the more“wild west”elements of crypto come to the forefront.There is unlikely to be a help desk number for transactions that are made in error the cryptoverse is designed to be irreversible and hence can be unforgiving when fat fingered mistakes are made.Rookie missteps can have expensive consequences,with each month another story surfacing of an NFT being sold for painfully discounted prices due to pilot error1.17There is also the advantage of trust that incumbent systems have cultivated over decades people understand credit and debit cards,bank accounts,and mortgage lenders.The 2008 financial crisis notwithstanding,people trust financial institutions more than newcomers according to a 2021 study,US consumers trust banks 30 percentage points more than cryptocurrencies,and probably with good reason you can physically visit a bank branch and see the Corinthian columns and steel doors.The actual presence of banks is analog evidence that your money should be safe.By contrast,Web3 to most people is somewhere between science fiction and science project,and hasnt had the longevity to cultivate trust,particularly for financial transactions where actual money could disappear into the“ether”(pun intended)2.Finally,despite a veneer of innovation,under the hood the financial services industry is often heavily reliant on technologies that have been in place for decades.Pull any payment card from your wallet and youll see an example of just how bound we are to legacy systems a magnetic stripe,technology that goes back to the 1950s.This“if it works,dont fix it”attitude pervades the financial services industry,literally to the core.A 2021 report on mainframe computer usage highlighted that that 67 Fortune 100 enterprises which includes 45 of the top 50 banks,still rely on such systems3.Displacement of the old with the new is rarely something that happens overnight in financial services.1.https:/ Trust Barometer,20213.https:/ Trust Financial Services SectorsIn summaryWeb3 is coming,but wont manifest into a decentralization revolution in a binary switch from Web2.Instead,we will see elements of Web3 be implemented into Web2 platforms in ways that will enhance efficiencies,expand global opportunities,and reduce costs.As highlighted,companies that have built businesses on opacity,obfuscation and oligarchy will find Web3 particularly troublesome.Maybe not immediately,but Web3 could be as problematic for you as Voice over IP(VoIP)was for copper wire telephony.Current rumors of your demise are not overstated should you choose not to recognize the potential shifts from centralization to decentralization,and the power of smart contracts to remove intermediaries.This will be a golden age of innovation in financial services as the latent potential of Web3 technologies(blockchain,smart contracts,tokens)cross pollinate with the ingenuity of the financial services industry.The true potential of decentralized finance(DeFi)is just beginning to be realized,and will be the focus of further research and analysis by Money20/20.17Source:Edelman Trust Barometer,202118Web3 GlossaryBitcoinBitcoin is a digital currency,or cryptocurrency,built on the bitcoin blockchain.While there were cryptocurrencies before Bitcoin,it is the most widely known and owned cryptocurrency in operation today.Blockchain A blockchain is a decentralized public ledger of all transactions across a peer-to-peer network.Data in a blockchain is stored in groups of blocks,with each of these blocks strung to a previous block,hence forming a chain of blocks or a blockchain.The chaining of new blocks of data to form ever longer chains of blocks means all transactions recorded on the blockchain are unmodifiable(or immutable)and visible to all participants on that blockchain network.CryptocurrencyCryptocurrencies are currencies that only exist digitally and on a blockchain.Cryptocurrencies are characterized by the fact that transactions using them are verifiable and recorded on blockchain,as opposed to centralized maintenance thats a hallmark of traditional currencies.DAO DAOs,or decentralized autonomous organizations,are organizations without a central authority.In contrast to traditional organizational management structures,where limited groups likes boards run them,DAOs leveragege smart contracts to execute and enforce.DappDecentralized applications or Dapps are digital applications that are built and run on a blockchain.Because Dapps exist on a blockchain,they are not controlled by a single authority.DeFiDecentralized finance,typically dubbed DeFi,is an umbrella term applied to a wave of financial services and products built on public blockchains,predominantly on Ethereum,with the aim of disrupting traditional financial services.Because its foundation layer is blockchain technology,core to DeFi is the immutable,public,and decentralized features of blockchain.In theory,then,DeFi is antithetical to traditional financial services,where banks and other third-party institutions are necessary intermediaries.EtherEther is the cryptocurrency or native transactional token thats deployed on the ethereum blockchain.Ethereum Ethereum is the second most popular cryptocurrency after bitcoin,and like bitcoin functions as a digital currency.However,where it differs from bitcoin is in that the ethereum blockchain also functions as a platform for building a range of decentralized applications(Dapps)and deployment of codes(smart contracts)that leverage blockchain technology.NFTNFTs or non-fungible tokens are unique data units that leverage blockchain technology to represent unique digital content be it videos and songs to art and provide provenance for that digital content.Smart contractsStored on a blockchain,smart contracts are digital contracts that establish the terms of an agreement and are automatically executed when a set of predetermined conditions are met.Hence,smart contracts allow the execution of specified agreements between parties without the need for trusted intermediaries.Web3Web3 refers to the third iteration or era of the internet,defined in contrast to earlier versions dubbed Web1 and Web2.Web2,the current version of the internet,is characterized by closed-loop platforms owned by a handful of large corporations like Facebook and Google that monetize user data and content.In contrast to this closed version of the internet,Web3,built on blockchain technology,is a decentralized digital ecosystem owned by users,as opposed to central gatekeepers.Nick HollandGlobal Head of Research Money20/ Twitter-nickster2407 Scarlett SieberChief Strategy and Growth Officer Money20/ Twitter-scarlettsieber Sanjib KalitaEditor in ChiefMoney20/ Twitter-paymentalistZachary Anderson PettetContent Director,USA Money20/ Twitter-zachpettetMicky TesfayeFintech JournalistMoney20/ Meet the team

2022-11-02 19页 5星级

麦肯锡（McKinsey）：大洗牌-重新思考全球支付的下一步行动（英文版）（12页）.pdf

地缘政治因素、资本市场重置、商业预期、技术进步和社会责任也在创造更显著的行业和地区动态。这种快速发展的格局将为现有企业和颠覆者创造新的机会，以赢得客户，开发新的解决方案，夺取市场份额，重塑竞争棋盘。

2022-10-21 12页 5星级

Amadeus：2022年酒店业支付体验分析报告（英文版）（15页）.pdf

收入运营是这个飞轮的内环，减少摩擦并提供润滑，以确保你的业务销售、营销和服务这三大领域的运行顺利，加速你的增长飞轮，不让任何事情阻挡你的道路。抛开这个比喻不谈，收益运营是将整个营销、销售和成功团队的收.

2022-10-09 22页 5星级

欧洲央行（ECB）：欧元区消费者的支付偏好（英文版）（34页）.pdf

主要是年龄较大、收入较低和教育水平较低与缺乏电子支付选项有关。本研究采用多种方法来调查消费者的支付选择，大多数模型的结果显示，收入和教育水平较高的人，或现金收入水平较低的人更倾向于选择并实际使用电子支.

2022-10-09 34页 5星级