Bitcoin can learn from what the mobile payment trip
Sarah Boone Martin is the founder of Rock the Coin, the organization is committed to the promotion of the bitcoin community. Her chief executive, but also a global communications company Boone Martin (CEO), focused on the social impact of investment.
Today, bitcoin faces many great challenges: adoption rate, scale and regulation, which reflects their predecessor: mobile payment.
When first introduced in 2007, the mobile payment to as heterogeneous, like bitcoin has issued a warning. Although it has grown to 60 million active users of mobile payment, but not overnight. Now, about its success and failure, we have accumulated 7 years of data, can learn from and use in the field of bitcoin.
Mobile payment focused on emerging markets, and the user is relatively concentrated, most people have no formal bank account. Digital finance has all over the area, compared to strengthening information and communication technology (ICT) infrastructure, it is easier to launch mobile payment.
肯尼亚已成为移动支付的典范。 Today, there are more than 2/3 people in Kenya M-Pesa (mobile banking).
Why is this work, bitcoin has been unable to solve the problems and opportunities in where?
Why M-Pesa will play a role
M-Pesa phenomenon is the product of unique regulatory environment. The service developer Safaricom company to understand with the Central Bank of Kenya Kenya is vital for success, they will actively participate in the draw regulators as part of its marketing strategy.
Because before similar mobile payment service never existed, there is no related guidelines. Safaricom’s own design of AML / KYC and consumer protection agreement. Then, with Kenya’s central bank guarantee non banking licence. These early efforts eventually pave the way for long-term cooperation.
Tanzania mobile payment for taking a similar “test and learn”, and develop to today, a monthly $1 billion 800 million transaction processing. In contrast, mobile payment in India and Nigeria are backward, as everyone knows these two countries have more complex bureaucracy.
But here is the same takeaway collaboration is very simple. Create a not only flexible and safe supervision space makes Kenya and Tanzania not be the same. In the United States (New York, CFTC) and the world (UK, Australia, Canada) we have seen this type of contact. Policymakers have to open coordination and partnership may promote the formation of a more favorable environment.
How long does it take to make money
In the first two years, mobile network operators (MNO) in the income of mobile payment is very low. This is because the operating costs for the promotion of new products, supporting agent network also has been shattered.
Three to five years, mobile network operators still meager profits (total income 2-5%). At this time, the company has enough users to pay the cost, can begin to promote the digital wallet service.
Five years later, mobile network operators have considerable income (total income 15-20%). At that time, customers are no longer satisfied with the P2P network basic and instant cash transfer service, began to use more lucrative services, such as payroll and bill payment.
Obviously, it’s a message to us, mobile payment is a long battle, this also applies to most bitcoin startups. But please note that these data only describes the development trend of the industry, but not necessarily predict any other results.
Why “KYC (know your customer)” to determine the success or failure
The research shows that the mobile operators often overestimate the financial situation and the miscarriage of justice and product knowledge. Customer report browse the menu, it can shift over the telephone instead of colloquial language, and can be written in a formal problem.
The researchers also found that when customers forget PINs, will be happy to put mobile phone or password to the agent to withdraw their money. A similar freeze screen, session timeout and denial of service and other technical issues are a big problem. These problems not only hinder the customer, will lead to distrust of the system, more frequent withdrawals.
For bitcoin business, know your customer has a different meaning. Understand what customers need and the service to their daily life benefits is essential;
The emerging market is uneven, statistics on mobile phone use may be misleading. For example, women usually less contact with the mobile phone, but control of the family finances and make consumption decisions. Despise this group means missing the main money managers.
Today, bitcoin digital currency and mobile phone bank income is very similar. However, in order to increase the level of financial industry, may adopt new guidelines. The establishment of basic standards for consumer information and education.
The biggest problem
Hot topics include interoperability, digitalization and supervision. Mobile network operators usually run closed system, but the operators will have industry and the borders of trouble.
In an effort to expand the overall consumer groups, to promote the network transactions, Indonesia is the first national interconnection project.
Withdrawals are expensive, studies show that more secure and efficient electronic payment. Although the survey results is that, high-level support for the digital economy, but regulators have struggled with Gen Shangxin’s multi-party system and product development.
Interoperability and international transfer of bitcoin is a direct advantage. But we also have the same questions with regulators, we are also interested in the social transition to simplify cash. 为了提高宣传，我们可以加入更大的研究和宣传联盟，例如The Better Than Cash联盟和GSMA，它们都决策者富保持着互利的良好关系。
Clear research, the need for faster, cheaper and more transparent financial services. He stressed that the product must be readily available and easy to use.
Bitcoin start-ups in a fortunate period, world leaders are eager to get a better financial idea and technology based solutions. The real innovation will come from those who see the whole picture, and create new products from the bottom.