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The Ides Of MarchToday (3/15/2012) President and CEO of eBay John Donahoe ironically announced at Ghirardelli Square in San Francisco, a new Retail Payment Solution "PayPal Here". This day is full of irony in that the announcement is primarily directed at Square (company) and it also was not such a good day for Julius Caesar in 44 BCE. John Donahoe minced no words on his intent “This product is better. This product is backed by PayPal. It's backed by 100 million customers and one of trusted by payments brands around the world”. We all knew this moment would arrive.Warning, this will be a bit of a long post as it is important to gain relativity on this subject.The PayPal Winged Card Reader called "Here" (aka the Blue Dorito) designed by Yves Béhar.A Titan AwakesPayment Card acceptance for small and medium sized retail businesses have experienced a tidal force of change over the last 24 months. This multi-billion dollar Titan is waking up and taking its first firm steps into the confluence which will imprint both consumers and merchants with a number of new and unique options. For anyone in the payments industry to ignore or downplay the potential impact this may have would be foolhardy at best.Here I got some Blue Doritos for you. Humor about a serious change in the marketplace.A multi-country AnnouncementPayPal has entered into this market in the US, Canada, Australia and Hong-Kong. This will extend the potential market reach to nearly double the size of it’s nearest competitor. This alone will grant PayPal a much larger base for potential success. PayPal has most EU countries and China on target for the end of the year.Reality Check: Is Your Wallet Broken? Is Your Store's Payment System Broken?To be clear, nothing announced today by PayPal is world changing by any stretch of the imagination. For at least the next dozen years you will still be carrying payment cards with you, they will have EMV ability because the banks that issue these cards have committed to this, and it is their system we use when we pay with a Payment Card. No matter how sexy a new system is there is simply no mathematical way to change the momentum of something that is not seen as broken to most people. I am sure that today most of us will use the existing payment system just like our mom and pop did and it will work remarkably flawlessly. Perhaps there is not much to fix? Sometimes the blind drive for “disruption” clouds reality.If The Media Was Correct, You And I Would Be Paying With Our Fingers TodayThere will be endless debates from bloggers and media observers covering all aspects of this announcement. Most will miss some very important points. We certainly all love to fantasize about a future world where we do not need to carry a Payment Card or a wallet for that matter. I have seen some of the most brilliant minds lead billions of dollars down this money pit. I will be the first to admit that I love new ideas and technology. However I must add just a bit more sobriety with a study of the history of a company called Pay By Touch (http://en.wikipedia.org/wiki/Pay_By_Touch) with a billion dollar funding, over 800 employees and some of the best tech talent and management to be found in the Silicon Valley and it was a colossal failure. Many new and perhaps old observers have little to no knowledge of how and why a simple, use your finger to pay wallet system failed.I could fill a large book with the true reasons why but for this post it is just important to know some things were actually tried before by darlings of the media and failed. Just about all observers "knew" after very high profile political leaders invested in Pay By Touch, that within 5 years the Payment Card and your wallet would be replaced by your finger, the logic seemed so flawless, so simple: most of us do not leave home without our fingers, it just works. They predicted the card to be dead and the wallet to be dead. They will likely make similar predictions on either side of this new announcement.PayPal And The Walled GardenPayPal’s journey has been a successful one on the Internet. However many, including experts in payments, fail to see that PayPal’s success was directly connected to the rise of eBay and the walled garden they built around payments. We would not be talking about PayPal today if eBay did not purchase the company at a very critical point in PayPal’s history.The retail payments space is also a walled garden, however it is controlled primarily by Visa and MasterCard. PayPal’s rise took place in a period when Visa and MasterCard did not have the will or ambition to see how important Internet transactions would become. For PayPal, this new market will not have the ready made customers that eBay provided. Of course they do have a substantial number of relationships with millions of merchants but there will need to be substantial motivating reasons to adopt any change in the current, unbroken system.What Are The Details Of PayPal's New Retail Payment System?There are a rather large number of interesting points that surround this new product launch. This is more than just taking the Internet version of PayPal and bolting it on to a retail use case with a unique Card Reader. There are two fundamental categories that encompass the new announcement:The PayPal Digital WalletThe PayPal Card ReaderPayPal Here accepted around the world.The PayPal Digital Wallet can currently only be used at merchants that have elected to participate in PayPal's retail payment system. However, a merchant that participates in PayPal's retail payment system will be able to accept Visa, MasterCard, Discover and American Express along with PayPal of course.The Pay Pal Digital WalletPayPal has a new vision of how people will use and interact with their Payment Cards and by extension how they will use a Wallet application. This centers around the concepts of payment flexibility and discounts, loyalty and offers. PayPal spent a lot of quality time with regular folks across the country and looked at how they actually interact with what is now primarily Digital Money. Through the wise use of industry veterans and with a mandate to follow the path where it leads them, PayPal has constructed a rather genius way to interact with Payment Cards and other systems that hold value like a gift card or loyalty cards.The primary features of the PayPal Digital Wallet are:Grace Period - This separates the actual purchase from the payment by offering a 5-7 day grace period for consumers to change the underling Payment Card. This means that days after you leave a store you can shift a purchase to another Payment Card or divide it between other Payment Cards, Gift Cards, Loyalty Cards or a Bill Me Later loan.Installment Payments - Allows consumers to choose to create, ex post facto installment payments on larger purchases. This means that an emergency refrigerator failure can be a less intrusive experience by allowing the consumer to divide the transaction into multiple timely payments.Personal Lists - Allow for system wide searches for particular products and allows for comparison of prices. The consumer can then create shopping lists based on the results of the searches driving customers into PayPal Retail merchants.Found Money - The PayPal Digital Wallet will locate customized deals, coupons and one time offers for items in a personal list. With consumer permission, once the customer is in a merchant location that accepts PayPal’s solution, the merchant can target offers based on the shopping lists that the customer has created. This means situational offers can be made in real time.Spending Rules - This is a budgeting tool that creates specific fund “set asides” like travel funds and sets rules by purchase amount and ties specific Payment Cards to specific merchants. This allows for Payment Card “Air Mile” partnerships, like what American Express has with Wholefoods Market, to activate without a thought on the part of the customer.PayPal is betting on the premise that these features will at some point become valuable enough for the consumer to download the Wallet App to their smartphone. There seems to be enough compelling reasons to suggest that typical folks would be motivated by both the payment flexibility and the potential access to better prices through discounts and offers.Potential Real Life Use Cases You Will Not Find As A Glowing TweetDuring the 28 years I have spent in the Payments Industry, I can think of many use cases for some of the features found in PayPal’s Digital Wallet. One of our merchant was a multiple location automobile transmission repair company. They were very early adopters in accepting Payment Cards and it is easy to see why with typical transactions over $1,500.When your car is towed into a transmission shop, it is usually not a low cost repair. Most folks perhaps can scrape together money from credit lines, savings and "rainy day funds" but this is still a rather large sum. I had many conversations with the owner over the years and it always centered around his frustration around making payment easier for his customers. Today with the flexible funding options and on-demand installment payments, his customers would have more options then the traditional payment system. There are a number of other use cases which may not seem natural to people who are compulsive users of High Tech.The PayPal Card ReaderThe PayPal Card Reader is the work of industrial design genius Yves Behar (http://en.wikipedia.org/wiki/Yves_Béhar). Yves design language has always leaned towards a decidedly "form follows function" ethos with bold colors and unconventional approaches.We can see this in the new Card Reader in the way it can swivel back and move in to position. He addressed the issues a merchant faces with just about all devices in this class: The actual swiping of the card. This is actually not a trivial task to perform with any product on any smartphone.Even the best designed devices will present challenges to regular users. Yves has approached the issue by finding the optimum balance between maximum design efficiency and the budget constraints of a device which will be given away for free. The Reader is already the punch line of quite a number of jokes, such as: The Blue Dorito. Love it or not, it can be argued that its design is a bold statement. Time will tell how much this will ultimately impact the users of the device.Encryption And Card Data SecurityThere is more to the Card Reader than just appearance. The device has active electronics that encrypt the card data before heading over to the smartphone's 3.5mm Audio Input Jack. The issue of end to end encryption on smart phones using a Payment Card processing devices has been under a great deal of scrutiny by the Payment Card companies.Currently not a single device that uses a smartphone in this manner is considered fully compliant under the PCI guidelines (https://www.pcisecuritystandards.org/) this includes PayPal and the new card reader. At some point there will be a need to certify these card readers and Visa has already stated that there will need to be hardware encryption built into the devices. PayPal has already addressed this issue with this release. The first most people have heard of these issues was with a ridiculous marketing campaign by Verifone against Square: How will Verifone's "Open Letter"/"Wake-up Call Letter" affect Square and its Card Reader?. It failed for Verifone, it may or may not help PayPal. Square has an Encrypting card Reader they have been testing for quite some time and is now shipping, however the installed based of Square merchants have the old reader. I am certain Square will address this issue.Follow The Magnetic Strip, Around The WorldPayPal wisely limited the release of this service to countries that still actively allow Payment Cards to be used at merchants with Magnetic Card readers. This allows PayPal to maximize penetration in the first phase of this release. As PayPal rolls out to countries that use the EMV system, we will see a 2.0 version of the card reader that allows for EMV transactions. There will also be considerable increase in unit costs for the device and this will be an issue to be concerned about.The PayPal Merchant Processing AppThe merchant app has a number of standard and unique features. There are the traditional functions that one would expect, the ability to process a card by a swipe or by manual key entry. However there is an option to image and process checks also. There are email receipts and text based receipts. The more unique features allow for a merchant to create and deploy store-wide universal offers and discounts and customized deals crafted by preset and based on the contents of the shopping lists of PayPal wallet users.A Clone Of Square's Card CasePayPal using Geo-fencing technology to allow users of the PayPal wallet to pay just by being close to the checkout line. The feature they call "Local" may sound rather familiar, this is because in many ways this is a clone of Square's revolutionary CardCase system. I have seen PayPal's system in use and can say that it is a rather different experience than the one with Square's Card Case.The Merchant Processing RateThe flat rate of 2.70% that currently offers a 1% Cashback (with caveats) to the merchant with no fixed transaction fee is currently significantly lower than any other company offering a similar solution, but it may not be low enough to matter at this point. This will likely change soon for a number of reasons. PayPal is in a rather unique position to actually have a lower overall wholesale cost and this will grow logarithmically as they pull in more Digital Wallet users. The rate a merchant pays is really not a direct concern to most customers and thus this is really more of a merchant adoption issue.There is a bit of confusion that I think will be cleared up shortly on the how a merchant can receive the 1.70% rate. Thus far it seems that the PayPals price point of 1.70% with no fixed transaction fee is clearly aimed at Square and the current rate of 2.75% they offer. But it may be a bit of a marketing claim which will not really net merchants any significant savings in the short to medium term. However it will be more than challenging for Square to directly address this issue in the short term. I will assume that the data I have from the last few months is correct and thus it would work out in this manner:Example of a average merchant with 100% use of the PayPal Debit Card:$1000 per month with 100 transactions,PayPal $1000 x 1.70% (with Cashback PayPal debit card rebate) = $17.00Square $1000 x 2.75% = $27.50Differential Potential = $10.70 x 12 = $128.40 per year-Or-Example of a average merchant with 0% use of the PayPal Debit Card:$1000 per month with 100 transactions,PayPal $1000 x 2.70% (with no Cashback PayPal debit card rebate) = $27.00Square $1000 x 2.75% = $27.50Differential Potential = $0.50 x 12 = $6 per yearIn reality the savings will be someplace in the middle at some point.This 1% Cashback rebate is a rather bold move to boost adoption and will no doubt be removed once market density has been reached. But it requires the merchant to use the PayPal branded Debit Card to spend money rather than withdrawing the amount. This card is free of charge and PayPal aims to send them out to a majority active of PayPal account holders in the launch countries. This keeps the funds from the merchant account theoretically locked in PayPals's walled garden and allows then to collect the Interchange fees when the card is used by the merchant to make purchases. Interchange fees are passed through the Visa and MasterCard system and given back to the bank that issued the card, in this case The Bankcorp on behalf of PayPal.Have no doubts, this is a rather strong bottom line perception for a vast majority of merchants. Lost in the haze will be the fact a merchant will not always get 1% back and there is a wait for the rebate, up to one year. The 1.70% marketing rate may not be enough in and of itself. I am certain much will be made of this real or imaginary cost saving.PayPal has also announced that they will be doing same day funding on most transactions. There will be limits and controls on the transaction size and transaction volume that they will allow small merchants to process.Electronic Check AcceptancePayPal has wisely extended instant payment acceptance to checks also and although checks are used less and less at retail locations, it is a genius move to extend deeper into the galaxy of payment options.Camera Based Payment Card ReadingPayPal has licensed the technology from Card.io which allows for the image of the card to be scanned and processed with out the need of the merchant to key in the card number. I addressed issues that this technology faces here: What is Card.io and how will it impact the mobile payment space?. It is an interesting feature but I feel that it will not be used very often.On Demand Invoicing For Service BusinessesPayPal included a unique tool that allows business that are in the repair, contractor or service industry to create a pro forma invoice sent from the phone directly to any email address in the world. More interesting is that it is a realtime notification to the customer if they are running the PayPal Digital wallet. This will be a very important feature for a number of business sectors.The Chicken Or EggWhen one surveys this new move by PayPal and take in the entirety of how this could impact the market, one can say that this is a rather bold move but necessary move. Executives at PayPal have been very public in stating that this is their market to lose and they are going to do just about anything to take a reasonable percentage of market share.I can personally verify that PayPal wisely chose to reach out to experts that had real street experience with Merchants and the Payment system, and the needs of actual consumers. They clearly have taken most of the advice that was offered. This goes a long way in addressing the potentials of success for this system in the marketplace. However PayPal faces the same "Chicken or egg" problem that every bold new entry in this market faces, from the Square Card Case to the ISIS wallet, Google's Wallet and others: merchants need more than just great ideas, sexy products and simple rates. Pragmatism and practicality always rule the day with the 99% of merchants who are not early adopters. This will be the largest barrier every company will face.For PayPal to be successful they are going to need to be very persuasive on all points and then they would have to develop effective systems to actually reach the 99% of merchants that have been proven to be nearly impossible to reach with online advertising and social media "viral" campaigns. Much to the dismay of many companies even phone marketing campaigns have little effect. There are a number of highly successful ways to reach this market and one of the best guarded secrets is business to business (B2B) sales. Few of the new companies offering retail payment solutions have decoded this process. At some point they will need to address this issue after the momentum of just reaching for the low hanging fruit on the tree has peaked.PayPal’s ImageIt is no secret that PayPal’s image in the mind of some online merchants is just a little bit more than tarnished. Some of it is deserved. However some of it is tied up in the complexity of running in the middle between Cardholders and their needs and merchants with a differing set of needs. Every company that is in this industry will face these challenges, even the ones that appear to currently have a great reputation. The moment one becomes a merchant they discover all the tools they had as a consumer can very well be used against them even if it is not warranted.The ChargeBack dispute system is not perfect and always errs on the side of the Cardholder. This issue, and the related numerous fraud issues, create a dangerous environment of potential hostility between Paypal and the merchants. PayPal has a legacy here, as well as the legacy they created by making some very poor choices in how they deal with popular issues. This potentially tarnished reputation will absolutely impact merchant adoption. But I would caution any company in this industry from using this as a marketing tool, it will ultimately set a standard that may be impossible to achieve in long term.Are The Features And Costs Good Enough?There are a number of ways one can look at the perception of success. For PayPal success may be to gain a low double digit of the true transaction volume of retail merchants. The temporary low rate will greatly assist in this effort. We will not see any company dominate the entire market as long as they have to use the networks and products of the current Payment Card Companies. Other companies that will compete with PayPal will no doubt have less customers then they would have had if PayPal was not in the market. However as long as they continue to innovate I am certain they will do this and perhaps more and meet with continued success also. My advice is "heads down" and "iterate" is foolish, "heads up" and look around you, seek out the history and people that know the topography and perhaps have a map.The Merchant And The Consumer Will VoteThe showdown between all of the existing and new companies in this market will be an exchange of historic proportions. There are no underdogs in this race, billions of dollars are backing all serious players. Most in the tech world will choose sides and carry the flag, but this can be a kiss of death. The control is primarily in the hands of merchants and I can personally attest to the fact that that they have become deaf to most of the latest ideas that we in Technology have cooked up. The company(s) that are wise enough to seek the expertise and wisdom of how to truly reach these merchants and by extension their customers will have the greatest success.Update: Videos from the launch event, thanks goes to Rakesh Agrawal's keen eye: