July 20, 2015
Today we will look at Octopus Card System from Hong Kong, IMPS (Immediate Payment Service) from India and Suica – FeliCa from Japan.
In this two part series, we will discuss about payment systems that have been extremely successful in various parts of the world. The metrics we have taken is that of "scale" and "impact". One or more of the following factors can be seen as common threads across the success stories:
1. Fundamentals are Important – Merchant acceptance and adoption is important if you want to succeed. Can you lower the interchange fees?
2. Real-time payments not just faster payments. A truly interconnected system; most of the countries are now looking for such payment systems.
3. Consumer Adoption - NFC growth in the Scandinavian region and Japan took place because of the focus on consumer education, availability of compatible devices, acceptance infrastructure and integration of loyalty and reward points
4. Collaboration – Meaningful ways of working together.
Octopus is an electronic payment system using a contactless smart card known as Octopus which includes Oc ...