中小企业支付创新的四种方式

© Oliver WymanTHE CHALLENGING MSME MARKETAcross the Asia-Pacific region, micro, small, and medium-sized enterprises (MSMEs) accountfor more than 97% of the total number of businesses. They contribute significantly to theregion’s economic development and play key roles in driving innovation andcompetition.The sheer breadth and size of the MSME market means that it is a heterogeneous group.MSMEs vary widely in terms of their financial literacy, technological sophistication, channelpreferences, and growth ambitions. This has given rise to a broad set of business types,ranging from single-location shopfronts, to omni-channel multi-location retailers, to merchantsthat focus on e-commerce only, and everything inbetween.These businesses have a diverse set of payments acceptance needs, and incumbent banksand merchant acquirers have long faced challenges implementing models that are not onlysufficiently tailored to the needs of MSMEs, but also operationally efficient and cost-effectivetoimplement. © Oliver WymanHOW CURRENT PLAYERS ARE CAPITALIZINGThe MSME market presents significant opportunities. Despite the smaller total paymentvolumes of MSMEs relative to larger corporates, they drive the majority of revenue foracquirers (see Exhibit1). This revenue pool is poised to expand further as digital paymentscontinue to rise and merchants opt for more sophisticated routing payments to cheaperpayment methods, which will further compress acquirermargins.Exhibit 1: Total payment volume and revenue pool distributionTypical total payment volume (TPV) distribution for acquirersApplicable global benchmark, %Typical revenue pool distribution for acquirersApplicable global benchmark, %Corporate2743MSME54Corporate3513220MSME245181Online indirectOnline directOffline directSource: Oliver Wyman analysisFor example, in Europe and North America, MSMEs are starting to see the option ofInterchange Plus (IC+) pricing for the first time, in addition to the more typical blended flat feerate. IC+ is a more transparent pricing model which breaks down total fees into the acquiringmarkup plus the interchange fee, and it was typically only available to larger corporates inthe past. IC+ may not always result in lower fees for MSMEs, but the fact that this option isincreasingly available highlights that acquirers are serious about adding more sophisticatedfee models to attract and retain MSMEbusinesses.While few have managed to fully capitalize on this opportunity, several players have foundsuccess building out solutions tailored to specific verticals or focused segments. Tailoredfood and beverage solutions, for example, include point of sale (POS) solutions, inventorymanagement, table reservations, loyalty programs, and delivery partner integrations.Healthcare solutions include integrated insurance and government healthcare claims whena patient pays, practice management software, and telehealth solutions. In the realmof e-commerce, meanwhile, pre-built stores allow businesses to set up and sell onlinewithinminutes. 7666511 © Oliver WymanIt is not uncommon for MSMEs to tap into a range of solution providers to help them runand grow their business. This means that MSMEs often must knit together various paymentmethods from different acquirers, such as one for accepting cards and another for e-wallets,purchase an accounting software license, engage a loyalty program provider, work withmultiple delivery couriers, apply for loans from non-bank financial institution (NBFI) lenders,and soon.The starting point for incumbent banks in payments and acquiring has traditionally beenin-store terminal solutions, and in recent years, they have lagged behind newer specialistpayments providers that offer not only more comprehensive omni-channel acquiringsolutions but also value-added services that extend beyond just payments acceptance. Asa result, e-commerce and omni-channel providers have been looking beyond incumbentbanks to meet theirneeds.Outside of payments acceptance and acquiring, the legacy practices employed by incumbentbanks to assess MSME credit eligibility, such as precluding younger businesses and imposingrigorous documentation requirements, often make the hurdle too high for businesses toaccess credit. The same segments of MSMEs to which incumbent banks do not typically paysufficient attention are often the ones that need it the most, such as young businesses withcash flow challenges, significant upfront fit-out, equipment, and other costs, and fluctuatingday-to-day operational costs like wages and inventory. This has opened the door for NBFIlenders and payments specialists to provide faster credit application processes and moreinnovative credit products toMSMEs.Newer payments specialists have emerged as frontrunners in the MSME space over the lastdecade or so. This is reflected in their customer base, revenue, and valuation growth. Newerentrants started with gateways for e-commerce payments and subsequently expandedtheir product suite to enable o