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In order to better understand this process, let’s look at a hypothetical example: suppose a consumer called Bob wants to buy a pillow. He opens his TaoBao mobile app, types “pillow”, search for the kind of pillow he likes, check the sellers’ position in customers’ evaluation rank, and decides to purchase the “Dr. Pillow”.
After confirming the type, the color, the size and the final price, Bob clicks on the purchasing bottom. TaoBao, then, redirects him to a confirmation page, and he clicks in the purchasing bottom again.
As a last step, a popup emerges in the screen and shows a couple of Bob’s personal data such as mobile phone number/Alipay IS, bank accounts and bank’s card info. Finally, he has either to type his Alipay’s password or position his finger allowing its fingerprint to be scanned to confirm the money’s transaction.
After receiving the purchase request, the merchant called Tina waits for the money transaction’s confirmation. Alipay has to secure the whole process and assures that the money will be properly transferred from Bob’s Alipay account to Tina’s shop Alipay account. As Tina sells only pillows, and mattress, Alipay charges her a transaction fee of 0.6%. A couple of seconds after Bob paid CNY 168.00, Tina will receive around CNY 166.99 (the total price minus the transaction fee) and will start all the procedures to delivery the pillow until Bob’s address as soon as possible.
Step #1: Approaching the machine and clicking in the button 购票 (purchase ticket);
Step #2: choosing the final destination;
Step #3: confirmation of the number of tickets and the final price;
Step #4 and #5: Clicking on Alipay’s logo and letting the machine to scan the Alipay QR Code generated in the phone.
Step #6 and #7: confirming the purchase and getting the ticket.
After getting the ticket, thus, he/she goes to the subway or bus’ entrance, uses the ticket and gets in there. As this purchasing method has been well spread and welcomed by the local public transportation’ users, the municipal government started to implement a new set of subway entrance/exit machines that are able to scan users’ cellphones and/or Alipay QR Codes instead of only scanning the traditional subway’s ticket.
In order to top-up his/her public transportation card, the user has to open his/her Alipay mobile app, click on the button named “city card” in the “convenient life” section (figure A.3.1). Then, she/he has to turn on the cellphone’s NFC function and approach the card to the back of the cellphone (figure A.3.2).
After this, a pup-up with the car information will appear. It will show how many times the card was used, its serial number and the balance available at the moment (figure A.3.2). The user, then, can choose to recharge it by clicking in the button “recharge the card”. Finally, he/she will type the amount to be charged, and confirm it through his/her password or fingerprint.
In Alipay mobile app, there is a button named “Bike Share”. Clicking there, the user is redirected to a window containing all the sharing-bike companies available in the location/city where the Alipay user is. The user, then, can scan the bike’s QR code and log in the sharing-bike company app. In case he/she does not have an account there yet, the company will first confirm the new user’s ID and financial information – it will require information such as where he/she lives, his/her ID card, student card or passport’s number, etc. After confirming these data, the company might require an initial security deposit and, after this money is paid via the new user’s Alipay account, the/she is able to start riding a bike. It means that, after scanning the QR Code in the bicycle, the user will receive a message with the password for unblocking the bike’s locker – sometimes, this unlocking process can even be done remotely via Bluetooth technology. Whenever the person stops riding the bike, he/she just need to lock the bicycle again and the trip’s cost will be deducted either from his/her Alipay account or directly from the bike-sharing app’s account. It is important to highlight that, in some cases, the initial security deposit’s amount required may be reduced or even not charged by the bike-share company. A couple of companies decided not to have a fixed security deposit rate. Instead, they prefer calculate what amount each of its new customers should pay according with the credit score provided via Zhima Credit. If a person has a good score, this means that the risk associated with the bicycle physical lending might be lower than the risk involved in lending it to a person that has a moderate or bad score rate.
This appendix contains figures displaying information such as number, logo and evolution of FinTechs in Brazil from September 2015 to September 2017.
This is the entry-level mPOS device of PagSeguro. This device is especially recommended for those micro entrepreneurs, because it is the cheapest POS device and can be taken anywhere once its battery last for several hours. In order to use the minizinha, the seller must be connected with either Wi-Fi or mobile data via the Bluetooth with his/her cellphone or tablet.
Is similar to the Minizinha, but is connected to the Internet via a SimCard that provides mobile data to the device – no Bluetooth connection to other mobile devices is required anymore.
Moderninha pro is the version of PagSeguro’s POS devices that has the biggest number of functions/options. It can be connected to the Internet either via Wi- Fi, or via mobile data (it has a SimCard inside). The device can also be connected to the merchant’s smartphone via Bluetooth, allowing him/her to connect the POS device with the PagSeguro’s app that offers different management tools that might be helpful for the sellers. Additionally, the device has a small printing device inside that allows it to provide printed receipts of each payment made or send them via SMS to the shop’s customers.
Also very similar to the Minizinha and the Minizinha Chip, the Moderninha Wi-Fi is a mPOS device that connects directly to the Internet either via Wi-Fi or mobile data (it has a SimCard inside). Additionally, this mPOS device allows the merchant to send the purchase’s receipt to his/her buyer via SMS messages or email. Figure C.
PagSeguro implemented a payment system based on prepaid credit card. Those merchants that either do not have a bank account or do not want receive their customers’ payments via bank transactions can choose to sign up for the PagSeguro prepaid card. PagSeguro, in this way, can transfer the money paid by the merchants’ costumers to the merchants’ prepaid card (after discounting the MDF). Then, merchants can use the prepaid card to purchase goods, services and to pay her/his suppliers for example. The PagSeguro prepaid card can be used either within Brazil or abroad and its “card brand” is MasterCard. With this resource, the merchants have direct access to the payment they received without mandatorily relying on the traditional banking system. As consequence, merchant not previously covered by the traditional banking system can use this prepaid card instead of having to go to a bank agency/office or opening an account. This resource is especially useful for those merchants that live in places where there is no bank agency or for those dissatisfied/underserved by the traditional banking system.
This appendix contains the research proposed questions (both in Portuguese and in English) used to guide each interview conducted by the author during this research.
- O(a) senhor(a) acredita que novas tecnologias financeiras podem ser usadas para gerar um crescimento econômico mais inclusivo? Se sim, como isso pode ou deve ser feito?
- Quais são alguns dos problemas econômicos que, na sua opinião, podem ser resolvidos (ou dirimidos) ao implementarmos novas soluções, serviços e tecnologias financeiras?
- O(a) senhor(a) poderia discorrer sobre alguns (pontenciais) benefícios econômicos advindos da implementação dessas novas tecnologias?
- Na sua opinião, quais são os principais problemas econômicos enfrentados pelo Brasil nos últimos 5 anos? Como o(a) senhor(a) acredita que Fintechs, startups do setor e novos serviços/tecnologias podem ajudar a resolver esses problemas?
- A China é um dos países que mais tem investido no desenvolvimento de tecnologias aplicadas ao setor financeiro. Nos últimos anos, plataformas como Alibaba, Alipay, Wechat entre outras revolucionaram a maneira com as pessoas interagem com o dinheiro e com o sistema bancário tradicional. O(a) senhor(a) acredita que esse tipo de iniciativa poderia ser implantado aqui no Brasil? Se sim, quais são os obstáculos (legais, econômicos, políticos, sociais) que terão de ser superados para que isso aconteça?
- Do you think that new technologies applied to the financial-related activities can be used to generate a more inclusive economy (and boost economic growth)?
- What are some economic problems that can be (at least partially) solved by the implementation of new financial technologies?
- Could you mention some expected benefits brought by the emergence and expansion of FinTech companies and FinTech-related products and services?
- In your opinion, what are the biggest economic problems faced in China? Do you think FinTechs can help to solve them or, at least, diminish them? (In case of an affirmative answer, please, explain how FinTech-related services and products could address these problems).
- Do you think that the new financial technologies developed in China and Chinese FinTechs’ business models could be transferred to other countries? If so, do you believe this could contribute with these countries’ economic inclusiveness?
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