Moneris Go: Tap to Pay 2.0
Moneris Go: Tap to Pay 2.0
ROLE
ROLE
DURATION
2 Months
SKILLS
Group Leader - Collaboration with Binaisha D., Julie H., Eason L., and Varsan
Group Leader - Collaboration with Binaisha D., Julie H., Eason L., and Varsan K.
DURATION
2 Months
SKILLS
Collaboration, User Research, Frameworks, Market Execution
Collaboration, User Research, Frameworks, Market Execution
PROBLEM BRIEF
The Moneris Go app features Tap to Pay payment processing that allows merchants to facilitate payments through only their phone. This collaborative project facilitated by York University and overseen by Babla Karthamada; a Senior Director at RBC, challenged us to innovate and launch products that enhance the value proposition of Tap to Pay within the Moneris Go app.
PROBLEM BRIEF
The Moneris Go app features Tap to Pay payment processing that allows merchants to facilitate payments through only their phone. This collaborative project facilitated by York University and overseen by Babla Karthamada; a Senior Director at RBC, challenged us to innovate and launch products that enhance the value proposition of Tap to Pay within the Moneris Go app.
POSSIBLE FUTURE SOLUTIONS
POSSIBLE FUTURE SOLUTIONS
VALUE PROPOSITION
VALUE PROPOSITION
GOAL
Assess the current capabilities of Tap to Pay, and deliver a strategic recommendation that evolves its current value proposition and offering to drive revenue and cost benefits for RBC, Moneris and stakeholders.
GOAL
Assess the current capabilities of Tap to Pay, and deliver a strategic recommendation that evolves its current value proposition and offering to drive revenue and cost benefits for RBC, Moneris and stakeholders.
OVERVIEW
The Royal Bank of Canada (RBC) is Canada’s largest bank with over 20 million clients and facilitates personal and commercial banking as well as other financial services such as insurance, wealth management etc. Moneris is partially owned by RBC and is Canada’s largest payment processor.
Tap to Pay (TTP) on the Moneris Go App is a form of payment processing that enables a business (the merchant) to accept contactless card-based payments via a mobile device. TTP involves no physical payment terminal and is a highly viable option for many merchants. Currently, the Mobile POS Payments market is projected to reach US$12.56tn in 2025 and smart terminals account for 62.70% of in-person transactions.
OVERVIEW
The Royal Bank of Canada (RBC) is Canada’s largest bank with over 20 million clients and facilitates personal and commercial banking as well as other financial services such as insurance, wealth management etc. Moneris is partially owned by RBC and is Canada’s largest payment processor.
Tap to Pay (TTP) on the Moneris Go App is a form of payment processing that enables a business to accept contactless card-based payments via a mobile device. TTP involves no physical payment terminal and is a highly viable option for many merchants. Currently, the Mobile POS Payments market is projected to reach US$12.56tn in 2025 and smart terminals account for 62.70% of in-person transactions.
OVERVIEW
The Royal Bank of Canada (RBC) is Canada’s largest bank with over 20 million clients and facilitates personal and commercial banking as well as other financial services such as insurance, wealth management etc. Moneris is partially owned by RBC and is Canada’s largest payment processor.
Tap to Pay (TTP) on the Moneris Go App is a form of payment processing that enables a business to accept contactless card-based payments via a mobile device. TTP involves no physical payment terminal and is a highly viable option for many merchants. Currently, the Mobile POS Payments market is projected to reach US$12.56tn in 2025 and smart terminals account for 62.70% of in-person transactions.
MARKET RESEARCH
Our project began by analyzing the current landscape of TTP. We started by researching the drivers merchants have towards using TTP.
MARKET RESEARCH
Our project began by analyzing the current landscape of TTP. We started by researching the drivers merchants have towards using TTP.
MARKET RESEARCH
Our project began by analyzing the current landscape of TTP. We started by researching the drivers merchants have towards using TTP.
Driver 1: Low Cost
Driver 1: Low Cost
Driver 1: Low Cost
According to a study by the European Economic Review, low fixed costs were crucial in merchants adopting new technologies into their businesses.
According to a study by the European Economic Review, low fixed costs were crucial in merchants adopting new technologies into their businesses.
Driver 2: Reliable and secure
Driver 2: Reliable and secure
Driver 2: Reliable and secure
63% of customers stop buying after a data breach (ISMG 2024).
63% of customers stop buying after a data breach (ISMG 2024).
Driver 3: Ease of use
Driver 3: Ease of use
Driver 3: Ease of use
Clunky interfaces can slow down checkout by 10-15%. Leading to cart abandonment rates as high as 26% (Baymard Institute).
Clunky interfaces can slow down checkout by 10-15%. Leading to cart abandonment rates as high as 26% (Baymard Institute).
Clunky interfaces can slow down checkout by 10-15%. Leading to cart abandonment rates as high as 26% (Baymard Institute).
We also did a benchmark analysis of other competitors within the mobile TTP market to gain an understanding on the current position of Moneris Go within the market and its qualities.
We also did a benchmark analysis of other competitors within the mobile TTP market to gain an understanding on the current position of Moneris Go within the market and its qualities.
We continued with our market research by exploring current trends growing within payment processing.
We continued with our market research by exploring current trends growing within payment processing.
Trend 1: Automation
Automation has been prevalent for centuries with Amazon Pay, Stripe and Apply Pay leading. Recent examples include wearables, IoT and payment systems.
Trend 1: Automation
Trend 2: AI
As the artifical intelligence industry grows, so does its usage for vast purposes such as, process optimization, fraud detection, personalization and loyalty.
Trend 2: AI
Trend 3: Payment Methods
As of 2023 digital wallets made up 49% global transactions (Clearly Payments 2024). The space for digital currency is further evident in real time payments, cryptocurrency, buy now pay later systems and QR codes.
Trend 3: Payment Methods
MIDTERM EVALUATION
Our group discussed the food truck idea and found that data and statistics on operations were difficult to find which were causing problems with quantifying a solution and would result in even more problems down the line with analytical research such as revenue and forecast predictions as we continued with the project.
So, for our midterm evaluation we agreed to go to our second option of retail as it was a large industry with common use of TTP, while still having a number of pain points.
MIDTERM EVALUATION
Our group discussed industry options to position TTP and we agreed to pursue retail within small and medium-sized enterprises (SMEs) as it is a large industry with a common use of TTP, and a number of pain points. While we did not finalize our solution we agreed towards increasing personalization and customization for merchants on TTP as it would let small businesses thrive through unique propositions, brand presence and leveraging the market.
MIDTERM EVALUATION
Our group discussed industry options to position TTP and we agreed to pursue retail within small and medium-sized enterprises (SMEs) as it is a large industry with a common use of TTP, and a number of pain points. While we did not finalize our solution we agreed towards increasing personalization and customization for merchants on TTP as it would let small businesses thrive through unique propositions, brand presence and leveraging the market.
POSSIBLE FUTURE SOLUTIONS
Tailored Experiences
Increase Adoption
Payment Innovation
Tailored Experiences
Tailored Experiences
Increase Adoption
Increase Adoption
Payment Innovation
Payment Innovation
At the end of our presentation, our work was critiqued by Babla as well as Jordan; an executive at Moneris. They gave us two major critiques:
At the end of our presentation, our work was critiqued by Babla as well as Jordan; an executive at Moneris. They gave us two major critiques:
FINDING OUR PROBLEM
After receiving this feedback our group struggled as, despite many ideas we were all over the place and could not agree on one recommendation and mission. We kept coming up with multiple grouped recommendations and everyone had vastly different markets and issues for their ideas. Through more discussion we found our root cause: we weren't targeting our initial problem which was to improve the TTP value proposition.
Due to these problems and disagreements we decided to heavily backtrack and focus on the original value proposition.
FINDING OUR PROBLEM
After receiving this feedback our group struggled as, despite many ideas we were all over the place and could not agree on one recommendation and mission. We kept coming up with multiple grouped recommendations and everyone had vastly different markets and issues for their ideas. Through more discussion we found our root cause: we weren't targeting our initial problem which was to improve the TTP value proposition.
Due to these problems and disagreements we decided to heavily backtrack and focus on the original value proposition.
FINDING OUR PROBLEM
After receiving this feedback our group struggled as, despite many ideas we were all over the place and could not agree on one recommendation and mission. We kept coming up with multiple grouped recommendations and everyone had vastly different markets and issues for their ideas. Through more discussion we found our root cause: we weren't targeting our initial problem which was to improve the TTP value proposition.
Due to these problems and disagreements we decided to heavily backtrack and focus on the original value proposition.
Stakeholders
STAKEHOLDERS
Benefits
BENEFITS
Needs
NEEDS
MERCHANTS
MERCHANTS
Lower investment
Sales flexibility
Simplified staff training
Lower investment
Sales flexibility
Simplified staff training
Benefits:
Lower investment
Sales flexibility
Simplified staff training
Lower investment
Sales flexibility
Simplified staff training
Low cost solutions
Consistent cash flow
Customer satisfaction
Efficient and accessible solutions
Needs:
Low cost solutions
Consistent cash flow
Customer satisfaction
Efficient and accessible solutions
CONSUMERS
CONSUMERS
Familiar "Tap" contactless pay experience
Strong security and privacy
Familiar "Tap" contactless pay experience
Strong security and privacy
Benefits:
Familiar "Tap" contactless pay experience
Strong security and privacy
Familiar design and processes
Quick and easy payments
Enjoyable experience
Familiar design and processes
Quick and easy payments
Enjoyable experience
Needs:
Familiar design and processes
Quick and easy payments
Enjoyable experience
PAYMENT PROCESSORS
PAYMENT PROCESSORS
Expanded merchant reach by lowered tech and cost barriers
Higher transaction volume
Platform differentiation
Expanded merchant reach by lowered tech and cost barriers
Higher transaction volume
Platform differentiation
Benefits:
Expanded merchant reach by lowered tech and cost barriers
Higher transaction volume
Platform differentiation
Market competitiveness
Differentiation
Merchant satisfaction
Market competitiveness
Differentiation
Merchant satisfaction
Needs:
Market competitiveness
Differentiation
Merchant satisfaction
From this research I was able to pinpoint the unique value proposition of Tap to Pay on Moneris Go.
From this research I was able to pinpoint the unique value proposition of Tap to Pay on Moneris Go.
From this research I was able to pinpoint the unique value proposition of Tap to Pay on Moneris Go.
Value Proposition
Tap to Pay on Moneris Go provides a user-friendly, versatile and efficient POS solution, particularly for small and medium businesses that would be unable to access large payment processors otherwise.
MARKET REFINEMENT
We were now able to find one specific market to cater to. We agreed to keep our idea of working with SMEs and looked at various sectors such as, agriculture, recreation, healthcare and wellness, transportation etc. Through discussion on professional services within SMEs we chose mobile field services (MFS).
We choose MFS due to their high usage of mobile devices and technology and multiple points of inventory to track, making them suitable to benefit from integration of TTP. Furthermore, their pain points were issues we had seen repeatedly and we saw multiple paths to potentially include TTP to elevate issues.
We choose MFS due to their high usage of mobile devices and technology and multiple points of inventory to track, making them suitable to benefit from integration of TTP. Furthermore, their pain points were issues we had seen repeatedly and we saw multiple paths to potentially include TTP to elevate issues.
We were now able to find one specific market to cater to. We agreed to keep our idea of working with SMEs and looked at various sectors such as, agriculture, recreation, healthcare and wellness, transportation etc. Through discussion on professional services within SMEs we chose mobile field services (MFS).
MARKET REFINEMENT
We were now able to find one specific market to cater to. We agreed to keep our idea of working with SMEs and looked at various sectors such as, agriculture, recreation, healthcare and wellness, transportation etc. Through discussion on professional services within SMEs we chose mobile field services (MFS).
MARKET REFINEMENT
We were now able to find one specific market to cater to. We agreed to keep our idea of working with SMEs and looked at various sectors such as, agriculture, recreation, healthcare and wellness, transportation etc. Through discussion on professional services within SMEs we chose mobile field services (MFS).
Then, I integrated this research and the insights we gained on MFS into a persona to anchor our ideas.
Then, I integrated this research and the insights we gained on MFS into a persona to anchor our ideas.
Since we now understood the value proposition of Moneris Go and the market we wanted to help this process went a lot smoother and our ideas were more focused and in conjunction with one another compared to before.
Since we now understood the value proposition of Moneris Go and the market we wanted to help this process went a lot smoother and our ideas were more focused and in conjunction with one another compared to before.
OPPORTUNITY PRIORITIZATION
After brainstorming solutions we picked the ones that felt most feasible and valuable and placed them on a opportunity prioritization map. The map had the current Moneris Online web portal used on their standard POS as the base.
OPPORTUNITY PRIORITIZATION
After brainstorming solutions we picked the ones that felt most feasible and valuable and placed them on a opportunity prioritization map. The map had the current Moneris Online web portal used on their standard POS as the base.
OPPORTUNITY PRIORITIZATION
After brainstorming solutions we picked the ones that felt most feasible and valuable and placed them on a opportunity prioritization map. The map had the current Moneris Online web portal used on their standard POS as the base.
FINAL
Now after many discussions, research and back-and-forth, we had finally landed on a solution and we presented all of our research and final conclusion to Jordan and Babla.
FINAL
Now after many discussions, research and back-and-forth, we had finally landed on a solution and we presented all of our research and final conclusion to Jordan and Babla.
FINAL
Now after many discussions, research and back-and-forth, we had finally landed on a solution and we presented all of our research and final conclusion to Jordan and Babla.
OUTCOME
Through the implementation of Moneris Go, Moneris and RBC have the opportunity to strengthen their connections as a partnership with each other and with their merchants.
Allowing merchants more efficient and accessible tools within their services improves not only net growth but is low cost for RBC and Moneris while also being simple to implement.
OUTCOME
Through the implementation of Moneris Go, Moneris and RBC have the opportunity to strengthen their connections as a partnership with each other and with their merchants.
Allowing merchants more efficient and accessible tools within their services improves not only net growth but is low cost for RBC and Moneris while also being simple to implement.
Evolved Value Proposition
Tap to Pay on Moneris Go provides a user-friendly, versatile, efficient and personalized POS solution, particularly for small and medium businesses that would be unable to access large payment processors otherwise.
OUTCOME
Through the implementation of Moneris Go, Moneris and RBC have the opportunity to strengthen their connections as a partnership with each other and with their merchants. Based on our research our proposal would eliminate about 80-95% of manual supply tracking and reconciliation and streamline back-end, on average, shortening the average supplier invoice cycle by 6 days and saving 10.8 hours per week (SAPConcur). Allowing merchants more efficient and accessible tools within their services improves not only net growth but is low cost for RBC and Moneris while also being simple to implement.
Our work was complimented by Babla and Jordan as they appreciated us incorporating their previous feedback and presenting a realistic and viable proposal that was well positioned with a strong user base.
REFLECTION
This project was highly collaborative and constantly tested my teamwork and communication skills. My team had many long discussions, disagreements. back tracking and reworking. I'm satisfied and proud with how I carried myself during those moments and although at times it was hard I enjoyed the discussions and I felt it ensured confidence in what we were doing and why. I also got the opportunity to work on the business side of project creation and do things I had never done before like SWOT and opportunity prioritization. Although I feel satisfied with our final conclusion I wish it was more developed and we had more ways that RBC PayEdge would change the Moneris Go app but due to a lack of access to the official services it was difficult to do. I also wished there were more chances for me to use my UX/UI skills in terms of mapping and researching.
REFLECTION
This project was highly collaborative and constantly tested my teamwork and communication skills. My team had many long discussions, disagreements. back tracking and reworking. I'm satisfied and proud with how I carried myself during those moments and although at times it was hard I enjoyed the discussions and I felt it ensured confidence in what we were doing and why. I also got the opportunity to work on the business side of project creation and do things I had never done before like SWOT and opportunity prioritization. Although I feel satisfied with our final conclusion I wish it was more developed and we had more ways that RBC PayEdge would change the Moneris Go app but due to a lack of access to the official services it was difficult to do. I also wished there were more chances for me to use my UX/UI skills in terms of mapping and researching.
Evolved Value Proposition
Tap to Pay on Moneris Go provides a user-friendly, versatile, efficient and personalized POS solution, particularly for small and medium businesses that would be unable to access large payment processors otherwise.
Evolved Value Proposition
Tap to Pay on Moneris Go provides a user-friendly, versatile, efficient and personalized POS solution, particularly for small and medium businesses that would be unable to access large payment processors otherwise.
Tap to Pay on Moneris Go provides a user-friendly, versatile and efficient POS solution, particularly for small and medium businesses that would be unable to access large payment processors otherwise.
Tap to Pay on Moneris Go provides a user-friendly, versatile and efficient POS solution, particularly for small and medium businesses that would be unable to access large payment processors otherwise.
NEXT STEPS
To expand on this project I would like to learn more about the RBC PayEdge interface so I could accurately design the integration on the Moneris Go app. I would also try to get in contact with merchants to understand the information they would want present when setting up an auto payment to better cater our feature for them.
NEXT STEPS
To expand on this project I would like to learn more about the RBC PayEdge interface so I could accurately design the integration on the Moneris Go app. I would also try to get in contact with merchants to understand the information they would want present when setting up an auto payment to better cater our feature for them.
NEXT STEPS
To expand on this project I would like to learn more about the RBC PayEdge interface so I could accurately design the integration on the Moneris Go app. I would also try to get in contact with merchants to understand the information they would want present when setting up an auto payment to better cater our feature for them.