Moneris Go: Tap to Pay 2.0
Moneris Go:
Tap to Pay 2.0
PROBLEM BRIEF
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.
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.
GOAL
GOAL
Assess the current capabilities of Tap to Pay, and deliver a strategic recommendation that evolves the current value proposition and offering of Tap to Pay to drive revenue and cost benefits as well as for payment processors, merchants, and customers.
Timeline: 2 months
Skills: UX/UI, Collaboration, User Research, Frameworks, Market Execution
Role: Group Leader, Merchant Research, Persona, Mapping, Value Proposition, App Design
Assess the current capabilities of Tap to Pay, and deliver a strategic recommendation that evolves the current value proposition and offering of Tap to Pay to drive revenue and cost benefits as well as for payment processors, merchants, and customers.
Timeline: 2 months
Skills: UX/UI, Collaboration, User Research, Frameworks, Market Execution
Role: Group Leader, Merchant Research, Persona, Mapping, Value Proposition, App Design
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 (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.
USER RESEARCH
Our project began by analyzing the current landscape of TTP. We started by researching the drivers merchants have towards using TTP.
USER RESEARCH
Our project began by analyzing the current landscape of TTP. We started by researching the drivers merchants have towards using TTP.
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 the payment processing field that could relate to TTP. These included automation, AI and payment methods.
We continued with our market research by exploring current trends growing within the payment processing field that could relate to TTP. These included automation, AI and payment methods.
MARKET
We then decided to determine what type of merchants we would be working for. Our group wanted to work for small and medium-sized enterprises (SMEs) as the market was large and they highly utilized mobile payments, yet reported a number of pain points despite the benefits TTP brought.
MARKET
We then decided to determine what type of merchants we would be working for. Our group wanted to work for small and medium-sized enterprises (SMEs) as the market was large and they highly utilized mobile payments, yet reported a number of pain points despite the benefits TTP brought.
Then, we narrowed down to the food truck industry as their “on the go” nature and limited space makes TTP one of their only payment options. Therefore, we moved on to exploring their pain points and a root cause analysis to find the core behind their issues.
Then, we narrowed down to the food truck industry as their “on the go” nature and limited space makes TTP one of their only payment options. Therefore, we moved on to exploring their pain points and a root cause analysis to find the core behind their issues.
We gained the insight that when moving on with finding solutions we could leverage and improve accessibility (i.e. improved cloud-based offline payments), unify the market, create catered analytics or streamline processes as potential solutions.
We gained the insight that when moving on with finding solutions we could leverage and improve accessibility (i.e. improved cloud-based offline payments), unify the market, create catered analytics or streamline processes as potential solutions.
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 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.
We summarized our information on retail merchants through a persona of a small jewellery vendor I created to help to anchor our presentation.
We summarized our information on retail merchants through a persona of a small jewellery vendor I created to help to anchor our presentation.
At this point, we were beginning to move towards crafting a final concept so we also conducted a deeper analysis on the SWOT, themes and vision for TTP to help us in crafting this.
At this point, we were beginning to move towards crafting a final concept so we also conducted a deeper analysis on the SWOT, themes and vision for TTP to help us in crafting this.
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. We summarized this through tailored experiences, adoption and payment innovation or T.A.P.
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. We summarized this through tailored experiences, adoption and payment innovation or T.A.P.
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:
REFINEMENT
After receiving this feedback our group did discussions on what could be our final solution. We came up with many ideas and researched them. Mine included a customer loyalty program while others had airline expansion, offline tokenization etc.
REFINEMENT
After receiving this feedback our group did discussions on what could be our final solution. We came up with many ideas and researched them. Mine included a customer loyalty program while others had airline expansion, offline tokenization etc.
Despite many ideas they were all over the place we had a hard time agreeing on one recommendation and mission. We kept coming up with multiple recommendations but forcefully trying to pose them as one and everyone had vastly different markets and issues for their ideas. This was important for us to solve as we couldn't agree and it related to the critique we got on needing to focus on one market and mission. Through more discussion we realized we had an even bigger problem which was we didn't know how any of our solutions could evolve the value proposition which was the original problem we needed to solve. More importantly, we didn't even know the original value proposition.
Due to these problems and disagreements we decided to heavily backtrack and focus on the original value proposition. To help us, I researched and looked back at our work to provide us a value proposition to evolve.
This started by researching the benefits of TTP and all the stakeholders we were targeting.
Despite many ideas they were all over the place we had a hard time agreeing on one recommendation and mission. We kept coming up with multiple recommendations but forcefully trying to pose them as one and everyone had vastly different markets and issues for their ideas. This was important for us to solve as we couldn't agree and it related to the critique we got on needing to focus on one market and mission. Through more discussion we realized we had an even bigger problem which was we didn't know how any of our solutions could evolve the value proposition which was the original problem we needed to solve. More importantly, we didn't even know the original value proposition.
Due to these problems and disagreements we decided to heavily backtrack and focus on the original value proposition. To help us, I researched and looked back at our work to provide us a value proposition to evolve.
This started by researching the benefits of TTP and all the stakeholders we were targeting.
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.
The unique feature of Moneris Go is that due to it being accessible through only smart phones (a common device everyone has) it makes business management and payments incredibly accessible to those who would otherwise be unable to come up with the funds or have the knowledge to connect to a large payment processing corporation like Moneris.
We took this as a fresh start and decided to find one specific market to specially cater to. We agreed to keep our idea of working with SMEs but we conducted more individual research at different sectors. We looked at retail, agriculture, recreation, healthcare and wellness, beauty, transportation and parking.
Through our discussion on our research on we enjoyed the ideas of healthcare and wellness and beauty. However, we struggled to find official data of both markets so we researched into their industry of professional services. Within our discussion of professional services we landed on mobile field services (MFS).
The unique feature of Moneris Go is that due to it being accessible through only smart phones (a common device everyone has) it makes business management and payments incredibly accessible to those who would otherwise be unable to come up with the funds or have the knowledge to connect to a large payment processing corporation like Moneris.
We took this as a fresh start and decided to find one specific market to specially cater to. We agreed to keep our idea of working with SMEs but we conducted more individual research at different sectors. We looked at retail, agriculture, recreation, healthcare and wellness, beauty, transportation and parking.
Through our discussion on our research on we enjoyed the ideas of healthcare and wellness and beauty. However, we struggled to find official data of both markets so we researched into their industry of professional services. Within our discussion of professional services we landed on mobile field services (MFS).
We choose MFS due to their high usage of mobile devices, many points of inventory to track as well as integration of technology made them suitable to benefit from integration of TTP. Furthermore, their pain points were issues we had seen before and in our research of trends and previous brainstorming on solutions we saw potential in elevating their issues through TTP.
We choose MFS due to their high usage of mobile devices, many points of inventory to track as well as integration of technology made them suitable to benefit from integration of TTP. Furthermore, their pain points were issues we had seen before and in our research of trends and previous brainstorming on solutions we saw potential in elevating their issues through TTP.
Then, I integrated this research and the insights we gained on MFS into a new persona that we would use to anchor our value proposition evolution ideas.
Then, I integrated this research and the insights we gained on MFS into a new persona that we would use to anchor our value proposition evolution ideas.
With the help of our persona, drivers and trends we identified earlier we all brainstormed ideas on innovations that we thought would evolve TTP and placed them on an affinity map .
With the help of our persona, drivers and trends we identified earlier we all brainstormed ideas on innovations that we thought would evolve TTP and placed them on an affinity map .
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. Also, because we knew our value proposition and kept it in mind while brainstorming we did not run into the issue of "how does this connect to original problem?" that we kept getting stuck at previously.
From all of these 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.
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. Also, because we knew our value proposition and kept it in mind while brainstorming we did not run into the issue of "how does this connect to original problem?" that we kept getting stuck at previously.
From all of these 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.
RBC PayEdge integration had the highest score and our group further recognized that it was highly feasible and valuable. Thus, we decided to follow through with it as our final.
RBC PayEdge integration had the highest score and our group further recognized that it was highly feasible and valuable. Thus, we decided to follow through with it as our final.
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.
We supplemented our work with forecasting and road mapping to highlight the realistic feasibility and future path of our solution.
We supplemented our work with forecasting and road mapping to highlight the realistic feasibility and future path of our solution.
REFLECTION
This project was highly collaborated and constantly tested my teamwork and communication skills. My team had many long discussions about our project, disagreements and 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 management 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 collaborated and constantly tested my teamwork and communication skills. My team had many long discussions about our project, disagreements and 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 management 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.
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.