LFP174 – The Huge Success of Digital Wallets and their Future w/Bjorn Goss CEO Stocard


Manage episode 287099876 series 2351744
By Mike Baliman. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Stocard are perhaps Europe’s most successful Fintech measured by numbers of users – they have over 60 million users of their App (which gets 4.7* on Google Play) and process an amazing 2 billion transactions per annum – a phenomenal achievement. Their users save some 2-5% on average on their shopping and in some countries up to 20% of the population use Stocard for their daily shopping :-O

But what are Digital Wallets? What are their use cases?

Where are Digital Wallets going in the future? Will they keep encroaching further into retail Financial Services as a whole?

There is perhaps no-one better placed to address these questions that Bjorn Goss, co-founder and CEO of Stocard who has roughly a decade on the case and, along with explaining shopping to me (which I clearly don’t understand as I am not getting these available savings) lays out a clear and credible ambitious vision for the future of the Digital Wallet.

Topics discussed include:

  • Bjorn’s journey from music studios to Stocard
  • Bjorn’s first venture selling T-shirts
  • the relationship of early entrepreneurial experiments and later entrepreneurialism
  • the need to connect childhood experimentalism and adult responsibility in the creative process
  • “As long as you don’t stop you haven’t failed”
  • the history of the digital wallet – whence did it arrive
  • confusing usage of terminology – is Paypal a wallet? Is a browser autofill-in a digital wallet
  • Digital Wallets’ origins as the digital version of a Physical Wallet
  • extension of the functionality in particular to automatically handling store loyalty cards and offers (being the element that generates the savings)
  • challenges in general of relying on smartphones given that their reliability is not 100.0%
  • the value of having two digital banking provides in case one app fails
  • Stocard’s gender split of users is roughly 50:50 men:women
  • the average Stocard user has 13 loyalty cards :-O
  • model of Asia – Wechat, Alipay…
  • Over 6,000 retailers are listed on the App
  • these retailers provide added-value offers via the app increasing savings
  • discounts vary per vertical – furniture retailers eg may give 10-30% off in such a way
  • most usage of Stocard is offline
  • I fail to realise that the “tap and pay” contactless limit only applies to cards not to one’s phone if it includes digital biometric identity verification
  • the ease of use of Stocard “if you can use WhatsApp you can use Stocard”
  • up to 20% of the population use Stocard for their daily shopping in some countries
  • founded 2012
  • where do coupons come from?
  • the future of Digital Wallets – continuing to expand further into consumer FS eg financing – By Now Pay Later
  • Digital Wallets as the daily first point of contact for potentially all retail FS
  • the far richer data on the customer that Digital Wallets will have to help assess credit risk compared to Banks
  • some European Banks are waking up to this and starting to get involved in elements of the sector
  • Robinhood launch of a card as demonstrating the value of being the daily point of contact with customers
  • Stocard have offices in Germany, Paris, Rotterdam, Milan, Sydney, Toronto, London
  • Stocard’s expansion plans
  • Stocard does not monetise user’s data but makes money from fees for in-app adverts by retailers
  • you can use the app without even creating an account

And much much more 🙂

Share and enjoy!

162 episodes