Need:

A product innovation team from a Global Payment Network was developing a Cash Access Strategy to help new potential consumers in Latin America access cash beyond the traditional ATM footprint, via merchant and agent networks, while simultaneously identifying areas where cash is vulnerable to innovative electronic payments solutions (such as e-wallets, a prepaid and/or debit cards, etc.).

In order to develop the strategy, they needed to understand who were the main key stakeholders in the cash payment value chain, the existing pain points that consumers and stakeholders had when trying to deliver and access cash via traditional channels, and the emerging alternative solutions being tested in the market by key players.

Solution:

For the purposes of this study, cash access was defined as the ability to withdraw cash from locations other than an ATM or bank branch (for example, withdrawing cash from your account at a merchant, at their point of sale, as part of the traditional checkout process or as a standalone transaction).

A multi-phased approach including:

1. An initial secondary research (literature review) to identify trends and key players by market.
2. A workshop with the Global Payment Network team create a stakeholder map by market
3. In-person stakeholder interviews with industry leaders identified during the workshop to identify challenges for cash access in underserved areas. A key component of this was to involve the Global Payment Network team members as much as possible while being in the field.
   • 18 interviews in Mexico
   • 18 interviews in Colombia
   • 18 interviews in Peru
4. A final workshop to engage the team in the analysis and initial insights emerging from the study.

Results:

1. Stakeholder Mapping: The initial workshop successfully created a clear stakeholder map, which served as a valuable research artifact and guided the project’s direction.
2. Empathy and Engagement: Engaging the innovation team throughout the study, including in-person workshops and interviews, fostered empathy and a deeper understanding of market opportunities and challenges.
3. Driving Cash Access Strategy with Insights: The analysis and insights from this engagement were instrumental in:
   • Defining Market-Ready Markets: Identifying Peru and Mexico as prime markets for product innovation based on their unique payment ecosystems.
   • Identifying Opportunity Areas: Pinpointing specific areas for product innovation in Colombia, considering its distinctive payment ecosystem.
   • Addressing Regulatory Scenarios: Exploring strategies to navigate upcoming financial regulatory changes effectively.