Here’s the deal. Someday I’d like to walk into a store with no money, no credit cards, no shoes in a soaking wet bathing suit and wave my waterproof iPhone at a POS machine and pay for a cold soda. The details of the transaction including the actual name of the store the date time cost and product name would appear instantly on my screen as a receipt that I could save or delete. At the end of the month I would know exactly how much I spent in convenience stores without having to download or look up anything.
The mobile technology is here. The POS machines you can wave things at are everywhere. I was waving my Mobile Speed Pass at gas pumps in 1999.
Can you guys please get together and figure this out. I promise you everyone will benefit, lots of jobs will be created and people will learn to manage their money better.
Also you may want to call the guys over at #uber they have already figured out how to do this in taxicabs.
20 August 2014 via www.Warc.com
PHILADELPHIA, PA: Mobile payments will be as unremarkable within ten years as credit card payments are today, according to two leading academics who warned retailers to heed the technology’s increasing popularity among millennials.
Responding to the findings of a PwC study that suggested consumers were reluctant to store money in a mobile wallet because of concerns about security and privacy, Wharton marketing professor David Reibstein argued that this was simply another manifestation of people’s “paranoia to things that are new”.
Consumers were no longer worried about credit card companies knowing what they were buying for example. Similarly, restricting liability to $50 in the event of fraud had alleviated security worries.
“It’s just a matter of people making an adjustment,” Reibstein said. “I think 10 years from now, we’ll look back at it and say, ‘Hasn’t this always been here?’”
His colleague John Zhang highlighted the take-up of mobile payment technology by millennials, who are using mobile wallets to transfer funds between friends and to store tickets for events.
“In fact, you can combine mobile payments with social networks,” he said, with apps such as Venmo enabling peer-to-peer transfers – ideal for splitting the check in restaurants, for example.
For a demographic that has grown up with social media, this is quite natural behaviour. Bloomberg even remarked on how, among the younger age group, Venmo was on the way to becoming a verb – ‘venmo me’ – in the same way that people talk of ‘googling’ or ‘tweeting’.
While consumers generally have been slow to adopt the mobile wallet – partly because of engrained habits, partly because of the confusion of proprietary technologies available and partly because of security – consulting firm Accenture said that it could “mend the seams of consumers’ disjointed omni-channel experiences”.
And with millennials already embracing the technology, the only choice retailers face is effectively one of timing – when do they step up to the plate and offer the service.
As Zhang pointed out: “If you don’t [accept mobile payments], you’re going to be passé. You’re going to lose lots of your [future] customers.”
Data sourced from Knowledgte@Wharton, Bloomberg, Accenture; additional content by Warc staff
Recent studies indicate that more and more Americans are dual screening, primarily using their tablet or smart phone while watching TV. More viewers we are engaged with content in multiple ways. This could include the sports fan checking out-of-town scores on his smart phone while watching the game on TV. The couple checking IMDb on a tablet to settle a bet over what year a movie was released. And sadly, more often than not workers clearing out some old emails on their laptop while watching Modern Family. Advertisers should explore more opportunities to reach dual screeners. Interacting with televised content by uploading photos sharing tweets or Facebook posts is growing in popularity especially among affluent consumers as the study here suggests.
SAN FRANCISCO: Most wealthy Americans use laptops, smartphones and tablets at the same time as watching television, research has found
The latest Ipsos Mendelsohn Affluent Barometer surveyed 1,055 affluent adults, defined as those who claim an income of at least $ 100,000, and included 192 high net worth consumers with an income of at least $ 250,000.
The Barometer established that 64% of Americans were dual screening on a regular basis. Most preferred to use his laptop (63%), but nearly as many smartphones used (58%) and tablets (53%).
“The technology is truly integrated into [consumers] lives to the point they find it difficult to stop using a device, even when they are engaged with one or two others,” said Steve Kraus, chief research and insights officer for Ipsos MediaCT, luxury Daily.
Just over half the sample used social media platforms while watching TV, with Facebook twice as likely to be used as any other network.
“The widespread media multitasking puts a higher premium on the involvement of consumers,” said Kraus. That means that “really reach them with messages that attract attention of consumers and talk to important consumer values.”
When asked what media channel that would be hard to live without, fully 70% of respondents said they would be your laptop.
Two-thirds could not live without your smart phone, but only one-third described their tablet.
The survey also found that affluent consumers are more optimistic about the state of the economy and their personal perspectives from which the merely affluent.
As a result, luxury marketers must “continue to focus on higher-end, ultra-rich consumers,” said Kraus.
“Luxury projections for growth are modest to affluent as a whole, and we currently see no signs of a return to widespread aspirational luxury shopping behavior that characterized pre-recession America,” he added.
Data supplied by Luxury Daily, additional content by WARC staff, March 5, 2013