Session: Thin is In. The Future of Digital Wallets
Mobile payments. We’ve been hearing about mobile payments for quite a while now and some might have gotten tired of the waiting. With the NFC technology being available for nearly a decade and already being used in countries like Japan, Hong Kong and Korea for years, many have been wondering when the adoption of the technology will finally happen in other parts of the world. Well, it looks like that the time has finally come, and 2011 will be the year when the ubiquitous mobile payments will really kick off. With companies including PayPal and Starbucks leading the trend, mobile payment seems to be heating up.
Next to financial institutions, carriers and companies, the most crucial party in the adoption of mobile payment is the consumer. And in the last year we have seen that the consumer has become more and more mobile, and even though the digital wallet concept might still seem alien, different aspects of the digital wallet such as couponing, financial management or comparison shopping are already being used through existing apps like Shopckick or RedLaser. According to Christina Nguyen White, the presenter of The Future of Digital Wallets, the experiences consumers have with those apps will be key in embracing and understanding the concept of the digital wallet.
The greatest opportunity that digital wallets create for brands is the ability to drive a consumer purchase decision before or right at the point of sale. With retail competition at an all time high, companies are constantly looking for new ways to attract consumers and encourage new levels of loyalty. Mobile payments will enable companies to create those value-added services, further elevating the customer experience and creating strong and lasting relationships. How, you ask? By delivering convenience and rewarding the loyalty.
Of course, there is still a question of security and ownership but this time it really looks like after a few years of running in place, all parties are finally ready to make a move.