By Michael Connor, Managing Principal Financial institutions, venture capitalists and any organization that believes in mobile payments are busy building their vision for a mobile wallet. However, the majority of these groups are building a wallet and customer experience without giving any thought to the true enablers of a mobile wallet. This group is what I refer to as the merchants, the group that ultimately enables the payment. Merchants are constantly trying to get closer to their customers to understand them better, while improving their infrastructure to decrease their cost structure. However, mobile wallets fail to help them: Increase the efficiency of the payment process Decrease the time it takes to settle a transaction Retain knowledge (data) on their customers’ likes, dislikes, purchasing behavior and life events Leverage data to create a personalized online or in-store experience through target offers or a personalized in-store experience Increase customers’ visits and shopping cart size I have yet to see a mobile wallet that comes close to solving more than two of these five merchant needs. Instead, the industry is trying to develop a solution that will entice customers to move their payment vehicles to mobile devices in the hopes that it can [...]
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