Money as an institution has a long long history and among others it has been one of the most important vehicles of development and growth. Money has taken a lot of different physical forms and shapes before it became digital (and inevitably far more challenging to manage; although according to my friend Sotiris this shouldn’t be the case) Along with money, wallets have evolved throughout the times following the same technological trends and recently reaching to become “phygital”.
Google has recently launched the google wallet, basically a whole new payment system that enables quick in-store and online transactions using your mobile device. It feels like a very trendy innovative thing but is actually one of those technologies that when explained you realize how simple they are and how useful they are going to be (…and that’s ”innovation” to its best!).
Google has combined near field communications (NFC), a technology that’s been around for a few years (you may already use that to enter your company’s building) with online payment systems (you may also already using Paypal) to enable the modern shopper transact easier using what has been oftenly described as a hand extension – the smartphone device.
Besides their technological awesomeness, these phygital wallets are expected to have a marketing impact mainly because of the following 2 reasons:
Making loyalty programmes an effortless game (finally!)
Whereas loyalty programs as a shopper marketing tactic are very popular and successful, they are also well know for the effort that sometimes is required from the shopper to benefit for them. In fact although shoppers love to take part on those they can barely keep up with more than 2-3 different programmes (and thus they tend to join larger loyalty clubs, etc). With the introduction of phygital wallets joining a new loyalty programme will be as simple as toucking your mobile screen moreover keeping up with the programme requirements will be totally automatic. This eventually means far more competition for loylty programmes providers and participants that will hopefully increase their quality.
Boosting m-commerce sales growth
Although mobile payments are indeed possible without the need of this phygital wallet system (meaning that you can use your smartphone to access and make online payment systems) it is expected that the notion of your mobile being your wallet will boost m-commerce growth even further. Phygital wallets provide faster access to your accounts, more control and essentially more impulse to make purchases on the go. Less hassles between a desire and a transaction will always help consumption boost! Also, although a fictional factor, more sales will now count as a mobile transaction making m-commerce numbers show significant growth versus the rest of the models.
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