The news that Google Wallet has gone live in the US has brought with it a flurry of excitement in the media (MarketingWeek.co.uk 20 September). There are, however, plenty of payment mechanisms out there already and consumers aren’t demanding another one. What is interesting about this is the opportunities beyond payments. For example, consider tapping your mobile against a poster to gain a discount for a specific purchase, then being able to redeem the offer using a ’single tap’ in store while generating loyalty points. The possibility to significantly improve, simplify, and speed up the customer experience at the point of interaction is a real advancement.
But it won’t be plain sailing from here on in. Recent customer loyalty research we conducted with Ipsos MORI shows a mixed reaction from consumers of all ages to the concept. Those who were most cautious were worried about fraudulent use and inconvenience if lost.
There’s clearly a lot of work to be done allaying these concerns about security, complexity of use and educating people on how the benefits beyond replacing current payment methods which are already convenient and familiar.
Marketing director, The Logic Group