Tying mobile wallet payment functionality with loyalty programs and gamification of reward earning serve to increase consumer interest, and the merchant interest in acceptance to access the associated data.
Take-up may still be low, but the buzz around these solutions has made consumers realise that paying by mobile is the inevitable future. Yet for Yoyo co-founder Alain Falys, it’s not payment functionality that’s driving uptake, but the potential for the smartphone to act as a personal communication device between retailer and customer. “Yoyo has demonstrated that people use their mobile to pay every day because they see an advantage in doing so, which is to do with the power of personalised marketing around mobile payment and what it does to influence behaviour,” he says.
Mercator Advisory Group concurs with the article’s expectation of magnified traction in mobile based payments associated with loyalty and rewards for frequented businesses. The open channel of communication between the consumer and the business allows for the reduction of transactional friction and communication of preferences and peculiarities. The idea of a universal platforms to facilitate consumer interaction with merchants in the food space are getting closer to delivering the personalized experience consumers really want.
Overview Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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