- January 2014
- Posted By Janet Muto
- 0 Comments
When you think about a wallet, you probably think about money. But mobile wallets represent much more than just a new way to pay bills. As High Start Group’s Greg Garson wrote in a blog post last year, “The truth is that many of the mobile wallet applications aren’t focused on competing around payment. They’re focused on innovating around new areas that enrich a customer’s experience.'” In a recent article on mobile wallets by Sara Angeles for Business News Daily, Greg pointed out some of the key advantages of mobile wallets, noting that they can help businesses expand their consumer bases:
“Merchants who serve customer segments that tend to be more ‘bleeding edge’ can find brand benefit to implementing new technology solutions,” said Greg Garson, associate partner at Boston-based consulting firm High Start Group. By accepting mobile wallet payments, businesses can grow by attracting and catering to more tech-savvy shoppers.
Greg also explained how customers win through mobile wallet innovation:
“When integrated into the merchant’s mobile application or as part of a new app development, the implementation of mobile payments can provide operational efficiencies,” Garson said. “It can help take steps out of the checkout process, enable self-service for transaction-related customer queries and enable digital receipts to replace the old paper versions.”
In addition, mobile wallets offer businesses a wealth of customer data:
“If a merchant were to leverage a mobile payment solution from one of the major players [PayPal, MasterCard, Visa] or even one of the more successful new providers [LevelUp, Paydiant, Square], they should be in a position to leverage data that enables better customer segmentation, better targeting and better lifetime value assessments,” Garson said.
Are there any potential drawbacks to mobile wallets? One, noted Greg, is that the space is still in its infancy:
“Standards are still being determined, and disruptions are happening every day. This investment risks obsolescence at any moment by changes or disruptions that are swarming around.”
To read the complete Business News Daily article on mobile wallets, click here.