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[DOWNLOAD: mobileYouth Research Memo #5] Youth and Mobile Payments - Ident…
 

[DOWNLOAD: mobileYouth Research Memo #5] Youth and Mobile Payments - Ident…

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[Download mobileYouth Research Memo #5] Youth and Mobile Payments - Identify people's need gaps

[Download mobileYouth Research Memo #5] Youth and Mobile Payments - Identify people's need gaps

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    [DOWNLOAD: mobileYouth Research Memo #5] Youth and Mobile Payments - Ident… [DOWNLOAD: mobileYouth Research Memo #5] Youth and Mobile Payments - Ident… Document Transcript

    • ! mobileYouth Research Memo Youth & Mobile Payments: Identify people’s need gaps Research from mobileYouth www.mobileyouth.org 1!
    • !IntroductionThe mobile payment industry will be worth more than a trillion dollars by 2020 (source TheMobile Youth Report) driven by the youth market. Mobile is set to become the “next bigthing” in payments but the solutions need to be led by people not technology.In this document I outline how payment providers can better work withpeople to innovate relevant technologies.The market pull should guide the technology pushPeople want to pay for their purchase, not pay with mobile.The telecoms and payment industry advocates a push approach – introduce new technologyfollowed by user education. However, NFC, QR codes and digital wallets mean little topeople who pay for items everyday. New technology provides people with more paymentoptions but does not necessarily address their underlying issues. Mobile payment, esp. inmature markets, has yet to figure out what consumer problem it is trying to solve.“Is tapping a phone on a terminal any easier than swiping a credit card? I dont think so – itsnot solving a real consumer problem and its not providing additional value to encourage me(or anyone else for that matter) to change my behavior," Paypals President David Marcuswrote on the company website in December.Successful mobile payments systems like M-Pesa were first built on solid ethnographicinsights. In Uganda, Nokia found young migrants were disenfranchised from the financialsystem because they were excluded from traditional payment mechanisms (e.g. bankaccounts). Migrants began using mobile airtime to transfer money back to their families longbefore the industry pushed a solution onto the market. Ethnography helps providers identifywhere innovation opportunities exist by revealing the market pull.In developed markets, existing research is based on the old paradigms of retail experience.But retail is changing fast thanks to smartphones and mobile apps. Ethnographic researchwill help identify the second market pull."There will be more change in how consumers shop and pay in the next three years thanthere has been in the last 20," Ebay CEO Donahoe said. "Mobile is at the very center ofthat."Research needs to go beyond the traditional approach of polling youth preferences fortechnologies and start understanding the motivations behind usage. Ethnography of youngsmartphone owners in the US and Western Europe will reveal pain points and need gaps.Building on these insights, payment providers like MasterCard and PayPal can innovate withyoung customers to address the pull of current market shortfalls. www.mobileyouth.org 2!