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SXSW 2011 - Thin is In. The Future of Digital Wallets

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Presented by Christina Nguyen White at the 2011 SXSW Interactive Festival.

Read the live blog of the session here: http://ideaengineers.sapient.com/technology/sxsw-the-future-of-digital-wallets/

Published in: Technology

SXSW 2011 - Thin is In. The Future of Digital Wallets

  1. 1. Thin Is InThe Future of Digital WalletsMarch 11, 2011
  2. 2. Christina N. WhiteExperience Designer#ThinIsIn
  3. 3. This is an inspirational talk onDigital Wallets in the eyes of a consumer
  4. 4. 1. Who’s trying and succeeding?2. What questions should we be asking?3. How do we make it real?4. How will it change the way we shop? This is an inspirational talk on Digital Wallets in the eyes of a consumer
  5. 5. What’s your wallet personality?
  6. 6. What’s your wallet personality?
  7. 7. What else?
  8. 8. Digital WalletPayment Financial Coupons Comparison Tickets/ Method Management Shopping Passes
  9. 9. 1Who’s trying?
  10. 10. Devices
  11. 11. Devices
  12. 12. Phones / Carriers
  13. 13. Financial Management
  14. 14. Financial ManagementMint.com Pageonce USAA Chase
  15. 15. Coupons
  16. 16. Coupons / Check-In IncentivesShopkick Groupon CardStar Coupon Sherpa
  17. 17. Comparison Shopping
  18. 18. Comparison ShoppingRed Laser The Find Scan & Shop Google Shopper
  19. 19. Tickets / Passes
  20. 20. Tickets / PassesJapan Japan Hong KongPublic Transit Pass Mobile Airline Check-In Octopus Wallet Watch
  21. 21. Payment Method
  22. 22. Who’s close?
  23. 23. Who’s close?
  24. 24. Devices that will be replaced* by mobile phone usersaccording to mobile phone users worldwide, June 2010 % of respondents TV 5% Personal ID card 18% eReader 22% Car Keys 24% Video Recorder 27% Personal Computer 27% Credit Card 31% Digital Camera 52% iPod or MP3 Player 54% GPS 54%Note: Ages 18+, *within 5 yearsSource: Oracle, “Opportunity Calling-The Future of Mobile Communications”, Sept 22,2010
  25. 25. 2What questions should we be asking?
  26. 26. Who’s responsible for smartphone security? 15% Feel the phone manufacturer is 30% Feel the cellular carrier is 55% Feel the individual isSource: cellphones.org
  27. 27. What’s in your phone?
  28. 28. Who are the players?BeforeAfter
  29. 29. Who owns the digital wallet?Financial Institutions Carriers Retailers
  30. 30. Financial Institutions Carriers RetailersWhat they • Payment Processingbring to the • Credit Card servicestable: • Bank services • Security InfrastructureWhat they • Customer-Centric perspectiveneed to • Technology to supportadopt:
  31. 31. Financial Institutions Carriers RetailersWhat they • Payment Processing • Networksbring to the • Credit Card services • OEMstable: • Bank services • Mobile Payment Services • Security Infrastructure • Mobile Coupon ServicesWhat they • Customer-Centric perspectiveneed to • Technology to supportadopt:
  32. 32. Mobile Carriers The North American ConundrumOS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OSOS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OSOS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS
  33. 33. Financial Institutions Carriers RetailersWhat they • Payment Processing • Networksbring to the • Credit Card services • OEMstable: • Bank services • Mobile Payment Services • Security Infrastructure • Mobile Coupon ServicesWhat they • Customer-Centric • Standardized handset perspective and OSneed to • Technology to supportadopt:
  34. 34. Financial Institutions Carriers RetailersWhat they • Payment Processing • Networks • Shopping Experiencebring to the • Credit Card services • OEMs • Consumer Datatable: • Bank services • Mobile Payment Services • Point of Sale • Security Infrastructure • Mobile Coupon ServicesWhat they • Customer-Centric • Standardized handset • “Everywhere shopping” perspective and OSneed to • Technology to supportadopt:
  35. 35. Who owns the digital wallet?Financial Institutions Carriers Retailers
  36. 36. Who influences the consumer?Financial Institutions Carriers Retailers
  37. 37. Who influences the consumer?Financial Institutions Carriers Retailers
  38. 38. What needs to happen? 1 Financial Institutions, Carriers, and Retailers need to work together to understand how to split up the transaction fees, etc. 2 Figure out how industry will get enough consumers to use the digital wallet and enough merchants to accept mobile payments. 3 Ensure that the user experience is still easy to use & intuitive
  39. 39. Then what?Consumers don’t want a new way to spend money faster.
  40. 40. Then what?They want a new way to spend money wiser.
  41. 41. 3 How will we make it a reality?
  42. 42. Remember the telephone?
  43. 43. Evolution of the Phone Email Caller Camera Alarm GPS ID Clock SMS Web Apps, Address Apps, Apps Note Book Games Book Mp3 Player
  44. 44. Keep It Simple Phone Wallet
  45. 45. Remember running 1 application?
  46. 46. Avoid clutter
  47. 47. Gradually EnhancePayment Method Financial Management Coupons Comparison Tickets/Passes Shopping
  48. 48. Gradually Enhance
  49. 49. Your life is on your phone.
  50. 50. Your life is on your Facebook feed.
  51. 51. But your private, personal information is in your wallet.
  52. 52. Where does social belong? Community Feed
  53. 53. Digital Wallet = Social Network
  54. 54. But it will help enable consumers…
  55. 55. …start the conversation
  56. 56. …and continue the conversation. LOYALTY LOYALTY
  57. 57. 4How will it change the way we buy?
  58. 58. What’s in your wallet?
  59. 59. What is your wallet?
  60. 60. The Takeaways • Think of consumer’s needs first • Digital wallet is not JUST paying with your phone • Keep it simple. Gradually enhance. • Make it easy, effortless, and convenient. • Find its relevant place within the shopping eco-system • Enable and continue the conversation • Be patient
  61. 61. Hungry for more?Kiosks, Mobile,and the Evolving Retail ExperienceFK Funderburke & Hilding AndersonMonday, 3:30pm

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