Sooner or later, mobile wallets will become a norm rather than a trend in the way we do payments in China, online or offline. In this report we have gathered relevant research to assess the current state and future potential of mobile wallets in China that marketers should know- including the prominent wallet types, usage trends, key challenges and future prospects.
The whitepaper presents a holistic view of the digital retail space. It decodes the impact of technologies like NFC, Beacons and Apple Pay while giving a glimpse into trends and challenges associated with m-Commerce.
As online technology and services develop, mobile online technology and services of the same kind are sure to follow. This is true of mobile commerce. E-commerce has grown significantly over the past 10 years; and today, mobile commerce not only offers shoppers the same browser-based purchasing services via mobile, but in fact, allows more seamless crossing of channels from digital shopping to in-store shopping.
Here is our latest white paper, Passport To Purchase: M-Commerce, and read more abut the mobile evolution and its implications on CPGs, cross-channel approaches, target demographics, purchase behaviors, and more.
Future of payments - An initial perspective by MasterCardFuture Agenda
An initial perspective on the future of payments by MasterCard. This is the starting point for the global future agenda discussions taking place through 2015 as part of the the futureagenda2.0 programme. www.futureagenda.org
Nurun Retail Payments and Transactions Trend Report June 2013Jen Chow
Created by my team and me at Nurun Toronto, this is the third of five trend reports that will inform a strategic foresight report on preparing for the future of retail in North America.
The whitepaper presents a holistic view of the digital retail space. It decodes the impact of technologies like NFC, Beacons and Apple Pay while giving a glimpse into trends and challenges associated with m-Commerce.
As online technology and services develop, mobile online technology and services of the same kind are sure to follow. This is true of mobile commerce. E-commerce has grown significantly over the past 10 years; and today, mobile commerce not only offers shoppers the same browser-based purchasing services via mobile, but in fact, allows more seamless crossing of channels from digital shopping to in-store shopping.
Here is our latest white paper, Passport To Purchase: M-Commerce, and read more abut the mobile evolution and its implications on CPGs, cross-channel approaches, target demographics, purchase behaviors, and more.
Future of payments - An initial perspective by MasterCardFuture Agenda
An initial perspective on the future of payments by MasterCard. This is the starting point for the global future agenda discussions taking place through 2015 as part of the the futureagenda2.0 programme. www.futureagenda.org
Nurun Retail Payments and Transactions Trend Report June 2013Jen Chow
Created by my team and me at Nurun Toronto, this is the third of five trend reports that will inform a strategic foresight report on preparing for the future of retail in North America.
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
The payments industry is evolving rapidly and will continue to do so throughout 2016. Here are some of the top trends predicted to make an impact this year.
We were asked to give a mobile banking planning/education chat with some agency folk here in NYC. This is a version of that deck/convo.
"A growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors. Mobile represents a necessary step forward for all retail banks."
How fintechs can profit from the female economy finalChesca Garcia
From the Financial Alliance from Women:
This report is based on research with 168 fintechs and 30 investors and other
ecosystem actors from 43 countries. We would like to thank the research respondents
for their time in openly sharing and contributing to the survey.
The Financial Alliance would like to acknowledge Syed Musheer Ahmed and Yosha
Gupta from Finstep Asia, who conducted the research and provided sectoral insights
and the Alliance team who worked on this study: Inez Murray, Karyl Akilian, Rebecca
Ruf, Carine Fersan and Tessa Ruben. We also acknowledge Luba Vangelova, Olivia
LaBarre, and Ernie Agtarap for their role in the production of this report.
This presentation on Mobile Banking was given via webinar on May 3rd. The presentation goes into detail regarding predictions on consumer adoption of Mobile Banking.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today.
Market Research: Consumer Behavior and Satisfaction Level on use of Digital W...Prinson Rodrigues
Digital Wallet Vs. traditional mode of payment
Consumer preference
Survey to know the consumer behavior and satisfaction level of digital wallet over other modes
Digital wallet companies Paytm, Phonepe, Jio, M-pesa, Tez, Freecharge, Mobikwik
Security concerns on digital wallet system
Hindrances and benefits of digital wallet
Overview of the mobile commerce market across the US and China, including its relationship to social, mobile payments and offline retail plus the key trends to watch.
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
The payments industry is evolving rapidly and will continue to do so throughout 2016. Here are some of the top trends predicted to make an impact this year.
We were asked to give a mobile banking planning/education chat with some agency folk here in NYC. This is a version of that deck/convo.
"A growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors. Mobile represents a necessary step forward for all retail banks."
How fintechs can profit from the female economy finalChesca Garcia
From the Financial Alliance from Women:
This report is based on research with 168 fintechs and 30 investors and other
ecosystem actors from 43 countries. We would like to thank the research respondents
for their time in openly sharing and contributing to the survey.
The Financial Alliance would like to acknowledge Syed Musheer Ahmed and Yosha
Gupta from Finstep Asia, who conducted the research and provided sectoral insights
and the Alliance team who worked on this study: Inez Murray, Karyl Akilian, Rebecca
Ruf, Carine Fersan and Tessa Ruben. We also acknowledge Luba Vangelova, Olivia
LaBarre, and Ernie Agtarap for their role in the production of this report.
This presentation on Mobile Banking was given via webinar on May 3rd. The presentation goes into detail regarding predictions on consumer adoption of Mobile Banking.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today.
Market Research: Consumer Behavior and Satisfaction Level on use of Digital W...Prinson Rodrigues
Digital Wallet Vs. traditional mode of payment
Consumer preference
Survey to know the consumer behavior and satisfaction level of digital wallet over other modes
Digital wallet companies Paytm, Phonepe, Jio, M-pesa, Tez, Freecharge, Mobikwik
Security concerns on digital wallet system
Hindrances and benefits of digital wallet
Overview of the mobile commerce market across the US and China, including its relationship to social, mobile payments and offline retail plus the key trends to watch.
The payments and currency systems are on the verge of disruption. Payments are getting digitized and going mobile, wearable and biometric, while the rise of cryptocurrencies is prompting new ideas about what currency can be. Millennials, not wedded to the status quo when it comes to money, will drive this shift. This report takes a look at the myriad new ways to pay and how the concept of currency is evolving to encompass everything from bitcoin to social media shares. We also spotlight how disruption is opening the way for new players to act as middlemen between consumers and their money, along with results of a survey exploring U.S. and U.K. consumer attitudes toward payments and currency.
Note: This is an abridged version of the 62-page report. Go to JWTIntelligence.com/trendletters to download the full report at no cost.
Reference: Mobile payment industry in china 2012-2015 C. Keiko Funahashi
Referenced in presentation, "The Seven Wonders of China's Mobile World"
http://www.slideshare.net/ckeikofunahashi/m-learncon-session-907-ckeikofunahashi
Most promising current and future payment technologies | SG AnalyticsSG Analytics
The decades-long debate over the evolution of payment technology continues in the age of mobile wallets, EMV, blockchain, etc.
The evolutionary disruptive technologies in the payment landscape are poised to redefine businesses with increased automation and connectivity.
In this presentation, SG Analytics highlights the evolution of the 9 most important payment technologies that will transform the world’s financial ecosystem!
Banking Disruption in Financial Services: Threats and OpportunitiesDogTelligent
There are three forces shaping the future of banking. Technology innovation is the first. For most traditional financial institutions -- banks and credit unions -- technology innovation is a weakness; instead, they rely on third-party firms ranging from established core providers to startups to provide them with a mix of products that they repackage and resell to their customers. Demographics is the second force. Millennials now account for 25% of the US population with 80 million and growing. The third force is the emergence of new business models on the one hand driven by Millennial demand and communication preferences, and on the other, enabled by new technologies as they are invented.
The report examines data from multiple sources and suggests potential defenses for institutions to fend off competitive threats from technology, retail, and telecom firms that are gaining traction in the payments and banking arenas.
MOBILE SIMPLE PAYMENT SYSTEM DEVELOPMENT FOR ONLINE DONATION INVIGORATIONIAEME Publication
The simple payment service is becoming generalized as a payment and settlement means, covering consumers' online shopping, banking/financing, payment, remittance, and transfer, due to IT development and the FinTech industry's expansion. Due to changes in the payment means environment, donation or diverse donation activities started to become digitalized by adopting simple payment platforms. This study presents the mobile simple payment system construction strategy formed by the Korean Red Cross (KRC) and its execution method and results. This study aims to specifically present how online donation invigoration needs to be led and how the simple payment system can be used by non-governmental organizations (NGOs) and the relevant institutions that need to encourage contributions and donation activities according to change of the temporal environment. As a result of the case study, the mobile notice authentication and simple payment use rates of the elderly were very low. If an online system had been used for donation like other digital services, this study found that an increase in education for e-literacy in smartphones and services concerning the elderly is essential. Also, it was found that there is a need to consider IT companies' diverse technology types and open collaboration types on the access modes.
Social network & Digital Payment in China 2017Dao Phuong Nam
The rapid growth of social networks and e-commerce
platforms has transformed the way people communicate
and transact around the world. Integrating digital payments
into these growing networks and platforms has presented
vast opportunities to drive economic opportunity, financial
inclusion, transparency, security, and growth. In practically
all countries individuals, businesses, and policymakers are
recognizing these opportunities and acting on them, but
perhaps nowhere more so than in China.
This report examines two of China’s most far-reaching
applications – WeChat and Alipay – and explores their
role in the development of one of the world’s largest and
most sophisticated digital payments ecosystems. The
report illustrates how incorporating digital payments
into existing services has unlocked economic opportunities
for hundreds of millions of users, including through
low-risk savings accounts, new credit assessment and
lending services, and by opening up new markets for
micro, small, and medium enterprises
Fear and favoring of digital currency
The Economist Intelligence Unit, commissioned by Crypto.com, exploring the extent to which digital payments are trusted by consumers and what barriers may exist to basic monetary functions becoming predominantly electronic or digital.
There’s a major transformation happening between people and their relationships to their money, a transformation enabled by the arrival of mobile payments (mPayments). The magnitude of this change—and the disruption—will greatly impact consumers, banks, retailers, merchants and wireless carriers, among others, and will be felt across the globe.
2018 - Thinking beyond borders in Global Retail Import Export TradeRolf
By Rolf Visser, "Thinking beyond borders in Global Retail" is all about the How and drivers for cross-border ecommerce. Cross-border e-commerce is a profound driver of positive-sum growth, far outpacing the growth of the economy as a whole. The unstoppable rise of a global e-commerce marketplace could create a trigger for governments to lower trade barriers and harmonize procedures and trade rules. Research includes rare Import and Export facts & figures.
Similar to Mobile Wallets In China: What You Need To Know (20)
First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
Key Takeaways:
-Recognize the critical role of strategy in marketing
-Learn our approach for building an actionable, effective marketing strategy
-Receive templates and guides for developing a marketing strategy
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
The e-commerce sector is evolving rapidly, and businesses that effectively manage operational challenges and implement innovative strategies are best positioned for long-term success.
Digital marketing is the art and science of promoting products or services using digital channels to reach and engage with potential customers. It encompasses a wide range of online tactics and strategies aimed at increasing brand visibility, driving website traffic, generating leads, and ultimately, converting those leads into customers.
https://nidmindia.com/
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
Key Takeaways:
Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
Is AI-Generated Content the Future of Content Creation?Cut-the-SaaS
Discover the transformative power of AI in content creation with our presentation, "Is AI-Generated Content the Future of Content Creation?" by Puran Parsani, CEO & Editor of Cut-The-SaaS. Learn how AI-generated content is revolutionizing marketing, publishing, education, healthcare, and finance by offering unprecedented efficiency, creativity, and scalability.
Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
Everyone knows the power of stories, but when asked to come up with them, we struggle. Either we second guess ourselves as to the story's relevance, or we just come up blank and can't think of any. Unlocking Everyday Narratives: The Power of Storytelling in Marketing will teach you how to recognize stories in the moment and to recall forgotten moments that your audience needs to hear.
Key Takeaways:
Understand Why Personal Stories Connect Better
How To Remember Forgotten Stories
How To Use Customer Experiences As Stories For Your Brand
How to Use AI to Write a High-Quality Article that Ranksminatamang0021
In the world of content creation, many AI bloggers have drifted away from their original vision, resulting in low-quality articles that search engines overlook. Don't let that happen to you! Join us to discover how to leverage AI tools effectively to craft high-quality content that not only captures your audience's attention but also ranks well on search engines.
Disclaimer: Some of the prompts mentioned here are the examples of Matt Diggity. Please use it as reference and make your own custom prompts.
Videos are more engaging, more memorable, and more popular than any other type of content out there. That’s why it’s estimated that 82% of consumer traffic will come from videos by 2025.
And with videos evolving from landscape to portrait and experts promoting shorter clips, one thing remains constant – our brains LOVE videos.
So is there science behind what makes people absolutely irresistible on camera?
The answer: definitely yes.
In this jam-packed session with Stephanie Garcia, you’ll get your hands on a steal-worthy guide that uncovers the art and science to being irresistible on camera. From body language to words that convert, she’ll show you how to captivate on command so that viewers are excited and ready to take action.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
2. In a recent study by Kantar Retail’s “Digital 3.0” report, mobile finance and payment is the
3rd fastest growing activity on mobile phones in China at 28%, a rate not too far from
mobile shopping (35%) and accessing videos/music (32%). But even without these figures,
we can greatly see how Chinese consumers are using their mobile devices to pay for
everyday purchases from shopping, to grocery, to dining, to paying taxi fares, and even
exchanging money between family and friends as what has happened in the last Spring
Festival where “virtual hongbaos” were reportedly sent and received more than 1 billion
times on New Year’s eve- a 200 % increase versus last year!
These and other indicators that you will see in this report would imply that mobile wallets
are indeed flourishing in China’s consumer payment landscape. Whether it is set to
completely replace physical wallets, no one knows by this time. But before that happens,
we have gathered relevant research to assess the current state and future potential of
mobile wallets in China that marketers should know- including the prominent wallet types,
usage trends, key challenges and future prospects.
Please Enjoy!
Sources:
7 trends as e-commerce enters Digital 3.0 era (July 2015) ( http://cn-en.kantar.com/business/retail/2015/7-trends-as-e-commerce-enters-
digital-30-era/)
Red envelopes go digital in China (February 2015) (http://english.cntv.cn/2015/02/25/VIDE1424841481510398.shtml)
Shann Biglione
Head of Strategy
ZenithOptimedia Group China
Mark Opao
Associate Strategy Director
ZenithOptimedia Group China
Mollie Chen
Planning Supervisor
ZenithOptimedia Group China
Mobile Click
To Pay has
reached a
tipping point.
But are
marketers
ready for it?
3. MOBILE WALLET 101: THE MOBILE WALLET ECOSYSTEM IN CHINA
KEY TRENDS
CHALLENGES AND FUTURE PROSPECTS
SUMMARY AND POV
• MOBILE WALLET FORMS IN CHINA • WHAT MAKES CHINA MOBILE WALLETS DIFFERENT
FROM THE U.S.?
• TRANSACTIONS BOOM. AND IT’S JUST THE BEGINNING
• GROWING USER BASE WILLING TO DO MORE THAN PAYMENTS
• WECHAT: BLURRING THE LINES OF SOCIAL, SHOPPING AND GIFT
GIVING
• ALIPAY BECOMING SOCIAL?
• “DOUBLE 12” CAMPAIGN: DRIVING MORE USAGE AMONGST THE
ELDERLY
4 5
6
8 12
• GOVERNMENT AND TECHNOLOGICAL FACTORS MAY
STIFLE MOBILE WALLET DEVELOPMENT
• I-RESEARCH 2015 MOBILE PAYMENT OUTLOOK
• THE VISION OF “ONE ACCOUNT” IN THE FUTURE
• BRANDED MOBILE WALLETS: A POTENTIAL OPTION FOR MARKETERS
13 16
10
11
15
17
3
4. 4
Mobile Wallet
101: The Mobile
Wallet Ecosystem
in China
eMarketer generally defines the concept of mobile wallet as a “digital manifestation of a physical wallet on a
mobile device, where payment credentials, coupons, loyalty cards and even forms of identification can be
securely stored, managed and used.” Compared to other markets where payment and technology companies
dominate this service, third party and established e-commerce companies are shaping the way mobile wallets are
used in China.
Remote Only Omni Channel Wallets
Merchants
Technology
Companies
Financial
Institutions
Yifubao (Sunning Commerce Group)
Usage: financing, mobile top-ups, flight
ticket purchases, hotel bookings, lottery
ticket purchases, bill payments, mobile
shopping
Provider
Wo Payment (China Unicom)
Usage: mobile top-ups, train schedule and
ticket purchases, P2P remittances, lottery
ticket purchases, bill payments, group
purchases, mobile shopping, insurance
purchases
UnionPay Mobile Payments
Ping Yan Bank Yi Wallet
CMB Mobile Banking
Usage: checking bank balances, mobile
top-ups, credit card repayments, lottery
tickets, Game / Q-coin refills, account
transfers, mobile consumption, traffic fine
payments, travel bookings
Alipay, Tenpay, China Mobile Hebao,
China Unicom Mobile Phone Wallet
Usage: financing, taxi bookings, mobile phone top-
ups, lottery tickets, P2P payment and remittances, bill
payments, e-coupons, checking wallet balance, 2D
code payments, NFC payments, sonic wave
payments, mobile shopping
China CiITIC Bank’s Yiduzhifu, China Guandong
Development Bank Mobile Banking
Usage: financing, movie ticket purchases, P2P
payments, mobile phone top-ups, taxi bookings,
traffic fine payments, bill payments, eCoupons, 2D
code payments, NFC payments, mobile shopping
Forrester classified digital wallet providers in China into 3-types, namely Remote Only (wallets that can only be used
remotely) and Omni Channel Wallets (wallets that integrate mobile commerce, physical payments and financial
management in a single app).
Mobile Wallet Forms In China
4
5. Mobile Wallet
101: The Mobile
Wallet Ecosystem
in China (cont.)
Payment and commerce news site PYMNTS.com highlighted the key differences between US and China’s mobile
payment system- from the big difference in smart phone penetration down to the key players and business models.
What Makes China Mobile Wallets Different From The US?
China United States
Smartphone
Penetration
519.7 Million (as of 2014) 160+ Million
Key Players Dominated by major third party internet and
e-commerce companies (Alibaba, Tencent)
Dominated by payments and tech companies
(i.e. PayPal, Google)
Business Model Open platform approach (i.e. embed m-
payments on existing services- social,
banking, etc)
More fragmented and specialized (i.e. Operating
system specific like Apple Pay, Mobile wallet
networks like LevelUp (for QSRs) and TabbedOut
(for bars)
Growth Drivers Third party providers and provision of low-cost
smartphones by local manufacturers like
Xiaomi and Oppo
Driven mainly by the top players (Google Wallet,
PayPal), plus post Apple Pay launch
Forrester observes that China mobile wallets tend to adapt solutions of other vendors, whereas US mobile wallet
market is more balanced with a number of solutions for a specific purchase need. Nonetheless, mobile wallets in
China are already making people’s lives easier where you only need a few apps to cover almost all daily expenses.
Source: What’s So Different About China’s Mobile Payments’ Ecosystem? (January 2015) http://www.pymnts.com/in-depth/2015/whats-driving-chinas-mobile-pay-ecosystem/#.VcLZpvmHeFQ
Understand The Digital Wallets Landscape In China (June 2014) http://blogs.forrester.com/vanessa_zeng/14-06-24-understand_the_digital_wallets_landscape_in_china
Image taken from CKGSB Knowledge
5
6. Key Trends
Mobile phone payment services have long started in China since end 2007, but it’s only in recent years that it
experienced a “tipping point”. Based on I-Research’s Online Payment Study in 2015, transactions from third party
mobile wallets experienced a tremendous growth in the past 3 years, with sales value amounting to 6 trillion RMB by
end 2014 (391% Growth vs 2013). This also corroborated with the boom of mobile shopping, smartphone
penetration, and improvements to make mobile wallets a convenient payment option. Despite a weaker
forecasted growth in the succeeding years, transactions are ought to maintain a double-digit year on year growth.
By 2018, I-Research estimates that transactions from mobile wallets will be valued at 18.3 Trillion RMB- a 205%
increase from 2014.
Transactions Boom. And It’s Just The Beginning
Sources:
Iresearch China Online Payment Study 2015
Iresearch Yearly E-Commerce Data Release 2014 (chart lifted from ZenithOptimedia China Media Scene 2014)
0.1 0.2
1.2
6
9.1
12.2
15.2
18.3
36%
89%
707%
391%
51% 34% 25% 20%
0%
100%
200%
300%
400%
500%
600%
700%
800%
0
2
4
6
8
10
12
14
16
18
20
2011 2012 2013 2014 2015e 2016e 2017e 2018e
Total Estimated Transactions(Trillion) YOY Growth
2011-2018 Transactions From 3rd Party Mobile Wallets (In Trillion
RMB)
12 69
274
930
1,809
2,835
3,728
4,504
426%
490%
297%
239%
95%
57%
32% 21%
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2011 2012 2013 2014 2015e 2016e 2017e 2018e
Total Transactions(Billion) YOY Growth
2011-2018 Transactions From Mobile Shopping Only (In Billion RMB)
This includes transactions from mobile shopping, mobile payment transfer, O2O payments, P2P, tc. but
excludes payments processed by conventional banks and UnionPay
6
7. Key Trends
Alipay clearly has the highest share of third party mobile wallet transactions at 82%, followed by Tenpay (including
WeChat Wallet) and Lakala. Much of their dominance can be attributed to the ease and coverage of payment
options available for the consumer using these providers. More developments keep on coming. For instance,
Alibaba is establishing a powerful mobile app ecosystem through acquisition, investment and alliance wherein
apps like including Sina Weibo, UC browser, Amap and Xiami Music, continuously draw huge traffic towards its
three shopping apps - Taobao, Tmall and Juhuasuan. Kantar Retail reports that mobile channels contributed 51% of
Alibaba's total GMV (Gross Merchandise Value).
Transactions Boom. And It’s Just The Beginning (cont.)
Sources:
Iresearch China Online Payment Study 2015
7 trends as e-commerce enters Digital 3.0 era (July 2015) ( http://cn-en.kantar.com/business/retail/2015/7-trends-as-e-commerce-enters-digital-30-era/)
Remark: Tenpay data includes WeChat Wallet
Share of 3rd Party Mobile Wallet Providers 2014 (%)
Alipay,
82.3%
Tenpay,
10.6%
Lakala,
3.9%
Umpay,
0.6%
Bestpay,
0.4% China
Mob…
Ping'an
Pay,
0.2%
99 bill,
0.2%
Qiandai,
0.2%Lilianpay,
0.1%
Others,
1.3%
7
8. Key Trends
As of June this year, CNNIC estimates that there are 276 million mobile payment users- a +35% vs previous year and
covers almost half of total mobile users (47%)
Growing User Base Is Willing To Do More Than Just Payments
Source: CNNIC, I-Research
Mobile payment users
47%
593 Million mobile users
35% YOY
668 Million Internet users
8
9
%
276 Million
mobile payment users
57% are
males
50% belong to 26-
35 age group
On a separate study, I-Research further looked into the demographic composition of mobile
payment users
Top 5 usage of mobile wallets include
online shopping, telecom fee, payment
transfer, tickets and F&B
94% 93% 92% 83% 74%
8
9. Key Trends
The magnitude and importance of mobile wallet usage in China cannot be taken for granted. In fact, a recent
study by PwC Consulting in June shows higher preference on mobile phone payments than global average.
Growing User Base Is Willing To Do More Than Just Payments (cont.)
Source
PwC Consulting “Delivering on O2O: How Chinese Retailers Can Respond to the Blurring of “Online and Offline” (June 2015)
“Which of the following in-store technologies would make your shopping experience better?”
While global security is a main concern, the study shows that Chinese consumers are more willing to use mobile
wallets or store data on their phones than global average. The most striking differences were observed on “storing
payment and delivery information on a mobile app” (63% vs 33%-- double than global), “using mobile phone as
their main tool to purchase items” (55% vs 29%), and willingness to “receive offers or coupons via their mobile
phones” (79% vs 53%). These indicators show that consumers are willing to use their mobile wallets beyond a
straightforward transaction tool to a more multi-functional and rewarding shopping “partner”. Alipay has started to
recognize this when they introduced “Sesame Credit” early this year which provide users with incentives based on
their credit rating score in Alipay. For example, based on his / her credit rating score, a user can book a car or a
hotel without any guarantee deposit.
9
10. Key Trends
If there is one thing that China’s mobile wallet landscape stands out from any market in the world, it would be the
success it made by integrating messaging, social, e-commerce, mobile payments, and now- money gift giving- all
together in one app via WeChat.
As we know, WeChat introduced “My Wallet” in June 2014 that allows users to make payments with “pocket
money” without typing any passwords, as well as transfer money to their own WeChat contacts. I-Research
reported that by the end of 2014, WeChat Wallet had 119 million users- four times as compared to end 2013.
But WeChat really made a big buzz when they launched a “Virtual Hongbao” campaign during the 2015 Spring
Festival in partnership with CCTV Spring Gala Festival- the most watched TV show of the year. During the gala, users
were invited to shake their smartphones for a chance to win “digital” red envelopes (or hongbao) with randomly
allocated money or e-coupons. WeChat users in 185 countries shook a total of 11 billion times, with 810 million at
peak time, during the show. RMB500 million (roughly US$83m) worth of lucky money and e-coupons from
participating businesses such as JD.com, Huawei and Haier.
Meanwhile, WeChat’s money giving feature was also launched before Spring Festival, when Chinese people
traditionally gives lucky money to the younger generations- from parents to children, husband to wife, bosses to
employers, and also amongst friends.
It said was reported that around 200 million bank accounts were linked to WeChat over the 2015 Lunar New Year
holidays.
WeChat: Blurring The Lines Of Social, Shopping…and Gift Giving!
Sources:
Red envelopes go digital in China (February 2015) (http://english.cntv.cn/2015/02/25/VIDE1424841481510398.shtml)
http://technode.com/2015/02/27/wechat-payment-real-winner-tencent-alibaba-digital-lucky-money-war/
10
11. Key Trends
Alibaba has just released a new version of Alipay last month, adding new Friends and Merchants tabs that provide
support for peer-to-peer payments and “Koubei” (a term for word-of-mouth reputation in Chinese). It was reported
that Alibaba and affiliate Ant Financial Services Group have invested 3 billion RMB in the service
These 2 new local services will feature recommendations and discount information among users while they can
share their likes and messages with their friends. The Merchants tab is the first entry access point for Koubei; users
can locate their choices of restaurants and shops in the Merchants tab by their nearest locations and by
recommendations.
Alipay Becoming Social?
Sources:
Friends & Koubei http://www.nfcworld.com/2015/07/08/336511/alipay-9-launches-with-support-for-koubei-merchant-payments-and-p2p-transfers/
11
12. Key Trends
Given that mobile wallets are mostly appealing to millennials, Alibaba is also doing some efforts to broaden its
usage among older age groups. One example is the “Double 12” campaign they did last December. Instead of
duplicating Double 11 shopping festival on a different date, Alipay did a slightly different tactic by also focusing on
off-line retail sales
On December 12 (hence the name “Double 12”), lots of attractive offers and promotions were available when
consumers pay with Alipay offline, including restaurants, convenient shops, and supermarkets- all with the aim of
encouraging Chinese consumers (especially the elderly) to use their mobile wallets. Retailers even set out people
outside the supermarkets to help elderly smart phone users to set up mobile payment gateway at 5 RMB per set-up.
Shoppers received up to a 50% discount at over 20,000 physical stores across the country.
While the online sales side didn’t do so well compared to Double 11 Single’s Day, Alipay reportedly achieved tens
of millions of mobile app activation on Double 12. However, there is still a lot to improve as offline shoppers
complained on long queues, connection failures and slower transactions which even led to shoppers abandoning
the order as the offer only lasts on the same day.
“Double 12” Campaign: Driving More Usage Amongst The Elderly
Sources:
China Internet Watch: “Alipay’s Off-line Strategy Worked on Double 12 Shopping Day” (December 2014) (http://www.chinainternetwatch.com/11390/alipay-double-12-2014/#ixzz3i5sYStrQ)
Singles Day in December? Alibaba Proclaims Today “Double 12” (December 2014) http://www.channeladvisor.com/blog/?pn=industry-trends/singles-day-in-december-alibaba-proclaims-today-double-12-1212
12
13. Challenges And
Future Prospects
As usage continuously grows, there are still challenges that China is facing on the full adoption of mobile wallets.
Just this month, the People’s Bank of China has moved to defend draft rules that would force online payment
processors to channel large payments through traditional bank accounts, The rules set a cap on payments by third-
party processors of RMB 5000 per client per day and RMB 200,000 per year. Larger payments must be routed
through the payer’s account at a commercial bank.
According to news articles, the policy was meant to safeguard citizens against fraud and money laundering.
However, it instead triggered a big concern amongst Chinese netizens with critics saying they could slow the
growth of online services that have sprung up to cater to people and small businesses historically ignored by banks.
The draft rules are open for public comment until August 28,2015
Meanwhile Alibaba and Tencent are attempting to move further into Chinese banks’ core activities. Alibaba has
already launched an online money market fund, Yu'E Bao, which offers attractive returns to Chinese savers. And
after receiving a banking license in June, Alibaba's finance affiliate launched a new online lender, MYBank, which
will make loans of up to ¥5 million to private individuals and small firms. This follows Tencent's creation of WeBank,
which began offering a commercial banking service in April. Both new operations are looking to take a slice of the
estimated ¥23 trillion household loans market that is growing fast as more Chinese borrowers look for credit.
Government And Technological Factors May Stifle Mobile Wallet Development
Sources:
http://www.afr.com/markets/how-chinas-new-online-payment-limit-will-hit-alibabas-alipay-tencents-tenpay-20150805-gislhf
http://www.crowdfundinsider.com/2015/08/72245-china-central-bank-defends-online-payment-rules-critics-see-rules-stifling-industry-innovation/
http://www.ibtimes.co.uk/china-seeks-limit-size-online-payment-transactions-1513775
http://www.wsj.com/articles/china-proposes-to-keep-online-payments-in-check-1438593958
13
14. Challenges And
Future Prospects
Another issue faced by the industry is technology, particularly on the availability o Near Field Communications
(NFC) which requires a compatible mobile device or phone chip to make a transaction through wireless
technology.
China Mobile and China UnionPay first launched an NFC service and mobile wallet in 2012, integrating China
UnionPay's contactless payment QuickPass with China Mobile's mobile wallet services. However, because of
various problems like lack of mobile phone that can support the NFC-enable wallets, less compatible terminals and
less promotion for this new technology, till now, the low adoption of Quick Pass is not taking off. These problems also
resonated with Mintel’s 2014 Mobile Phone and Apps report which showed that while 10% of respondents already
frequently engage in NFC payments, almost 80% of consumers stated that there’s a need to have more locations
and terminals compatible with their mobile phones.
On a similar issue, Apple Pay is currently stuck in China due to tensions between Apple Pay’s own near-field
communication (NFC)—the technology that allows users to pay using contactless readers—and UnionPay’s control
of China’s only NFC-like system.
Apple is now finding a workaround—and a better strategy—by swapping NFC for QR codes, which Chinese
shoppers actually prefer over NFC. Apple said last year it was in talks with Alibaba on a mobile payment system
that uses QR codes, sparking rumors that Alipay might be Apple Pay’s ticket into China.
Government And Technological Factors May Stifle Mobile Wallet Development
(cont.)
Sources:
Mintel Mobile Phone and Apps Study (February 2014)
http://www.totalpayments.org/2013/06/10/china-mobile-unionpay-announce-launch-nfc-payments-service/
http://time.com/3714010/apple-pay-china/
14
15. Challenges And
Future Prospects
I-Research 2015 Mobile Payment Outlook
I-Research 2015 Mobile Payment Outlook
Source: http://www.iresearchchina.com/views/6299.html
Outlook Indications
Mobile payment usage
will expand to lower
tier cities
With increasing smartphone penetration, expansion of 4G networks and mobile
internet (estimated 730 million of towners and over 630 million of rural residents),
mobile payment is expected to extend further to lower tier cities by 2015.
It will be more like a
“real wallet”
In 2015,the key players- Alipay, Tenpay and Lakala will continue to seize the online
to offline trend with more retailers and services accepting mobile wallets. Code
sweeping payment will expand in offline earlier than NFC, but it is also expected that
NFC issues will be settled in the future. When Apple and Samsung finally penetrate
the ecosystem, mobile wallets will be fully embraced by consumers and will replace
physical wallets.
Small amounts but with
high frequency
The success from WeChat’s CNY “red envelope” campaign was a key factor in
acquiring non-users to the mobile wallet platform in a fun way and at a minimum
cost. I-Research reported that sales from WeChat Wallet had a 332.8% increase from
Q4 2013 to Q4 2014.
Mobile payment will
boost the mobile app
business
Growth of mobile payment user and development of in–app payment model will go
hand in hand with providing opportunities to expand mobile app business model and
development of in-app mobile payment enterprises.
It will be a marketing
analysis tool for
merchants.
The red envelope campaign drove B2C and Peer to Peer (P2P) transactions, as well
as allowing companies to give away cash coupon to WeChat and Alipay red
envelope users. which is reverse marketing initiated by users. It can then become a
merchant marketing analysis tool to obtain customer information.
15
16. Challenges And
Future Prospects
I-Research believes that with the development of digital payment and the account virtualization, the payment
system in China will have a unified criterion and the payment account will be simplified and unified among the
payment industry, even the whole society. At the same time in the future, the occasion and payment gateway will
be more complicated and diversified wherein in each occasion, consumers will have more than one option to pay
the bill. But the payment process will be made be simple and secure.
The Vision Of “One Account” In The Future
Sources:
Iresearch China Online Payment Study 2015
Company internal unification Industry unification Society unification
Financial Institution
E-commence
SNS
Government
Mobile operator
Third-party payment company
Now we are here
16
17. Challenges And
Future Prospects
Branded mobile wallets are mobile wallets exclusive to a particular merchant or brand which allows them to have
complete control over the customer experience usually via incentives, mobile coupons and integrated loyalty
programs. Branded mobile wallets are more common outside of China and ranks among the top mobile payment
apps ever used by Smartphone owners.
McDonald’s, Dunkin Donuts and Dairy Queen are just few of the brands that have joined the trend in other
countries. But one of the brands that’s successful in this area is Starbucks. Since the launch of its mobile wallet in
2011, it now has 6 million average weekly transactions in the U.S, accounting for 15% of transactions made from U.S.
Starbucks-operated stores. Apart from being a payment tool, it also enables users conveniently to earn Stars and
redeem rewards and find stores.
Branded Mobile Wallets: A Potential Option For Marketers
Sources: The Mobile Wallet: 6 Things Marketers Should Know (August 2015)
http://www.forbes.com/sites/quora/2014/06/13/why-is-the-starbucks-mobile-payments-app-so-successful/
http://www.businessinsider.com/starbucks-mobile-payments-app-2014-9
Given the current domination of Alipay and Tenpay, branded mobile
wallets may be a challenge to succeed in China at the moment.
Instead of creating one from scratch, big brands such as KFC and
McDonald's have just started running pilot programs for mobile
payment in China through Alipay. Prior to that, Wal-Mart also started a
trial program for its 27 stores in Shenzhen with Alipay in May.
17
18. In Summary
Mobile wallets in China has reached a tipping point in 2012 and transactions from mobile wallets will continue to
grow year on year as usage increases over time, driven by mobile e-commerce and efforts made by third party
providers (mainly led by Alipay and Tenpay) to promote usage and widen payment coverage.
While China’s mobile wallet ecosystem may not be as fragmented compared to its western counterparts, Chinese
consumers show higher preference on mobile phone payments than global average and they are more disposed
to store information and receive incentives beyond a straightforward transaction.
Adoption of NFC technology and the pending payment cap regulation from the government are just two of the
key challenges that impedes the full benefits of mobile wallet adoption in China. But these don’t stop Alipay and
Tenpay from innovating in order to enhance the mobile wallet experience via new features and value-added
solutions.
In the future, industry sources believe that mobile wallets will continue to evolve from an optional payment tool to a
physical wallet replacement that can engage in multiple transactions using a single account. This will likely mean
greater chances to increase physical availability and impulse purchases for brands – as long as they have the
infrastructure in place.
18
19. 19
POV
Sooner or later, mobile wallets will become a norm rather than a trend in the way we do payments, online or offline. As long
as consumers are willing to use it and the providers keep on innovating, the biggest challenge for brands will be to have the
right infrastructures and organization in place. Alipay and Tencent are clearly leading the way in making mobile wallets
more acceptable in China by finding ways to integrate it in consumers’ normal mobile behavior- i.e. WeChat doing
payments, Alipay becoming more social, etc.
What is yet to be realized is how mobile wallets can add more value to marketers beyond just a payment method. As of
now only a handful of brands (usually the multinationals) with higher than average purchase frequency have seen its
potential- KFC, McDonald’s, Wal-Mart- but we have yet to see which of these companies could crack the true marketing
value of mobile wallets in China.
Creating a branded mobile wallet like Starbucks can be a potential option for marketers, but it will be very challenging in
China given the sheer dominance of third-party providers (mainly Alipay and Tencent) in this industry. Besides that, branded
mobile wallets are mostly used by a small base of customers whose high frequency of purchase justifies the behaviour. Even
if we target the so-called “loyalists”, this doesn’t stop them from using Alipay, Tenpay or WeChat to make payments. If
marketers would like to explore this route, the key is to provide compelling incentives and exclusive offers on top of a faster
and more convenient payment option. But the costs associated with these offer need to be offset by the gains generated
in terms of profits, not just sales.
We think that the bigger potential lies on how marketers can take a first-mover advantage to bridge a partnership with
existing third-party mobile wallets and leverage on their reach, scale and technology to enhance the shopping / dining
experience. It could be a combination of geo-targeted push notifications, mobile coupons, and rewards points. There will
also be increasing appeal in connecting paid and earned touchpoints to mobile wallet solutions, as long as the industry
defines standards consumers can feel familiar with.
The development of mobile wallets implies the compelling need for marketers to think beyond awareness and focus on a
broader brand experience up to purchase and post-purchase stages. A mobile phone being the most personal device a
consumer can own, brands will be offered the chance to dig deeper than ever into insights about their customers.