Thin Is In The Future of Digital Wallets
March 11, 2011
Christina N. White Experience Designer #ThinIsIn
This is an inspirational talk on
Digital Wallets
in the eyes of a consumer
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
What’s your wallet personality?
What’s your wallet personality?
What else?
Digital Wallet
Payment Method
Financial Management
Coupons
Comparison Shopping
Tickets/ Passes
1
Who’s trying?
Devices
Devices
Phones / Carriers
Financial Management
Financial Management
Mint.com
Pageonce
USAA
Chase
Coupons
Coupons / Check-In Incentives
Shopkick
Groupon
CardStar
Coupon Sherpa
Comparison Shopping
Comparison Shopping
Red Laser
The Find
Scan & Shop
Google Shopper
Tickets / Passes
Tickets / Passes
Japan Public Transit Pass
Japan Mobile Airline Check-In
Hong Kong Octopus Wallet Watch
Payment Method
Who’s close?
Who’s close?
Devices that will be replaced* by mobile phone users according to mobile phone users worldwide, June 2010 % of respondents TV
5%
Personal ID card eReader Car Keys
18% 22% 24%
Video Recorder
27%
Personal Computer
27%
Credit Card Digital Camera
31% 52%
iPod or MP3 Player
54%
GPS
54%
Note: Ages 18+, *within 5 years Source: Oracle, “Opportunity Calling-The Future of Mobile Communications�, Sept 22,2010
2
What questions should we be asking?
Who’s responsible for smartphone security? 15% Feel the phone manufacturer is
30% 55% Feel the individual is
Source: cellphones.org
Feel the cellular carrier is
What’s in your phone?
Who are the players? Before
After
Who owns the digital wallet?
Financial Institutions
Carriers
Retailers
Financial Institutions
What they
• Payment Processing
bring to the
• Credit Card services
table:
• Bank services • Security Infrastructure
What they need to adopt:
• Customer-Centric perspective • Technology to support
Carriers
Retailers
Carriers
Financial Institutions
What they
• Payment Processing
• Networks
bring to the
• Credit Card services
• OEMs
table:
• Bank services
• Mobile Payment Services
• Security Infrastructure
• Mobile Coupon Services
What they need to adopt:
• Customer-Centric perspective • Technology to support
Retailers
Mobile Carriers The North American Conundrum
OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS OS
Carriers
Financial Institutions
What they
• Payment Processing
• Networks
bring to the
• Credit Card services
• OEMs
table:
• Bank services
• Mobile Payment Services
• Security Infrastructure
• Mobile Coupon Services
• Customer-Centric perspective
• Standardized handset and OS
What they need to adopt:
• Technology to support
Retailers
Carriers
Financial Institutions
Retailers
What they
• Payment Processing
• Networks
• Shopping Experience
bring to the
• Credit Card services
• OEMs
• Consumer Data
table:
• Bank services
• Mobile Payment Services
• Point of Sale
• Security Infrastructure
• Mobile Coupon Services
• Customer-Centric perspective
• Standardized handset and OS
What they need to adopt:
• Technology to support
• “Everywhere shopping”
Who owns the digital wallet?
Financial Institutions
Carriers
Retailers
Who influences the consumer?
Financial Institutions
Carriers
Retailers
Who influences the consumer?
Financial Institutions
Carriers
Retailers
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
Then what?
Consumers don’t want a new way to spend
money faster.
Then what?
They want a new way to spend money
wiser.
3
How will we make it a reality?
Remember the telephone?
Evolution of the Phone Email Caller ID
GPS
SMS
Apps, Apps, Apps
Alarm Clock
Camera
Web
Note Book
Games Mp3 Player
Address Book
Keep It Simple
Phone
Wallet
Remember running 1 application?
Avoid clutter
Gradually Enhance
Payment Method
Financial Management
Coupons
Comparison Shopping
Tickets/Passes
Gradually Enhance
Your life is on your phone.
Your life is on your Facebook feed.
But your private, personal information is in your wallet.
Where does social belong?
Community Feed
Digital Wallet = Social Network
But it will help enable consumers‌
…start the conversation
…and continue the conversation. LOYALTY
LOYALTY
4
How will it change the way we buy?
What’s in your wallet?
What is your wallet?
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
Hungry for more?
Kiosks, Mobile, and the Evolving Retail Experience FK Funderburke & Hilding Anderson Monday, 3:30pm