MEC's 'Fast Take' is an ongoing series of our point-of-view on emerging trends and impact of media landscape changes.
In this issue, we review the evolving space of mobile payments and the new consumer behaviors that are being witnessed at retail.
We also examine the varying opportunities for brands and marketers to drive increased value for shoppers both in-store and at the register.
Top mobile wallet trends:
1. SECURITY TAKES CENTER STAGE
With advancing technology for both consumer and merchant products, the opportunity to provide a safe ecosystem that allows users to complete purchases either in-store or remotely are coming to fruition.
2. IN-STORE PERSONALIZATION
Brands and merchants are now better understanding the consumer’s purchase behaviors and preferences, allowing them to serve creative, personalized in-store opportunities.
3. POINT OF SALE HARDWARE RECEIVES UPGRADES
Point of sale systems across multiple retail outlets are receiving significant investment and technologically-driven upgrades, with PayPal and Foursquare already promoting ways to integrate mobile payment into existing store hardware, keeping stores’ costs down and mobile payment opportunities up.
4. FRAGMENTION ACROSS THE MARKETPLACE
As opportunities to evolve mobile payments continue to arise, we are seeing an influx of all types of companies looking to provide consumers with the ability to purchase via mobile devices.
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