sxsw 2011 - thin is in. the future of digital wallets
DESCRIPTION
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/TRANSCRIPT
This is an inspirational talk on
Digital Wallets in the eyes of a consumer
3. How do we make it real?
4. How will it change the way we shop?
2. What questions should we be asking?
1. Who’s trying and succeeding?
Japan
Public Transit Pass
Japan
Mobile Airline Check-In
Hong Kong
Octopus Wallet Watch
Tickets / Passes
% of respondents
Devices that will be replaced* by mobile phone users
according to mobile phone users worldwide, June 2010
Note: Ages 18+, *within 5 years
Source: Oracle, “Opportunity Calling-The Future of Mobile Communications”, Sept 22,2010
54%
54%
52%
31%
27%
27%
24%
22%
18%
5%
GPS
iPod or MP3 Player
Digital Camera
Credit Card
Personal Computer
Video Recorder
Car Keys
eReader
Personal ID card
TV
Who’s responsible for smartphone security?
Feel the individual is
55%
Feel the phone
manufacturer is
15%
Feel the cellular carrier is
30%
Source: cellphones.org
Financial Institutions Carriers Retailers
What they
need to
adopt:
What they
bring to the
table:
• Payment Processing
• Credit Card services
• Bank services
• Security Infrastructure
• Customer-Centric
perspective
• Technology to support
• Payment Processing
• Credit Card services
• Bank services
• Security Infrastructure
Financial Institutions Carriers Retailers
What they
need to
adopt:
What they
bring to the
table:
• Customer-Centric
perspective
• Technology to support
• Networks
• OEMs
• Mobile Payment Services
• Mobile Coupon Services
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
• Payment Processing
• Credit Card services
• Bank services
• Security Infrastructure
Financial Institutions Carriers Retailers
What they
need to
adopt:
What they
bring to the
table:
• Customer-Centric
perspective
• Technology to support
• Networks
• OEMs
• Mobile Payment Services
• Mobile Coupon Services
• Standardized handset
and OS
• Payment Processing
• Credit Card services
• Bank services
• Security Infrastructure
Financial Institutions Carriers Retailers
What they
need to
adopt:
What they
bring to the
table:
• Customer-Centric
perspective
• Technology to support
• Networks
• OEMs
• Mobile Payment Services
• Mobile Coupon Services
• Standardized handset
and OS
• Shopping Experience
• Consumer Data
• Point of Sale
• “Everywhere shopping”
What needs to happen?
Financial Institutions, Carriers, and Retailers need to work together to
understand how to split up the transaction fees, etc. 1
Figure out how industry will get enough consumers to use the digital
wallet and enough merchants to accept mobile payments. 2
Ensure that the user experience is still easy to use & intuitive 3
Evolution of the Phone
SMS Web
Caller
ID
Camera
Mp3
Player
Note
Book Games
Alarm
Clock GPS
Address
Book
Apps, Apps, Apps
The Takeaways
• Digital wallet is not JUST paying with your phone
• Think of consumer’s needs first
• Keep it simple. Gradually enhance.
• Make it easy, effortless, and convenient.
• Find its relevant place within the shopping eco-system
• Be patient
• Enable and continue the conversation