Tuesday, March 10, 2009

Understanding the Mobile Payments Opportunity

Jenny Gehr, Vice President Payment Solutions Group, Metavante Corporation
Lisa Stanton, CEO, Montise America

Here are some of the key takeaways from the presentation.

Mobile solutions for the youth market are a great way to attract new services. Teens and youth change their phones at times 2-3 times a year, and most own smartphones like the iPod or the Blackberry. Smartphones together with prepaid cards can give consumers:

- Constant Alerts on balances
- Helps prevent fraud
- Improves customer service
- Initiates self-service

Younger generations are diverse in terms of cashing checks, a challenge in prepaid is getting them into a more traditional role. Customer acquisition is extremely expensive. You don’t have to wait for consumers to call the call center, you can start using SMS alerts to offer value propositions. Offering coupons is a great way to get customers to make repetitive transactions.

There was also time for a couple of questions in the Q&A session, so here's one that stood out from th rest.

How do you know if you consumers have to pay for the message they are receiving?

Have a disclaimer that says, “We do not charge for SMS texts but your carrier and rate plans might charge for SMS”

Finally here is an interview with Jenny Gehr as she discusses some highlights from the panel discussion as well as a portion of the panel discussion:

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