Tag: mobile wallet

7-Eleven, PChome, and CTBC have all introduced this new smartphone payments option.

PChome Online Inc subsidiary, Pi Mobile Technology Inc. has now launched the Pi mobile wallet app for consumers to use to may payments at over 5,000 convenience stores throughout Taiwan.

The application is the result of a collaborative effort among some of the major players in the country.

The Pi mobile wallet has come about because PChome, CTBC, and Uni-President Enteterprises are all working together to launch it. PChome is the top online shopping portal in Taiwan. CTBC Bank is the leading issuer of credit cards in the country. Uni-President Enterprises is the operator of Taiwan’s 7-Eleven franchise. According to Jan Hung-tze, the chairman of PChome, at a press conference, “The partnership with 7-Eleven is expected to accelerate growth in mobile payment usage in Taiwan, as smartphones and convenience stores have become an integral part of our daily lives.”

When the mobile wallet is combined with a credit card from CTBC, small purchases can be made.

These mobile payments have a maximum limit of NT$1,000 (almost US$32.00). The wallet app allows consumers with a CTBC Bank credit card to buy products at the 7-Eleven stores across the country. All they need to do is have the Pi application running on their smartphones. When the user is ready to make a purchase, a unique barcode is displayed on the smartphone screen. It is then scanned at the checkout counter and the payment is automatically made. The transaction is then verified and completed when the user enters a four digit code.

In the country, cash payments currently make up an estimated 75 percent of all transactions, according to Jan. They are considerably behind the times when compared to the trends in other countries in the Asia Pacific region as well as in many nations around the world. In Singapore, South Korea, and Hong Kong, for example, cash payments have dropped to about 50 percent.

All credit card information from this mobile wallet is stored remotely, and transactions can be completed only if the four digit code is used. In that way, the mobile security features are in place to stop the device from being used to make purchases by the wrong person. Furthermore, the fact that it can be used only at 7-Eleven and it has a maximum transaction limit further reduces the risk of fraudulent charges.

Mobile wallets need to support loyalty programs to ensure success

Users of mobile wallets prefer their platforms to have loyalty rewards rather than just offering a way to make mobile payments. A new survey from CMB shows that consumers that plan to use mobile wallets in the future are more interested in the ones that are associated with loyalty programs, as such programs can offer more value to these mobile wallets. Such programs are meant to reward consumers for their loyalty to a certain brand or retailer.

Apple Pay will support loyalty cards in its next generation iteration

Recently Apple announced that the next generation of its mobile payments service, Apple Pay, will support the loyalty cards that users have. These loyalty cards are typically issued by retailers that want to ensure the highest level of customer retention. Loyalty rewards include discounts, access to special offers, and a wide range of other benefits that have come to be favored by consumers. The survey from CMB shows that consumers interested in mobile wallets, want these platforms to support loyalty programs.

44% of mobile wallet adopters want support for loyalty programs

According to the survey, 44% of potential mobile wallet adopters claimed that they wanted wallet-specific rewards programs as well as support for their existing loyalty cards. Other value added features, such as the ability to compare prices on a single platform, are less interesting to consumers that want to participate in mobile payments. Apple adding loyalty card support to Apple Pay may make this mobile payments service much more attractive than its competitors.

Mobile wallets offer convenient services that have become favored  among consumers

Mobile wallets serve many functions, from being able to store digital information provided by retailers to facilitating mobile payments. These platforms have become quite popular with consumers because of their convenient nature, but those interested in mobile wallets are beginning to expect much more from these platforms that simple support for mobile payments. As such, mobile wallets that offer the best services have established a strong position with consumers.