In the Mobile Payments battle, companies across the globe are wrestling with how to connect smart devices to deliver payments electronically. Progress has definitely been made — Square and Paypal continue to deliver unique and compelling solutions that consumers are beginning to migrate towards. Despite this progress, mobile payments represented only $25B of $4.6T+ in US Retail sales in 2012. Since the term “mobile payments” was first coined in the 1990s, few companies have attempted to connect smart devices to existing retail point-of-sale scanner (POS) technology.
Mobeam is one of those companies. Any smart device with Mobeam’s patented technology can now communicate with any retail POS scanner system across the globe. This innovation will fundamentally alter the $625B US market for coupons, gift cards, and rewards programs.
99% of issued paper coupons go unredeemed every year. In 2013, consumers failed to take advantage of over $467B in savings. Although Mobile is still a fraction of the total market, it has already demonstrated its potential to alter how often consumers use coupons, increasing redemption rates from 1% to 10%.
For years companies have sold Gift Cards and pocketed billions of dollars in pure profit, as U.S. consumers failed to cash in over $20B annually. However, in 2010, a new law was enacted forcing companies to record sold gift cards as a liability on the books. Companies are now encouraging consumers to use their received gift cards. However, many consumers continue to leave them at home and never cash them in. Startups are racing to disrupt the $100B gift card industry, offering digital gift cards, but few retailers have made the required investment to accept them in their retail stores. Mobeam’s new Beep’nGo app makes sure consumers never lose or forget their gift cards ever again.
Most of us have dealt with the challenge of using points for “promised” rewards to no avail. Until recently, most rewards points could only be used for products or services offered by the rewards program. This has resulted in $16B in expired points in the U.S. alone. Recent offerings by Amazon and American Express allow consumers to convert hard earned points into cash that can be used to buy a plethora of products or services. However, these programs tend to be the exception rather than the rule, and few consumers are aware of them.
Consumers will be able to reclaim a portion of the $500B in value lost each year. This innovation will have a dramatic effect on the ability for companies to offer digital content that can be used by consumers in their physical stores.
- Consumers can store and receive digital gift cards, allowing them to be used with just a few simple finger taps at thousands of retail locations.
- Rewards programs can be 100% digital and stored in consumers smart devices allowing companies to reward their most loyal customers with unique and personalized offers.
- Coupons that can be redeemed in physical stores can now be sent digitally to the hands of consumers, saving people time and money.
Mobeam is creating a vibrant global community by curating content that delivers value and savings to shoppers globally. The near ubiquity and immediacy that mobile can deliver will be a powerful shopping tool. Download Beep’nGo from Google Play’s store today.