The absolutely hottest market right now is stored-value cards, whether it's wireless service pre-pay (for the customer with bad credit), employer pay cards (to pay employees instantly via plastic instead of costly checks), or retail gift cards (to record purchases earlier rather than later).
Money is defined as any acceptable form of currency within a society. Culture is what changes the form of that currency. As more consumers continue to shift how they make their transactions from cash to plastic, the notion of a cashless society has become genuine. We already have e-wallets; before long, our real-world wallets won't have any space for dollar bills or coins, just plastic. Are you ready?
Hosted at Javits in New York by the Institute of International Research on August 4-6, this conference served as an educational resource as well as crystal ball into the future numbers of this business for any firm interested in adapting to and profiting from their customer's behaviors. I unfortunately was only able to attend one session, but found it worthwhile (although terribly dry).
This event merits 3 pluses.
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- Why Consumers Spend
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