In the classic new technology hype cycle the key stages defined by Gartner are New Innovation > Inflated Expectations > Disillusionment > Regained confidence > Productivity.
The chart below from Google Trends shows how 3 of the top mobile payment solutions have traversed the hype cycle. Google Wallet and Apple Pay peaked a year or two ago, whilst the mobile payments app Venmo is still gaining traction. Mobile payments are becoming increasingly common and are well on their way to maturity. Having overtaken Google Wallet and being on track to do the same with Apple Pay, Venmo is certainly a provider to watch.
More broadly, marketers should consider how they can capitalise on the increasing popularity of mobile payments. Whether it's streamlining customer journeys or delivering location-based offers to phones via Beacons, mobile offers a host of opportunities for marketers to get customers to open their wallets. All the better that their wallets are now in their mobiles.
By Robert Allen
Rob Allen is Marketing Manager for Numiko, a digital agency that design and build websites for purpose driven organisations, such as the Science Museum Group, Cancer Research UK, University of London and the Electoral Commission. Rob was blog editor at Smart Insights from 2015-2017. You can follow Rob on LinkedIn.
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