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Chase Says Winning Mobile Payments Goes Past Transactions

A Chase executive said that in order to win mobile payments, banks need to offer incentives.

During the NYC Media Lab’s Mobile Futures event, Director of Loyalty Innovation at Chase Manning Field spoke on the panel about tackling mobile payments.

Field explained that mobile payments are too new to come up with a solid tactic or payment type, according to Mobile Commerce Daily.

At the same time, the executive mentioned why mobile payments need to move past transactions and needs to include loyalty, offers and incentives.  According to Field, this will push consumers to pay digitally instead of using a credit card.

“It’s how do you move beyond the transaction and how do you take things like small and big data and make it into a useful experience for the customer where we can add value, we can drive preference for our products and our solutions,” Field told Mobile Commerce Daily.

“If the solution is how to make the transaction move from here to the phone, frankly we don’t find that interesting enough to be able to think we’re going to change behavior,” he said.

 

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