The Evolution Of Mobile Payment Essay - 1287 Words

Introduction Although SmoothPay has grown successfully as a business over a short period of time, many significant challenges have arisen and must be considered in their next strategic decisions to achieve a sustainable and long term growth. Despite SmoothPay offering a unique product that allows their users to make mobile payments, the majority of consumers prefer to do cash or credit card transactions. Because SmoothPay is currently a small business, their brand has not yet been fully recognized or established in their target market. As SmoothPay’s rivals continue to increase, the concept of using mobile payments in Canada continues to be slow. Evolution of Mobile Payment In January 2014, SmoothPay was first launched in Toronto, Ontario offering mobile payments with integrated functions such as customizable loyalty programs and solutions. In addition, this company’s network has reached over 5,000 users and 100 merchants in their well connected partnerships and community in less than two years. Despite this achievement, only a low percentage of consumers are using their smartphones to make their daily purchases across Canada creating difficulty in further promoting SmoothPay’s business. However, SmoothPay has focused in highly populated areas, such as universities. Therefore, this strategic decision has increased some brand awareness. Since this product lets consumers to easily connect with their payment accounts, such as Visa, MasterCard, and PayPal, many haveShow MoreRelatedBackground And Overview Of Digital Banking1301 Words   |  6 Pages2. 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