The increasing adoption of mobile payment apps by users is no surprise to marketeers. The simplicity and ease of use make its uptake inevitable, but would that update be slowed down if users understood how the data from each transaction would be profiled and used for marketing?
The answer I suspect is not a jot, users are more and more comfortable with trading data if the trade is as a result of added value provided, in this case quick and easy payment at their fingertips.
What will be interesting to watch is how quickly marketeers will jump onto this data goldmine and whether it will provide an even greater opportunity to put product in front of a supremely profiled prospective customers.
Think for a moment about the kinds of data collected at the moment of transaction. When you checkout using your smartphone, your mobile wallet benefits from intimacy with the vendor; it knows and collects detailed stock keeping unit (SKU) codes of the individual products you buy. Whilst your bank may only know you spent £13.49 at your favourite cafe today, a retailer-connected payment app knows you bought one Coke, two espressos, one chicken sandwich and a Mars bar.