Still Carrying Cash? Your Mobile Payment App Isn’t Working for You
All mobile payment apps are designed to make financial transactions easier and more secure for consumers. However, we’ve seen that many typical, day-to-day situations can expose the weaknesses in these apps – the missing functionality that can compromise the utility and convenience of digital payments. Fintech industry research shows that along with security, consumers want options – and solutions to real problems they experience in daily life.
We’ve already discussed how Mezu closes the “cash gap” – the inability of most mobile payment apps to cover small, typically cash transactions like tipping or spot donations – and makes it easier and safer for you to settle up with friends or acquaintances after social events. Now, let’s talk about those other transactions that would typically send you to the nearest ATM, such as paying your dog walker, sending a cash gift to family or friends, or requesting money from someone you know.
If you’re like many consumers, you probably pay most or all of your bills online. Rent and mortgage payments, car payments, utility and credit card payments – more likely than not, you take care of these obligations electronically. But as cash becomes more digital than physical, what’s the easiest way of handling smaller, day-to-day payments? Your school-age babysitter or the neighbor kid who mows your lawn likely doesn’t want a check (and might not even have a bank account). Sending cash through the mail to congratulate a recent college graduate would be a most welcome gift, but it’s subject to loss or theft.
As with other mobile payment apps, Mezu allows you to easily pay or request money from people you know. Using the Send feature, you simply pay people you know by using a phone number or email address from your contacts list, or by entering a phone number or email address in the search bar. You can even use it to send money to people who aren’t using Mezu yet – the transaction will be held pending acceptance or rejection for seven days.
And while you can certainly add a short personal message with Send, that message won’t be automatically broadcast to your contacts as with other mobile payment apps (a practice that’s apparently triggered “Venmo anxiety” among some users). This information stays private, just like the transaction itself.
Mobile payment apps gain acceptance and adoption through habit formation – one of the reasons the most widely used mobile payment app is the Starbucks app. The ritual of a daily latte or Americano naturally led users to the habit of presenting their phone to pay. But it’s difficult to get into the rhythm of not using cash if your mobile payment app essentially forces you to keep carrying cash. If a payment app can’t be as flexible as cash, is it really working for you?
Mezu users have the flexibility of cash without the inconvenience and vulnerability. With Drop, Give and Get, and Send, we’ve essentially eliminated the “just in case” scenarios that can erase the value of most mobile payment apps.