Market Description
The development of such technology is in the early stages, and at present only one such company, COIN. This business is leading and in the process to develop a universal card that can zero down to one card. The research shows it is possible to come up with another such product if it is more feasible, and a better version than the one COIN develops. Additionally, the presence of many companies shows a significant amount of competition. The research exhibits that most of the products designed so far are early versions of the product. Therefore, it is important to compare each card’s cost and features. Consider how many cards are available to a consumer, how involved they want their phone to be in managing their cards, and whether
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The card was met with great enthusiasm when it was announced in November 2013, with more than 20,000 people pre-ordering Coin at a discounted price of $55. In 2014, the company said Coin worked in 85 percent of US locations. A year later, the company says it works in 85 percent of US locations. Since shipping in April, Coin has been swiped more than one million times, with more than 350,000 units ordered (“Coin Blog”, 2016). Of all the competing companies Coin has gained a huge popularity among the public for its application and the benefits it provides to the crowd. Compared to the big companies like Apple Pay, Samsung Pay Coin is leading in the industry, despite in the early stages and only a few credit card companies have signed up to it. The share of distribution of coin alone is very high in the domestic market (Alois, 2015).
SWOT Analysis
Strengths
The product shows a huge potential to replace credit cards into one universal card
It keeps track of all the cards the user possesses
More accessibility and less weight and less time consuming
Solves a real problem - the problem is too many payment cards, and so all these payment cards are consolidated to one card
Appeal - coin solves a real problem that combines all the recent technology using Bluetooth LE and easy to use applications
Currently works with gift cards and regular cards, developments are being made to work
In addition, “if American Express going to be successful as a brand and as a marketer, they need to understand where consumers are doing it, how consumers are spending their time, where consumers want to access information, and how can American Express engage them. American Express has be used in countries all over the world for decades. It simply grew up with the baby boomers’ generation and has earned its reputation as a card with distinction. Through the years, the company has consistently reached consumer by keeping in step with the changing needs of the population. They also has acknowledge that it is the consumers who really decide what American Express stand for and not the company pushing out marketing messages. Further, American Express belie...
American Express has been known as a commodity to most business travelers. In order to build its customer base, other consumers need to see the card as an indispensable convenience in their lives. American Express offers convenient methods to obtain account information, pay bills, find discounted products, and even make travel plans via the Internet. The Internet site offers these options, as well as other services, such as on- line help and assistance for small businesses. American Express realizes the need for many consumers to save time and money, but to still feel important and respected. The ingenuity and thought put into the services offered on the web site shows that American Express is genuinely concerned with the satisfaction of its customers.
As we progress deeper into the digital era, we rely more and more on our electronic devices. Over the last decade, almost everyone who lives in a developed nation owns a cellphone and they are becoming an integral part of our life.
The American dream is based on one thing, happiness, but what is happiness? Happiness is usually characterized as, something that makes you feel, fulfillment, joy, and pleasure. However I think happiness is different for everyone, and ever changing depending on where you are in life, and my life is a perfect example of this. A years ago if you asked me what happiness was, I would have told you, I was experiencing pure happiness. I had a job that paid well, a nice car, my first street bike, and an amazing girlfriend of three years and was a pretty good Christian. One day she left, and my happiness fell apart, I went into depression, and stopped caring about life and God. I turned to drugs like weed to make me happy instead of working on my self. I still struggle with depression some days, but I try to focus on my new goals in life. Graduating college with my Bachelors in Nursing, becoming closer to God once again, getting back in shape, meeting a girl in college, and getting married. For Augustine Pure happiness is only possible by living in God. In Augustine’s mind God is the greatest happiness man can obtain. He says “You stir us so that praising you may bring us joy, because you have made us and drawn us to yourself, and our heart is unquiet until it rests in you (Augustine, 1,1).” I need to start applying Augustine’s teachings to my personal happiness. If I can focus more of myself on God and trust him, everything will work itself out in the end. Unfortunately sometimes we sin in order to achieve false happiness.
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
I would have less as a problem with this if I did not see it used in such wasteful ways. A few days ago I was standing in the checkout line in Walmart. The people in front of me seemed like a higher class family, both of their kids had the new Iphone, and their cart was piled high with the more expensive foods. Then they pulled out a bridge card to pay for it all…. at that moment my face had a what-the-cheese-just-happened expression plastered to it.
Allen, Paul (2000, 25 May). Hearing on Competition and Innovation in the Credit Card Industry. [On-line]. Available: www.senate.gov/~banking/00_05hrg/052500
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore.
When someone has a cold or a headache, what are the common cures that come to mind? In Western cultures, some common cures may include drinking fluids, getting more rest, taking over the counter medications, and eating soup. In Southeast Asian cultures, coining is a very popular home therapy used to relieve colds and headaches. Coining involve using a coin dipped with hot balm oil to rub back and forth repeatedly on skin to create a redden color bruise (Nguyen, 1985). This technique is believed to release all bad energy from the bodies and help cure illnesses of those feeling sick. Typically in Western medicine, coining is not view as a health benefit, but as healthcare providers, it is important to interject different health beliefs from patients in which we are caring for.
Digital wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting digital wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech -savvy shoppers are increasingly demanding seamless, Omni-channel retail experiences and looking for solutions that deliver this. There’s no question 2017 will be a pivotal year as digital wallets gain more widespread acceptance.
Most consumers don’t know that they aren’t liable for any unauthorized transactions made with their own credit cards. During the year 2014, credit and debit card fraud resulted in losses up to $16.31 billion. Card issuers bore a share of sixty-two percent of losses due to fraud; where merchants have the other thirty-eight percent of the liability. Losses that occur with the card issuer are usually at the point of sale, and this is due to counterfeit cards. Losses that occur with the merchant usually only occur in a card not present transaction such as online or over the phone. In 2014, the United States had 48.2% of card fraud losses worldwide. Retailers encounter $580.5 million in debit card fraud losses. They in return spend $6.47 billion on credit and debit card prevention, but there is more that could be done. In 2011, statistics show that eighty-five percent of all fraud with debit cards involved a signature verification. Of the $1.35 billion in debit card fraud losses, $1.15 billion included debit card transactions using a signature (Kiernan). These debit and credit card frauds amount to a lot of money for the banks and the retailers, but maybe paying an extra amount towards prevention would be worth it for
“Americans owe $850.9 billion in credit card debt per household in 2013” (). Debt is among one of the most prominent reasons that using cash is wiser than using credit. Many people will spend money on their credit cards thinking that they will pay it off at the end of the month, but, in reality, that rarely happens. The credit card companies trick their customers into believing they will get rewards, but the interest that has to be paid on credit spending completely overruns the rewards that are promised. “The average family owes $8,000 dollars in ...
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
The introduction of the credit card first came around while the economy was booming in the early 1950’s. American consumers were in buy mode and the credit card was a genius idea to let people buy now and pay later. At first look this idea seemed great but what looks and sounds great does not always mean that it is going to be great overall. Over the years credit agencies have released thousands of credit cards with several questionable polices and high interest rates. “Any given American family in the present day possesses an average of eight credit cards with about 15,000 dollars of debt”(Canner 8). Many consumers have become addicted to wasteful cyclic consumption and living beyond their income due to the ownership of credit cards. The invention and continued implementation of credit cards into the American economic and social systems appears to be the cause of the struggling economy, the weakened U.S. dollar, the sky rocketing prices of gas and grocery store goods, the all-time highs of American debt, and social deprivation in some regions.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...