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With the arrival of Apple Pay and Facebook reportedly mulling peer-to-peer payments, the established system of exchanging currency for goods and services is experiencing disruption.
A new study by JWT said that tech giants and startups, retailers, phone carriers and others "are jockeying for position in a bid to capture a piece of the huge payments market, along with a mass of consumer data and the chance to boost customer loyalty."
In addition to apps and other payment methods, different forms of currency—like bitcoin—are being tested, the study notes: "Marketers have been more creative in bypassing the currency system, turning everything from social media shares to mobile minutes into forms of value exchange."
And by taking a closer look at these trends in the context of the millennial mind-set, JWT offers suggestions for brands that want to stay ahead of the curve or begin acting as intermediaries between consumers and their...
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