When I pay my barber $20 cash, I don’t ask him if that money will work or where he banks.
When I pay the dogsitter with a $25 check (dogs outrank my head), I don’t ask her where she banks.
But to use this new P2P mobile payments system, clearXchange, I’m going to have to ask those questions.
I realize that between Wells Fargo and Bank of America, you are getting a big piece of America. Maybe bigger than Texas! But creating a mobile payment system that works for just some banks is like a state creating their own currency. But maybe worse, because at least a lot of my transactions (barber, dogsitter) are happening within my state borders.
Are you a WF or BOA customer? Have you tried this? Will you?
Guest blogger Jeb Cashin thinks about banking at Harland Clarke by day… and often at night.
A note from Bob Williams – I’ve known Jeb for about 15 years and we share a common employer. He’s been a colleague, an internal customer, and my direct manager during that time. Many thanks to him for providing this thoughtful and entertaining look at the landscape of payments.
These two tweets appeared side-by-side on my Tweetdeck stream. I couldn’t resist taking a picture.
of record profits, debit card fees, customer retention, and customer acquisition
Wells Fargo is now offering Card Design Studio Service as a way to customize the picture or logo on your credit card. Personal credit card holders can upload a photo of themselves, their family, their pet, or whatever. Businesses can upload graphics with their logo or brand image. The service is free to card holders from Wells Fargo.Other financial institutions are also offering the service including Bank of America and Capital One,
Debit and credit cards have gone the way of checks where consumers can now personalize according to a lifestyle, brand, image, etc. You personal payment method can be a reflection of your beliefs, values, interests or hobbies.
What’s the next step in the use of this real-estate? Will marketers start to sell advertising space on your credit card or checks? Imagine if someone was willing to pay you for putting their logo or tag line on your payment method? The more swipes of the card, the more you earn. Or the more checks you write, the more you earn. You could consider cash back cards a variant of this already. However, I’m thinking about an advertising space for someone not affiliated with the financial institution or card provider.
It’s just a thought. In our commercial and ad crazy society there aren’t many places left that don’t have some kind of paid advertisement. Your payment vehicle may be next. Can you imagine a McDonald’s ad on that university alumni credit card?