When a payment product's use case turns upside-down overnight
Payment habits can differ greatly from one demographic group to another, even in normal times. There's an audience for everything from paper checks to payments sent by text message, and even within these groups there are different subsets and use cases. Many people buy gift cards as actual gifts; others use them on their own for budgeting. Some people are motivated by rewards, while others are motivated by brand loyalty.
The coronavirus pandemic put all of these habits to the test. Suddenly it mattered a lot more whether a payment instrument could be used contactlessly, or if a restaurant allowed curbside pickup. And certain loyalty categories, such as travel, abruptly lost their powerhouse status.
Jay's company, Raise, provides a discount, virtual gift card marketplace in a mobile app and a mobile wallet called Slide that offers cash back at certain retailers. This puts the company in a number of payment categories, but also makes it subject to a range of competing variables that can help or harm its business as the pandemic wears on. We're here to discuss those factors and what they mean in the long term.
Host: Daniel Wolfe, Editor-in-Chief, PaymentsSource
Guest: Jay Klauminzer, CEO, Raise