Preview

Dexit - A Marketing Opportunity

Powerful Essays
Open Document
Open Document
3130 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Dexit - A Marketing Opportunity
Summary

Dexit is a new electronic payment system that designs for low-value transactions. Based on Radio Frequency Identification (RFID) technology, customers can use a small electronic tag to pay for goods and services without entering password on a specialized reader at the retail stores, which is obviously faster than any other payment methods, such as cash, debit cards and credit cards. With this high reliable and convenient payment system, customers can save much time on waiting queues and eliminate the troubles for carrying loose coins and exact change for small-money purchases. In addition, merchants will also benefit a lot from Dexit to increase their revenues by improving cashier efficiency, decreasing the cash-handing costs, reducing cash counting and depositing charges, as well as avoiding the bothers on checking for counterfeit money.

Although other electronic payment systems have already been accepted by most consumers and retailers because of the easier and efficient solutions they provide, no service is as effective as Dexit has that addresses to small-ticket purchases. Therefore, Dexit has attracted three powerful partners as early investors to contribute on this new system. Dexit seems has large potential markets, however the failures of previous two companies who provided similar system suggested that the success isn't guaranteed. Hence it is critical for the CEO of Dexit to make the best decisions on target market, marketing mix and appropriate launch plan in a short time in order to become the electronic payment standard for low-value transactions in Canada.

Question 1: Who are the Competitors of Dexit? Do you think Dexit can replace the traditional electronic payment system?

Advanced technology in electronic payment system allows money be transformed from traditional currency to newer forms including credit card, debit cards, electronic cheque, and electronic transactions using computing and communications devices. All kinds of secure

You May Also Find These Documents Helpful

  • Better Essays

    Jc Penny

    • 1009 Words
    • 5 Pages

    From its online payment options to 24 hour, 7 days a week customer service line, to online order tracking, J.C. Penny’s has found a way to offer better service to satisfy the customer. The focus on the customer continues with the implementing of advanced checkout technologies. The advanced technology had come in the form of hand held merchant scanners. These scanners allow associates to process credit/debit card transactions on site, anywhere in the store. (JCP Online, 2013) This allows the consumer to quickly enter and conclude their business without…

    • 1009 Words
    • 5 Pages
    Better Essays
  • Good Essays

    There are various types of electronic categories for the e-commerce system. The most popular type of electronic payment is the digital wallet. By using the digital wallet for paying purchases over the web more efficiently and by eliminating the need repeated information for each purchase. The digital wallet is more secure, and the owner’s information is saved automatically when the information is completed for a purchase. For example; the consumer would not have repeat credit-card information each time they purchase something. Example: Google Checkout.…

    • 679 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Citibank was able to differentiate its e-business products from those of its competitors by focusing on customer satisfaction instead of only the bottom-line. Customer satisfaction was focused on the support, technology and response time, making sure the clients felt confidence in the brand. The customer service along with the products are the reasons why Citibank is able to keep its recognition and loyalty throughout the world. Citibank used many technologies to get more clients satisfied such as ATM’s, telephone lines, and the paperless system of payments which is a…

    • 1409 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Bis/220 It Acts Paper

    • 590 Words
    • 3 Pages

    The increasing popularity of online shopping, automated teller machines (ATMs), online banking, point-of-sale terminals, telephone bill payments, and many other monetary devices that use the internet created major security issues. The threat of identity theft, stolen banking information, and other personal information was cause for major concern. With these threats looming, the Electronic Fund Transfer Act (EFTA) was created to protect people who were entering a new age of technology. This act protects people while using access devices. According to The Federal Reserve (2008), an “Access device is a card, code, or other means of access to a consumer’s account or a combination used by the consumer to initiate EFTs. Access devised include debit cards, personal…

    • 590 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    It/205 Week 5 Checkpoint

    • 593 Words
    • 3 Pages

    There are many different types of payment systems, but the four major ones are Online Credit Card Payment System, Online Electronic Cash System, Electronic Check System and Smart Cards based Electronic Payment System. The key advantages to these systems vary from privacy, integrity, compatibility, good transaction efficiency, acceptability, convenience, mobility, low financial risk and anonymity, compared to the traditional method of payment systems. There are some feared concerns with the credit card system such as lack of authentication, repudiation of charges and credit card frauds, and also having to reveal credit information at…

    • 593 Words
    • 3 Pages
    Good Essays
  • Good Essays

    An organization of this size must rely on numerous levels of information technology that is constantly changing. Commonly referred to in the past century as the cash register, the point-of-sale systems now can receive payment from credit or debit cards from smart-phones. Millions of transactions are conducted daily from various types of point-of-sale systems; all interact with the customers and exchange payment. The corporation is continually seeking to improve and advance this process.…

    • 1301 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Week 7 Checkpoint It 205

    • 694 Words
    • 3 Pages

    Many of us have become accustomed to electronic payment systems. These systems will continue to increase as businesses and banks present more opportunities to use them.…

    • 694 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Pieter Van Der Does Essay

    • 563 Words
    • 3 Pages

    Pieter Van der Does, chief executive officer of Adyen is the Silicon Valley’s preferred choice for payment processing. Many people, well, more than half of the nation does not even know about this CEO taking silicon-valley by storm with the fastest developing firm in the e-commerce industry. Competitors like Stripe, PayPal, and First data are still trying to catch up to the innovative ways this technology company has overwhelmed the process of payments.…

    • 563 Words
    • 3 Pages
    Satisfactory Essays
  • Best Essays

    Hautain, D., & Lande, B. V. (2000). Belgian banks launch debit smart card payments. Card Technology Today, 12 (2) , 3-4.…

    • 2606 Words
    • 21 Pages
    Best Essays
  • Good Essays

    Cash-based emerging economies were embracing new electronic forms of payment. Visa didn’t hold any consumer debt on its books, was in the top quality Tier and was the number one company in its industry.…

    • 1391 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    Asos Essay

    • 2382 Words
    • 10 Pages

    ASOS was launched in 2000 by Nick Robertson and Quentin Griffiths. Through its success it is currently United Kingdom’s largest independent online store and fashion beauty retailer. ASOS…

    • 2382 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    In recent years, there have been numerous milestones in technological advancements such as electronic word processing, social networking, instant messaging, Blue-ray, smartphones, search engines, Satellite TV, Wi-Fi, lithium rechargeable batteries, online stock trading, Bluetooth, DNA profiling, genetic sequencing and many others. These innovations help in our day to day lives especially in the fields of communication, medicine, banking, agriculture, transport and entertainment. One of the most beneficial and successful innovations of the 21st century is mobile phone-based money transfer (MMT). The use of mobile phone-based money transfer has had life changing impacts not only to individuals but also to businesses in the developing countries (Au & Kauffman, 2008).…

    • 558 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    At Hi-Lo Food Stores, which is considered a mass service process type (Slack et al, pg. 114) customers are afforded the option of different payment methods. Payment methods include cash, credit cards and debit cards. In an effort to continue to provide better options for settling of payments to merchants and customers alike, the company Infolink was formed. Infolink is a joint venture company owned by the four commercial banks of Trinidad and Tobago whose focus is to provide state of the art financial transaction-switching technology by way of debit card payment.…

    • 1560 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Several recommendations are made to overcome the issues faced when providing the cheque services. There is some truth in the belief that cheques will be used for at least another decade and corporations’ long term decisions usually do not cover very long time periods owing to the rapidly changing nature of the economy. The highly recommended alternative is the prepaid card system. If the bank is successful in implementing this system, to the extent to which it gets as famous as the cheque system, there may be significant improvements to the bank’s performance. Another recommendation is the coding system which is a modification of the cheque system that employs more advanced technology. These recommendations are suggested after predicting what the future may hold for a bank’s cheque service department.…

    • 2859 Words
    • 12 Pages
    Better Essays
  • Powerful Essays

    ZMF (Zero Mass Foundation) has entered into a business relationship with Mchek with a view to bring forth a transactional ecosystem, using Mchek application on Airtel SIMs. The aim of such a conjugation was to create a wide off-line merchant base, simultaneously identifying the dormant customer base and activate Mchek application on their mobile phones. Also, by encouraging a SIM swap on the customers who do not have the Mchek application on their SIMs. Since there was no previous analysis available to develop a concrete strategy owing to this nascent category, (based on transformational technologies) a detailed research was required to evaluate the category and it’s dynamic. The marketing research team identified 5 distinct groups within which the product needed to be rolled out. The purpose for the first leg of research was to develop a model that would give a generic guideline to market development and distinct properties of the two groups - namely Urban Poor and Urban Middle Class. Based on the research conducted the overall findings are as follow:…

    • 12015 Words
    • 49 Pages
    Powerful Essays