Banks can use smartphones as ready-made infrastructure to offer mobile banking and payments without new hardware. Mobile loyalty programs, coupons, and item-based rewards like buy-one-get-one offers let customers manage accounts and redeem incentives on their phones, attracting more retailers to participate.
I think there is one opportunity, one very exciting opportunity, which is around the mobile phone. Today we see a lot of banks launching mobile banking, mobile payments applications, and when you see— there was some report that by Last quarter last year, there were more smartphones sold in the world than PCs. I think this is really an opportunity for the banks to use, let's say, some devices that are spread across all their customers. So they don't need to build an infrastructure, they just need to use the infrastructure that is in place. And I think that's a real good— that is a real exciting opportunity for them and obviously for us. So that's why as of today we are really looking at the offer that we can bring on the mobile. So it goes from the mobile loyalty, so providing loyalty around the mobile payments, but also managing your loyalty accounts from the mobile, driving the redemption from the mobile, that's the different things. And we are looking at, of course, if you speak about redemption, we are talking about, let's say, potentially coupons, that are driven from the mobile. Another area that we are looking at the moment is around what we could call the item-based rewards, meaning rewarding customers not only for their payment transactions, but also for what they have in their baskets. Some good examples of this is, you see a lot of promotions in the retail space. If you buy this specific item, then you get 10%, or if you buy these items, you will get some points. Or you know the buy one get one free type of functionalities that you can see, of promotion that you can see with the retailers. So the benefits for us is of course the reason why we are looking this is from 2 different angles. The first one is to increase the value proposition that our customers, the retail banks, can propose to their customers that are the retailers. So they will increase the value proposition so they will be able to get more retailers part of the scheme, so that's very important. And the second one is that we are looking obviously to increase our addressable markets, and we have some partners that are looking for reselling services to both banks and retailers. So being able to reward customers for the specific item that you are purchasing is one of the key requirements from the merchant's perspective.
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