Forming An Opportunity Belief

The Opportunity

Well, as I explained in my Bug List post, mobile payments are overlooked by both people and retailers. But I believe that people can benefit from a standardized mobile payment service. So, humans have a natural need for easy things. All innovative creations are a direct result of someone trying to make life easier for everyone else.
During my time at Publix, I noticed people both appreciating that the card readers had gotten twice as fast, and at the same time complaining that paying can still be a hassle sometimes. I also noticed people trying to use different types of gift cards, and the inconveniences associated with them. This need is mainly present in young people, since we are the most exposed to technology, and also the most up-to-date with its changes and latest features. There are also slightly older people who try to stay ahead of the tech curve, and might also greatly benefit from this change.
It has sort of always been there, and is also sort of relatively new. People have always been looking for more practical ways to do daily things. At the same time, mobile payments were not a thing until 2014, when Apple introduced Apple Pay, followed by both Samsung and Android a year later.
Currently, I think people are just carrying their wallets everywhere. They are also trying to avoid using cash, since using a debit or credit card is much more convenient. I even know of some people running every transaction as credit to avoid having to enter a pin every time. I am 90% sure this opportunity exists, just because there are people out there who, even if mobile payments were confirmed to be easier and faster, would still use either cash or card to pay

1. Middle Aged Man - Tech Enthusiast

   Q: Do you stay up-to-date with technology?
   Yes. I think technology is a good thing for the world, a very useful tool. But unfortunately, sometimes it evolves too fast, so I try to stay ahead and use new features they roll out every year.
   
   Q: So, do you use mobile payments like Apple Pay or Samsung Pay?
   Oh yeah. Whenever I have the option to use them, I don't even think about it twice, I use my iPhone to pay.
   
   Q: And how convenient would you say it is?
   Very convenient. Since it has Face ID I only have to open the wallet app and look at it, but even before, when I had the fingerprint reader, I would use it and it was very nice too. This is just easier.
   
   Q: Do you see any downside to it?
   Well of course. You know, everything has downsides. In case of Apple Pay, its not accepted everywhere. I know Samsung Pay is more global because they use different technology. You also feel more in control of how much you spend when you hold cash. Not that I prefer it, but I do notice that when I have cash, I don't spend as much, but if I have either my card or my phone, I end up spending more because I don't physically see how much money I'm spending.
   
   Q: Do you think you could live without it?
   I think I could, but I'd rather not. Its just so nice to have.
   
   Q: And when did you realize that you needed this in your life?
   Oh, I once forgot my wallet at home. I had read about Apple Pay already, so when I realized I didn't have my wallet I tried setting up Apple Pay. But I needed my cards information, so I had to drive back home and get my wallet. So as soon as I got home I activated Apple Pay. The only thing I worry about now is whether it is accepted where I am going next.
   
   Q: So I'm assuming you would like Apple Pay to become globally accepted, is that correct?
   Well, not exactly. I mean, yes, I would like mobile payments to be globally accepted. But that included Samsung and Android Pay. Its just easier to have one standard for mobile payments and have everyone follow it. Now, sure, each company can call it whatever they want, but the technology behind it should, in my opinion, be the same. That also makes things easier for retailers.
   
   

2. Young Male - Average Consumer

   Q: Do you consider yourself technology oriented?
   Sure. I'm not any tech geek, but I do know my way around most basic technology.
   
   Q: Do you know about mobile payment options like Apple or Samsung Pay?
   Well, I know about them. But I never really used them. I guess its just not a deal breaker to me.
   
   Q: Ok then, currently they are not accepted everywhere. Do you think people would benefit from globalized mobile payments?
   Yeah, maybe. I can see how lots of people would love to at least have the option. It wouldn't really change anything for me, but if it happens I think eventually everyone will just use those and cards will eventually go away.
   
   Q: Have you ever been in a situation when you though: "I wish I had another way to pay"?
   Yes of course. I think almost everyone has been there. But I solved that by always making sure I have a decent amount of cash, and of course my card. Then I just take my wallet everywhere I go.
   
   Q: What if I told you that using mobile payments could be easier, faster, and more secure than regular payments, as well as more convenient since you only need your phone?
   Well, if you could assure me all that, then I would certainly start using it. I wouldn't necessarily stop carrying my wallet, but I would start using those and see how they go.
   
   Q: I interviewed an older woman earlier today, and she mentioned making bank statements easier to read would be more beneficial. Would you get behind that?
   Now that you mention that, I could see that as a much better improvement. I mean, maybe not better, but more widely accepted. Way more people would support that than a global mobile payment network, at least in my opinion.

3. Elder Woman - Indifferent Toward Technology

   Q: How well would you say you understand technology?
   Well I don't know if I would say I understand it. I can get around it with a bit of trouble sometimes, but I don't care too much for it anyways. I get its really helpful for a lot of people, but I'm just not one of those people.
   
   At this point I explain her about mobile payment methods
   
   Q: Would you consider using one of those, provided that they were automatically set up on your phone?
   Oh, I don't know. Like I said, technology just isn't my thing. I would much rather see how much money I'm using, or use my card. It does sound nice, but I think some things are done better the old fashioned way.
   
   Q: Do you thing then that some people could benefit from mobile payments becoming the standard?
   Of course there will be people who will benefit from this. I just don't think people around my age will be part of that group.
   
   Q: Now could you say that this goes down to the human need of making things easier?
   Yes, I see that as a very possible explanation. It's probably the only reason why I even bother having a smartphone, or a smart TV. We like easy. And technology can help make some stuff easier.
   
   Q: So if you could choose something, anything, about payment methods that you would like changed, that maybe was more aimed at you and other people of your age, what would it be?
   Well, I would probably say making bank statements easy to read. That's actually why I like using cash, because I keep a piece of paper in my purse so I know exactly how much I spend and where I spend it. And by the end of the month, I get the amount that I should have spent as per my calculations, and the amount I actually spent as per the bank
   
   

Reflection

Well, for what I gathered, this opportunity may or may not be as popular with young people as I initially thought. It is still fairly popular, but it seems to me that some people don't see it as a choice. They see it as something that will inevitably happen, and so will do it just to not fall behind. That is excluding technology oriented people, like me.

Wrap Up

Q: How much of your original opportunity is still there?
The idea that it can happen. The rest is on a case-by-case basis. Some people might find it very helpful and will go fully on-board, others will not adapt to it. Some will at least give it a shot, while others are happy as could be. But it still brings its benefits. One change might be actually taking a step back. Some people might not care about mobile payments, but if we make the transaction readings easier to understand, that could help a lot more people

Q: Do you believe that your new opportunity is more accurate than when you started?
Yes, I think sometimes bank statements CAN be easy to read, but most of the time they are not. This could be really helpful to people, and more broad than the original opportunity

Q: How much do you think entrepreneurs should "adapt" their opportunities based on customer feedback?
That depends on how crucial it is for you (the entrepreneur) to have control. Adapting to customers needs can win support, but staying firm can keep you ahead of the competition. And, if you keep firm, you have the chance to develop the "next big thing", if you adapt, you may lose that chance. It's a gamble.