The Internet of Things (IoT) is a buzz phrase we hear a lot lately. This phrase refers to the concept of allowing everyday objects to send and receive data via Internet connectivity. As objects such as refrigerators and watches are now connected to the Internet, the IoT continues to gain traction.
Although it’s not an actual catchphrase (yet), it could be argued that the “digitation of things” is also coming. We’re now starting to see items formerly not computerized going digital. For instance, connected cars, washing machines and light bulbs are starting to gain momentum.
Much of this may have been influenced by the rise in mobile banking and mobile payment apps. A recent Federal Reserve Board report indicates 43 percent of adults with mobile phones and bank accounts reported using mobile banking last year. Additionally, 24 percent of mobile phone users and 28 percent of smartphone users made a mobile payment during the same time frame.
As consumers increasingly gain access to their financial information and payment options via mobile devices, their expectation for the digitation of other products and services also increases.
Specifically, recent jumps in the number of digitized rewards programs are worth noting. A recent paymentsource.com article reports Wells Fargo customers can now view and redeem rewards points digitally via a mobile device or desktop. These instant “on-the-go” rewards combine the benefits of points with greater rewards management and redemption options.
