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Dexit A Marketing Opportunity Essay

3134 words - 13 pages

SummaryDexit 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 electronic transactions can result in more efficient resource allocation, cheaper and more convenient transactions, and greater control on how goods and services are purchased.In Canada, people are already used to purchasing through electronic payment system and are familiar with the process that allows people to easily accept the new concept of Dexit. Credit cards and debit cards systems are the main payment forms that influence the development of Dexit in the electronic payment industry, but the concept of Dexit system does not mean to compete with credit card and debit card in the high-value transaction. Instead, it wants to replace cash and debit card for low-value transactions through the RFID technology to increase the efficiency of purchasing process both for merchants and customers.Dexit is the way to settle the low-value transaction instead of cash, using Dexit tag allows people purchasing without small changes of money and swiping the payment card. But with the current form, Dexit is not...

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