Dexit - A Marketing Opportunity

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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,…show more content…
According to the case, the market size of Canadian payment industry, estimated in 2003, was $536 billion and the estimated market sizes for cash/cheque, debit, and Visa/MasterCard, were $270billion, $115billion and $151 billions respectively. The average transaction size for Cash/Cheque was approximately $4.5 and the total Cash/Cheque transactions occurred in 2003 was about 60 billion. The service provided by Dexit is Low-value and Quick Prepaid Transaction. When segmenting the market, we should put the value proposition into consideration. For Customers market, Dexit aimed at offering a convenient and quick way that the consumers could use anywhere and anytime. In this way, the Dexit tag would be more than a way of payment, but a part of their life. Consumer acquisition will be another factor that would influence the Dexit's Segmentation Strategy--how the early adopters would become the heavy users or "habitual users". Initially, the consumer questions the value of trying a new payment method. While this may sound obvious, the key to getting over this hurdle is to make it as simple as possible for them to get started. It would be always stressed to get the consumers to try new things and most important is how to generate the interests and capture the attentions. The best way is to attract the consumers with the advantages of

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