PXT Payments’ Looped In App Turns Smartphones into Digital Wallets
These days, you can do almost anything with your smartphone. That now includes paying to get into a trade show, finding deals on the showfloor and purchasing vendors’ products right there in their booths.
PXT Payments, a mobile payment app and digital wallet provider, is one company that is making this possible with its geolocation-based app looped in™. PXT Payments describes looped in™ as an ATM on your iPhone or Android.
Transactions occur when the buyer texts their payment to a vendor. There is no transaction fee for the buyer, but the seller pays a 2.5 percent merchant fee.
College Fest 2012 decided to use looped in™ as their payment method of choice to get into the event, and several exhibitors, including Harvard Student Agencies, also were in on the text to pay action.
Attendees who paid for entrance via looped in™ received a raffle ticket for a chance to win an iPad.
Elsewhere, throughout the event, they were presented with special discounts, prizes and deals. Transactions are processed in seconds using this technology, and no personal data or banking data is stored, captured or sent.
In a press release announcing the partnership, David Yaris, community manager for College Fest said, "We're excited about how looped in will help make the College Fest experience even more innovative, fun, and easier flowing - with less wait time in line, great rewards for students and student groups, and geolocation to show freshmen where local places are in relation to their dorms."
While there is an obvious use for this technology at a consumer event, a business trade show or expo can benefit as well. Transactions for show services could be processed this way eliminating long lines at the service desk. Show organizers also could offer special incentives to encourage attendees to register using the app to help increase the adoption rate.
In addition, show organizers could encourage their exhibitors and sponsors to get involved. It’s easy for the exhibitor to set up and doesn’t require an Internet connection to process payments.
If an attendee is not in the market for a particular deal an exhibitor is offering, they can forward it on to another attendee they met at lunch the day before.
Deals and incentives do not have to stop once the show is over. Event organizers can extend a 365-day marketing opportunity to their exhibitors and sponsors by allowing them to post throughout the year.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.