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, 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...