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Driving growth of Mwallets in emerging markets: a retailer’s perspective

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A Correction to this article was published on 10 December 2018

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Abstract

The technology growth and evolving customer expectations in emerging markets have led firms to search for strategic tools to engage customers. The digital payment industry has seen the emergence of a new mobile-based service called Mwallet: a digital version of a physical wallet. Although there has been excitement, firms lack guidance regarding leveraging the potential of Mwallets. Relying on the extant literature, industry reports, and a qualitative study, we investigate the strategic potential of Mwallets for retailers. We develop a research framework and provide multiple research propositions linking Mwallet integration to customer engagement (CE) and discussing the moderating effects of market, firm, and customer-related factors. We find that Mwallet integration will have an S-shaped relationship with CE. An initial empirical investigation provides evidence for the effect of Mwallet on CE. This research is the first step towards linking Mwallet to a retailer’s performance; it demonstrates academic and managerial relevance.

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Change history

  • 10 December 2018

    The Area Editor stated in the article note of the original version of this paper is incorrect. It should be: Editor-in-Chief John Hulland accepted the paper for publication.

Notes

  1. Financial technology firms engage in creating or providing support for technology-enabled financial innovations.

  2. Rampton, J. (2016, October 3rd). Article retrieved from https://due.com/blog/top-101-digital-wallet-companies

  3. Note that there is literature on m-commerce and how m-commerce can affect customer loyalty, and other performance metrics. However, there are differences between Mwallet and M-commerce. M-commerce is a channel for firms to sell to its customers while Mwallet is primarily a payment platform that can be integrated with channels and marketing activities. Given Mwallet being a relatively new technology (Liu et al. 2015), academic literature is yet to explore the nuances associated with it in detail.

  4. Statistics retrieved from Digital Outlook Report, Statista 2017. Report retrieved from https://www.statista.com/outlook/331/100/mobile-pos-payments/worldwide#

  5. Juniper Research (April 2017). Article retrieved from www.juniperresearch.com/press/press-releases/apple-pay-contactless-users-to-nearly-double-reach

  6. Statistics retrieved from Digital Outlook Report, Statista 2017. Report retrieved from https://www.statista.com/outlook/331/100/mobile-pos-payments/worldwide#

  7. Cheng, E. (2017, October 8th). Article retrieved from https://www.cnbc.com/2017/10/08/china-is-living-the-future-of-mobile-pay-right-now.html

  8. In the context of marketing literature with a focus on online and mobile commerce, the role of factors such as culture and customers habits (Ashraf et al. 2017), coupons, promotions and discounts (Danaher et al. 2015; Zhang and Wedel 2009), loyalty (Lewis 2004; Parasuraman and Grewal 2000), and word-of-mouth (Baker et al. 2016; Batra and Keller 2016; Kumar et al. 2007; Villanueva et al. 2006) has been explored.

  9. We collated a list of managers from two sources: executive education programs targeted at middle-level and senior-level officials at a premier business school, and from board members of a firm where one of the authors also serve as a member.

  10. The recruited managers belong to different levels of management (approximately 27% senior managers, 42% mid-level managers, and 31% junior managers). About 53% of the managers work for global firms with a presence in emerging markets (such as India, China, Brazil, Indonesia, etc.), and the rest work for domestic firms with presence only in emerging markets.

  11. We call these as sub-questions for two specific reasons: a) the focal aim of the qualitative study was to explore the state of the Mwallet from a manager’s perspective, b) CE is a new holistic concept and many emerging market managers are yet to understand the depth of this concept. Hence, we keep these questions as a subpart of the interview process and bring them for discussion after the current state of Mwallet is completely explored.

  12. Consistent with Besharov (2014), one of the authors and an independent coder separately coded the interviews and completed a memo reflecting their interpretations, constructed and compared the empirical themes across different transcripts. Finally, any disagreements were sorted by the mutual discussion. In the interest of space and time, we provide the details of the comments and the themes in the Appendix.

  13. Our understanding of “integration of Mwallets in the retailers’ payment system” and exploration of its impact on CE is driven by the insights from the qualitative study.

  14. The proposed framework can be applied to both goods and services in the B2C retail settings, where the retailers have a non-contractual relationship with customers and contractual relationships with the suppliers, banks, and other service providers.

  15. For example, Paytm, a Mwallet in India was given a license in 2016 to open a payment bank where customers can open savings account up to $1500 and use the current account to make payments without any online transaction fees. Source: Gadgets 360, (May, 2017). Paytm Payments Bank Launched: Cashback on Deposits, ATM Withdrawl Limits and Other Information. Article retrieved from www.gadgets.ndtv.com

  16. There are numerous Mwallets, each providing different functions to the customers. For example, Apple Pay can carry a digital boarding pass along with multiple bank cards, while Visa Pay does not have this functionality yet. Thus, Apple pay provides retailers with more elaborate customer interaction that can be further used to give better personalized promotions.

  17. The authors have operationalized intensity of E-business adoption as a number of processes, both internal and external, converted into e-business format, and the resultant impact on various performance outcomes.

  18. We understand that most of the available Mwallets such as Apple Pay, Paytm, and WeChat Pay are used at Level 2 or 3. With the evolution of Mwallets technology and infrastructure development, Mwallets would move towards Level 4. Also, the list of four levels of integration of Mwallets is not exhaustive. It is quite possible that a retailer operating at a third level does not have all the possible third level functionalities of Mwallets. In the interest of a cleaner conceptualization, we go for the simplest distinction between levels with a caveat that retailers need to analyze their business requirements before adopting a level of integration in the strategic decisions.

  19. CLV stands for Customer lifetime value. CLV is defined as the sum of cumulated cash flows—discounted using the Weighted Average Cost of Capital (WACC)—of a customer over his or her entire lifetime (3 years in most cases) with the company.

  20. CRV stands for customer referral value. A customer refers firm’s products/services to potential customers who would otherwise not be attracted through traditional marketing channels, thus contributing indirectly to firm performance (Pansari and Kumar 2017).

  21. CIV stands for customer influence value. It means users can affect others’ activities within their social network: termed as influence, creates a chain reaction, thus contributing indirectly to firm performance (Pansari and Kumar 2017).

  22. CKV stands for customer knowledge value. Customer knowledge/feedback is derived when a current customer is actively involved in improving a company’s products/services by providing feedback or suggestions, thus contributing indirectly to firm performance (Pansari and Kumar 2017)

  23. February 4th, 2017. Article retrieved from https://www.reuters.com/article/us-lunar-newyear-wechat-redpackets/wechat-users-send-46-billion-digital-red-packets-over-lunar-new-year-xinhua-idUSKBN15J0BG

  24. Technological capabilities have been presented as the knowledge and experience related to new technologies and associated processes (Lall 1992) which can lead to building sustainable competitive advantage through the process and product improvement (Collis 1994; Leonard-Barton 1995; Leonard-Barton 1992; Ortega 2010; Subramaniam and Youndt 2005). Whereas, marketing capabilities can be defined as the key market-related deployment mechanism (Morgan et al. 2009). Marketing capabilities, by using the organizational resources and market intelligence, ensure that products and services are developed and catered to the right set of customers (Day 2011; Hall 1993; Morgan et al. 2009; Vorhies and Morgan 2005).

  25. A small-sized retailer will have lesser marketing and technological capabilities than a large-sized retailer.

  26. In the interest of the data providing organizations, we mask the name of these organizations and denote them with the industry they belong to. For example: if the retailers are from restaurant industry, then we name restaurant1, restaurant2, etc.

  27. Although Starbucks in-app wallet is substantially successful in generating higher sales, the same model may not work for all kind of retailers.

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Acknowledgements

We thank the editor, the guest editor and the reviewers for their valuable feedback during the revision process. We thank Bharath Rajan and Yixing Chen for their comments on an earlier version of the manuscript. Finally, we thank Renu for copyediting the manuscript.

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Authors and Affiliations

  1. J. Mack Robinson College of Business, Georgia State University, Atlanta, GA, USA

    V. Kumar & Nandini Nim

  2. Huazhong University of Science and Technology, Wuhan, China

    V. Kumar

  3. Indian School of Business, Hyderabad, India

    V. Kumar

  4. Hagler Institute for Advanced Study, TAMU, College Station, TX, USA

    V. Kumar

  5. Texas A&M University, College Station, TX, USA

    Amalesh Sharma

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Shrihari Sridhar served as Area Editor for this article.

Appendix: Details of the qualitative study and the representative themes analysis

Appendix: Details of the qualitative study and the representative themes analysis

Once we have the interview data, the first step in the qualitative research is to analyze the data. We rely on the “template analysis” approach to code the data. In this approach, one needs to list the representative codes and identify the themes from the data. Our coding frame is guided by the available literature on Mwallet and technology adoption in emerging markets. In the first order coding (Miles et al. 2014), we categorized different words, sentences, phrases, and paragraphs to a unit of meaning in such a way that all codes are mutually exclusive and collectively exhaustive. The assignment of the codes to the interview data is carefully done by reading the each of insights from the interviews. We then deploy a second order coding, by clustering the similar first-order codes (Braun and Clarke 2013). The reliability of the coding comes from two independent interpretations by an author and an independent coder. For the validity, we consult two managers from different sectors and make sure that they agree with the themes generated. Appendix Table 14 provides the details of the representative codes.

Table 14 Thematic analysis of qualitative interviews with managers
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Kumar, V., Nim, N. & Sharma, A. Driving growth of Mwallets in emerging markets: a retailer’s perspective. J. of the Acad. Mark. Sci. 47, 747–769 (2019). https://doi.org/10.1007/s11747-018-0613-6

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