Chase has jumped on the Facebook Live train with a plan to live stream performances from rock legend Eric Clapton’s upcoming tour on its Facebook Page this weekend. The bank is sponsoring Clapton’s North American tour and plans to broadcast four songs from the concert at in Inglewood, California this weekend exclusively on its Facebook page. Like most brands using Facebook Live, Chase will rely on push notifications to drive tune-in for these live performances.
What Brands Need To Do
Brand marketers looking to enter the livestreaming arena should take a cue from this partnership and learn to amplify their sponsored events. Branded live streams during big media events offer brands a great shortcut to get their content in front of a mobile audience in real time. Previously brands such as GE and Toyota have leveraged live-streamed events to amplify their sponsorships. Therefore, brands that wish to stay connected to consumers need to figure out what content their customers would want to see and find the right live-streaming platform to reach them.
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The next big competitor for Apple Pay may not be Android Pay or Samsung Pay after all. Instead, It could be one of the homegrown mobile payment solutions some banks are developing. Last week, Capital One added a new mobile payment feature to its Android app, becoming the first U.S. bank to release tap-to-pay functionality in mobile app. Likewise, earlier today Chase introduced its digital wallet service named Chase Pay, which allows users to pay with a QR code within the Chase Pay app. Chase partnered with MCX, the consortium of retailers led by Walmart, to get Chase Pay accepted in MCX’s member stores, where the Chase customers will have to use Chase Pay inside the CurrentC app instead. Chase Pay is said to be aiming for a mid-2016 launch.
Banks have long enjoyed a stranglehold on payment solutions, either with cash or cards. They faced some challenges from digital payment solutions such as PayPal, but have remained largely unfazed in monopolizing the way people make purchases in the real world. But the recent rise of mobile payment, made viable by the proliferation of smartphones and kickstarted by the introduction of Apple Pay last year, has threatened to undercut banks’ market dominance in consumer payments. Therefore, it’s no surprise that some banks are now scrambling to come up with their own mobile payment solutions, despite their low profit margins. However, if Chase Pay’s confusing UX design, complicated by its affiliation with MCX, is any indication, the banks still have a long way to go before their products can truly compete with the likes of Apple Pay.