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SmoothPay: Growing a Mobile Payment User Base
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SmoothPay, a 14-people start-up in Canada that offered mobile payment and loyalty solutions, enjoyed initial achievements after its launch in 2014. In less than two years, through industry partnerships and community engagement, SmoothPay grew to have over 100 merchants in its system, with over 5,000 users. However, the future was full of risks and uncertainty: businesses and consumers in Canada were both slow in adopting mobile payments, and, as a small firm, SmoothPay had not yet established brand awareness. SmoothPay's management needed to address several key challenges. How could SmoothPay differentiate itself from its many competitors? What strategic direction should the company take? What market should SmoothPay target to enable sustainable growth?