Driving mobile wallet use the OTPay way (VIDEO)

While much has been written about the difficulties Google and some other global tech firms have had in encouraging massive adoption of their mobile wallet products, little attention has been paid to how financial institutions and other smaller players have been driving such growth.

One such case involves OTPay, the wallet developed by Cellum for leading Central European financial group OTP Bank. As we explained when the product was introduced in May, the OTPay wallet boast several “firsts,” including being the first made for the European market incorporating MasterPass™, MasterCard’s pioneering e-payment system.

Since its introduction, OTPay has also enjoyed a small but effective promotional campaign in Hungary, including the above advertisement, which has appeared on leading online media properties in the country, as well as being distributed via OTP bank’s social media channels.

As can be seen in the partially-translated video embedded above, the objective is to provide prospective users a short and straightforward illustration of major use cases and benefits of the product, in this case merchant payment initiated via QR codes, and phone number-based online checkout (the most popular uses of the app so far are online checkout and prepaid phone top-up).

Along with a promotional campaign involving discounts from several “anchor” merchants, the ad campaign saw a doubling of transactions, and an even larger surge in the number of merchants accepting OTPay. While both numbers remain modest in global terms, the growth is real, and among a consumer group far from the “early adoption” hotspots of San Francisco or London.