PFM provider SmartyPig LLC is abandoning its location based rewards system less than a year after launching the service.
The Des Moines company says the move is a result of the plastic reality of payments. Consumers, as well as marketers, are just not ready for the technology that PayPal and Google are already talking about.
But, the decision shows that SmartyPig, which has been allowing its users to post their savings goals since 2008, is more technology company than financial services firm.
It’s all very Facebook.
Put as few resources into a service as possible. Launch it. And, if it all works, make it better. If it sucks, get rid of it.
I’ll place my @AmerBanker story, here, when it’s posted.