The Texas-based company ATX Innovation has created the TabbedOut app, a free iPhone and Android app (BlackBerry support coming soon, according to ATX) that lets you open and pay your bar tab right from your phone.
TabbedOut is integrated with particular restaurants or bars, meaning that you can only use this app at participating locations. With TabbedOut, you can always keep track of how many Pinot Grigios you've had!
Implications - The recent economic recession has left many consumers feeling extremely wary and insecure about their financial situation. Businesses that provide products that aim to make managing one's money more efficient, convenient and simpler, will appeal to a large audience today. Consumers will be drawn to businesses that demonstrate a willingness to improving consumer lifestyles.
Bar Tab Apps
ATX Innovation's TabbedOut Lets You Pay on Your Phone
Trend Themes
1. Mobile Tab Payment - TabbedOut app's success in allowing users to open and pay their bar tab through their phones presents disruptive innovation opportunities in the market of mobile payment systems.
2. Industry Integration - As TabbedOut app requires integration with specific restaurant or bar systems, implementing mobile payment technology into the hospitality industry presents opportunities for partnership or collaboration.
3. Consumer Financial Management - The creation of TabbedOut app presents new pathways for businesses to improve consumer lifestyles by providing convenient and transparent tools for financial tracking and management.
Industry Implications
1. Hospitality - Implementing mobile payment solutions like TabbedOut into the hospitality industry presents opportunities for innovation and increased customer satisfaction through streamlined transactions.
2. Retail - Adoption and utilization of TabbedOut-like payment systems can revolutionize the retail industry by providing a convenience factor and saving consumers time spent waiting in lines.
3. Fintech - The success and popularity of TabbedOut app reveals opportunities for further fintech development in the mobile payment space, including the creation of secure and user-friendly transaction experiences for consumers.