A social network for sharing credit card transactions?

von Roland Hachmann | Apr. 9, 2010 | Blog, Digital Culture, Digital Marketing, Marketing, Social Media Marketing

Now how is that: you just purchased new shoes from Zappos, books from Amazon or anything else from the mall nearby. Wouldn’t you just love to tell everyone about whatever you bought with your credit card? No? Yes? If so, here is the perfect social network for you: Blippy. Mindsproutmarketing explains the new kid on the block:

In a nutshell, Blippy is a service that lets members automatically share their credit card transactions as they make them. Not only will members see the amount of your purchase, but they’ll also be privy to the place of purchase and items included in the transaction.

I am just not sure, why anyone would want to do this? Nevermind data privacy or simply modesty about one’s purchases. How about data security?

According to a 2009 study conducted by Javelin Strategy and Research, there were 10 million victims of identity theft in 2008 in the United States. Nearly half, or 43 percent, of all identity theft observed was through stolen wallets and physical paperwork, whereas online methods had accounted for only 11 percent. However unsettling these figures are they haven’t stopped the thousands of people who are clammering to become members of Blippy. Founders insist that their state-of-the-art encryption will protect data from being stolen or reused.

So what is it good for?

Instead of gasping at prices or snickering at purchases, members are actually exchanging details about great finds and super bargains. Even more common, is discovering places to shop that are off the beaten path and alerting others to special discounts to be found. Blippy can really be described as something similar to a tweet-feed based on shopping.

Along these same lines, stores could alert shoppers about local deals and make recommendations based on items previously purchased. Marketing firms could review spending habits to understand consumers and deliver targeted products and services that would be more appealing to them.

In the meantime, trend experts predict that Blippy is the next big thing. Giving the world a sneak peek inside your wallet is definitely a way to channel discussion on spending habits and connect with other people with similar interests by way of spend pattern.

Somehow I am not convinced. Consumers in the US might be willing to share their purchase history. It is the nation of credit cards (and credit crisis for that matter), but I can’t see that kind of social network take off, at least not anywhere else. Not everything that can be done, should be done or is a good idea.

From a marketers perspective, it seems to be a fantastic idea. Many companies are very eager to get their hands on information on spending patterns well beyond their own product range. So I assume that the business idea of blippy is very much focused on reselling the data of the social network participants. But this is, of course, just my 2 cents.