Silently, the mobile wallet has become a significant value addition in the scheme of things for mobile marketers. Some surprising data shows that use of mobile wallet is continuously on the rise. Millennials as with any other high tech manoeuvre are most drawn to this new mode of digital payment individuals from though higher income is not left much behind. Mobile wallets in the time to come will be the biggest contributor in terms of sales volume and customers who opted for this option.
In some countries, the mobile wallets are still new as a way to make payment, but quickly it has come as a competitive means of payment besides mobile banking. Mobile app developers in India and many other Asian, African and South American nations can be seen busy integrating and building many mobile wallet apps in the time to come. Mobile wallets are already on its way to be the single most dominant tool for digital payment.
Do you want to know how to make your mobile wallet app even more popular in an increasingly competitive market? Do you like to know what exactly customers prefer with mobile wallets? Well, to know all these you need to have a detailed idea of what mobile wallet is and how it works to boost mobile loyalty.
The mobile wallet is a wallet just in the everyday sense only with capability for making digital payment. For major device platforms, it comes pre-installed like Apple Wallet in case of Apples iPhone, Android Pay for Android phones and Samsung Pay for Samsung devices. All of these wallets have the similar core functions and capabilities and help people making payments just through a mobile device.
Mobile wallets work through two types of mobile wallet passes, respectively one for making payments and the second for sharing all other important information necessary for availing benefits. The first type of passes which are called payment passes include credit and debit cards and all forms of digital transaction methods that can be integrated into the mobile wallet for transaction. The second type which is non-payment passes include coupons, ID cards, tickets, etc. It works as a container to make payment and to deliver benefits with coupons and tickets.
When customers can transaction and avail benefits with a few tap on their screen thanks to the mobile wallet, they are likely to prefer using it. With mobile wallet offering coupons and loyalty cards can garner tremendous traction from customers. When loyalty programs are the benefits are updated in their device and deliver it right in their mobile wallets, customers are more likely to join them.
Do you know around 40% of loyalty program participants just forget about their membership and another 43% just forget about their loyalty cards altogether? Thanks to mobile wallet they no longer can lose such information. So, when it is about boosting mobile loyalty, mobile wallet comes as a great value addition for everyone.
The use of mobile wallet in most parts of the world still gets the highest number of use cases for non-payment passes. From producing tickets to the frequent use of ID cards to encashing coupons and loyalty cards to getting delivery updates, most use cases belong to this type of non-payment use.
Mobile wallets are also the principal way for many consumers to remain informed about sales offers and coupons. Naturally, consumers often consider mobile wallets as a valuable way to get an advantage of coupons and benefits of loyalty programs. There are few ways coupons can add value to the shopping experience. Let us have a look at them.
Unlike coupons and gift vouchers that you are very likely to forget at times mobile wallet keeps all your digital coupons together allowing easy access anytime you need. The consumers cant just forget their coupons when it is delivered through mobile wallets.
Secondly, a mobile marketing campaign can easily be streamlined and integrated with coupons for customers. Most important of all, coupons just can be updated with better advantages in real time.
Do you want to know how consumers can feel a mobile wallet compelling? The answer is a personalised experience. When a wallet pass is personalised to the typical preference of the user, they are likely to be downloaded more. How can you personalise your coupons for mobile wallets? Well, there are countless ways. The most common is to give offers in products based on the previous purchase history.
Only when your customers redeem coupons, you get sales. So, if coupon redemption and business conversion is your motto, target your audience with their individual context in mind. A context of a user depends upon constituent factors like location, time, preference, typical use habit or use pattern, etc. If you can deliver coupons when your customers are most likely to respond, you can generate better business.
Mobile wallet messages are shown on the locked screen allowing assured visibility. This is why the typical expiration reminder with a message telling them about the “last chance” is likely to garner a huge boost in the redemption of coupons and corresponding business conversion.
Mobile wallet marketing thanks to the huge popularity of non-payment passes like coupons have been positively received by millennial consumers particularly. This provided a standout communication channel to connect customers.
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