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“Mobile Wallet” has Reasons to Play a Prominent Role in ‘Mobile Payments’

Hardly, today, you go into a drugstore with an app and not find an option to pay through leading mobile wallets with the likes of Apple Pay, Samsung Pay, and Android Pay. Since you have all the credit card/debit card information stored in this wallet; you need not carry the hard version with the fear of losing your cards.

As per the latest survey report, although only 15% of Smartphone owners use a mobile wallet to make their purchases online, the usage figure has doubled from 2013 to 2015. Further, this number is only going to increase in the coming years. So, should you be using a mobile wallet in your app? We have strong reasons for you to arrive at a decision.

1. Security is greatly increased

Mobile wallets are highly secure to use since there is no need to enter the payment information every now and then. Enter it once, and save the details. Since mobile wallets are highly encrypted; you can feel secured by having all your payment details stored securely. In fact, when mobile wallets transmit data for making payments, you can be assured that nobody would be tracking those confidential data. Even if anybody tries to intrude, there are certain security levels restricting intruders from proceeding further.

2. Popularity with retailers has escalated

If you look at the stores all around the US, the mobile wallet is widely accepted by millions of stores, such as more than 1 million stores accept Android Pay as an official payment mode, more than 3 million accept Apply Pay, and more than 10 million accept Samsung Pay. Especially, with the emergence of NFC technology, mobile wallets are used to make payments through cash registers.

3. An ideal choice for online shopping

Mobile wallets make up for an ideal process for online shopping. The reason being, the checkout process becomes highly convenient, with users finishing with their purchases in no time. Users need not type personal or payment details every now and then, making things faster enough and less cumbersome to execute a buying process.

4. Introduction of loyalty rewards

You can have loyalty rewards installed within a mobile wallet. This will in turn help motivate users to shop for more through the mobile wallet, in turn increasing sales.

5. Using mobile wallets to the fullest potential

Since mobile wallets are a preferred payment for users nowadays; it is not surprising to see retailers becoming happier offering mobile wallet as a preferred mode of payment and increasing sales in turn. Irrespective to which section of the audience, users belong to in terms of location, gender, or age, mobile wallets have become a nice source to offer loyalty programs, ultimately making it a powerful tool to deal with.

There are ways by which you can utilize this feature to the fullest potential. Let us find out what those ways are by which you can have mobile wallet uplifting your app to the best use.

a. Touch customer engagement factor in the lightest possible way

Letting potential customers download a voucher, stored directly in their mobile wallet, will allow for a smooth engagement within users, not requiring them to download or commit to an app mandatorily. This, in turn, helps them value the brand, and an easier access to redeem the voucher from in-store.

b. Remind users constantly about their vouchers

The primary reason why most users are not able to use the mobile wallet is when the actual offer arrives, users are not alerted regarding it, and hence the offer lapses. Setting coordinates of store enable handy notifications to activate and informing the same to users as and when they arrive. Additionally, this also prompts them to visit the store nearby.

c. Have a time and quantity based call to action in place

Attaching a time frame to any offer will create a sense of urgency among users and hence they will be tempted to make a rush in buying things. Introducing a mobile wallet voucher with specific offer duration, allow users to quickly redeem before anybody else does. Also, you can introduce the quantity and create even more urgency.

d. Personalize the entire experience

Customers would be pissed off if they get irrelevant messages at irrelevant times. As retailers, you want to be very particular in sending out right kind of messages, as wrong ones can irritate customers and frustrate them further, finally making them disinterested with the brand. By utilizing right principles of customer relationship management (CRM), you can make every single mobile voucher available to the end user, by including their name, loyalty points, and only send vouchers if they are interested.

e. Everything provided should be fresh and latest

The best part of a mobile wallet is you can update the voucher whenever you want, and that too as many times you want, without actually doing anything. This means even after the user has gone for a voucher download, the engagement can be continued anytime, by editing with the latest offer. Imagine, the users getting fascinated with the dynamic nature of the voucher, with offers getting updated with time.

Schedule the offer whenever you want to get updated and see the magic. Your users will avail new offers from time to time, and demonstrate the right app value to the users. Get offer updated, and it will reflect automatically to the users, through in-app messages or notifications.

Summing up with some final words

The mobile wallet is an exciting landscape and so is its important role in customer engagement. Getting things set rightly, can actually be a turning point in your business and can be a defying factor in making online mobile payments easier. We had a discussion on why to use the mobile wallet, and in what ways you can enhance the use through useful tips. Do have your own share of research regarding the same, and you can be on your way to driving business through a reduction in costs and increase in mobile wallets, which in turn will drive more sales and conversions. There are many other creative ways to do so, which is another discussion we will hold in the future.

Written By

Kathy Kim is working with Fusion Informatics- a web, software and mobile application development company. She is exploring their experience through informative article with others.

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