Mobile technology has enabled people to be connected virtually anywhere. We use our smartphones for pretty much anything digital, but there’s one element of smartphone technology that isn’t being used to its fullest. Adoption of mobile wallets—while growing—has had slower consumer acceptance than anticipated. This may be because businesses view mobile wallets as mere payments tools instead of potential engagement tools.
Digital Transactions recently published insights from our own Theresa McEndree about how integrating incentives into mobile wallets can create engagement opportunities. Not only will this provide greater value for consumers but it can help businesses reach mobile-minded customers.
The Problem with mobile wallets
Brands constantly look for new channels to engage with consumers and mobile wallets are underutilized means of doing just that. People use physical wallets to hold rewards cards, gift cards and more—and expect the same capabilities from mobile wallets. But until mobile wallets provide the same functionality as physical ones, there’s no reason for consumers to leave their leather billfolds at home.
The fix to a better engagement experience
Advancing mobile wallets from payments tools to engagement platforms. You can leverage mobile wallet potential while meeting consumers’ expectations for a more complete brand experience by delivering customer incentives such as prepaid cards, gift cards and other rewards into a wallet. This helps promote your company’s mobile payments capabilities while increasing the amount of interaction you have with existing and prospective customers.
Why use mobile wallets for engagement?
Incentives can help brands more effectively engage with mobile-minded customers that expect a seamless and more complete mobile wallet experience. These integrated mobile wallet experiences combine payment and incentives, helping businesses generate:
- Regular consumer engagement
- Positive brand engagement
- More effective mobile marketing tools
- Higher in-wallet engagement
- New customer acquisition