Very simple, a mobile wallet is simply a digital wallet that is stored on your device or within a loyalty or online shopping app, and it dramatically simplifies online shopping.
You add money to your digital wallet using your credit card or bank account and then use it to pay for online transactions. It’s simple, safe, and rewarding all at the same time!
Unlike traditional methods that require customers to carry plastic loyalty cards everywhere, all important shopping details can be safely stored in one fixed location with the help of a mobile wallet.
Can you use it for Marketing?
All marketing initiatives and tools (such as coupons, loyalty cards, and value-added services) that attract, retain, and develop the user base of a mobile wallet app are collectively referred to as mobile wallet marketing.
To reap the benefits of mobile wallet marketing, e-wallet operators must ensure that their digital wallet platform supports or allows for the easy integration of third-party services and marketing tools via APIs.
A mobile wallet marketing strategy acts as a messaging channel on your customers’ smartphones, enabling you to engage with them seamlessly and effectively capture their attention.
Consumers’ tendency to forget that they are members—or worse—to forget the physical card—was a significant issue for loyalty programs. This was resolved by mobile wallets, allowing customers to utilize passes for their loyalty memberships.
As many as 84% of consumers say they are likelier to stick with a brand with a loyalty program. Consumer trust in mobile payments and digital wallets is so high that 56% of people say they would leave the house with only their phone and not their wallet to make payments.
These statistics show that mobile wallets can act as a catalyst for your loyalty programs. It costs a lot less to sell to repeat customers than acquire new customers, which is why investing in your mobile wallet loyalty and rewards programs is essential.