Mobile wallet solutions provide a new way to get closer to your customers, strengthen your links with your partners, and improve your marketing campaigns.
In this article, we are going to review 10 benefits of dematerializing loyalty cards and means of payment for your company. We will then present 5 mobile wallet solutions to adopt to implement this strategy!
What is Mobile Wallet Solution?
The mobile wallet makes it possible to centralize bank cards, loyalty cards, gift vouchers, tickets and other coupons in the virtual space. By default, Android and iOS smartphones offer their users a wallet application. The latter allows them to scan and save their means of payment, but also allows storing all the documents we just mentioned.
If, on the customer side, on the business side, one application is enough to avail their dematerialized card, then choosing a mobile wallet solution is crucial. The role of the latter is to ensure the digital functioning of your cards, offers, checks, coupons, tickets and to allow instant transactions in your e-commerce, your mobile application or store.
and that’s not all ! Mobile wallet solutions provide a real communication channel with your customers…
Also read: How to win and retain customers from Wallet to Mobile?
10 Key Benefits of Mobile Wallet Solutions
A mobile wallet solution that fits perfectly into your marketing campaigns. It becomes a lever to retain your consumers, boost customer retention, and generate additional sales… among other things! Learn about 10 benefits of choosing a mobile wallet:
1. Know Your Customers Better
Depending on the mobile wallet solution you use, you may have access to information about your customers, including: the amount of their spending, preferred payment methods, and the performance of your loyalty programs.
This data is useful for optimizing your marketing strategy and increasing your income.
2. Gain a Competitive Edge
10 million French people already use a mobile wallet. By 2026, the market is expected to reach $80 billion. More and more customers prefer this payment solution because of its security and ease of use.
On the business side, the mobile wallet easily integrates into your sales system (more easily than mobile banking apps). By choosing such a solution right now, you are ahead of the competition.
3. Improve Customer Retention
According to Urban Airship, mobile wallets appear among the top 4 tools consumers use to stay informed about news and discount codes. They rank after websites, email and SMS.
4. Encourage repeat purchases
Mobile wallet solutions also offer the possibility to send messages during an event, such as birthdays, purchase history or any other data collected on the customer.
Mobile wallets also promote the sending of coupons, personal vouchers or withdrawal vouchers. These incentives help them increase their order amount or make new purchases.
5. Develop a Geofencing Strategy
The mobile wallet allows the development of a geofencing strategy. When a customer enters a location, Wallet automatically sends them a notification with a specific offer. This increases the chances of selling the product.
6. Offer Cashback
Some mobile wallet solutions have cashback options to increase your sales. This strategy involves reimbursing part of the customer’s order or converting it into vouchers. An effective technique to increase repeat purchases!
7. Interest Millennials
With the coronavirus pandemic, consumers have changed their shopping habits. They had to adapt to the digital age. Hence mobile wallets have become the new wallet.
This is even more true with millennials, who are naturally aware of dematerialization! If the latter already tend to do maximum work with their smartphones, then the health crisis has forced them into this mode of consumption … and payment.
Mobile wallet should be a part of your marketing strategy if you want to win over 25-35 year olds.
8. Promote Recurring Payments
The mobile wallet has an option to set up an automatic payment schedule. If you offer recurring services like a monthly subscription, users can schedule it, or verify it from their phone. It allows you to get regular income while retaining your customers.
9. Increase Sales
Thanks to a psychological bias called the “endowment effect,” mobile wallets encourage higher spending.
When paying by cash or credit card, customers are careful about how much money or bank balance they have. They may think longer and hesitate before confirming their purchase.
From their playful and instantaneous side, mobile wallets are free from this cognitive bias.
Therefore, using them as a form of payment in your business may indirectly encourage customers to spend more.
10. Provide an Optimal Customer Experience
84% of French people have a smartphone, on which they type around 3h30 every day (source: Arcep). Allowing them to quickly find, access, consult and use all their means of payment increases their satisfaction.
The mobile wallet reduces their waiting time at checkout, as well as the worry of forgetting or losing their important cards. Thus, customers associate your business with practicality, utility and ease. Qualities that enhance your brand image.
5 Mobile Wallet Solutions to Increase Your Sales
To take advantage of the benefits of cards, coupons, tickets and other dematerialized elements, you need a mobile wallet solution! The latter allows you to manage your marketing campaigns and manage your customers. Here’s our top 5!
Captain Wallet defines itself as the European market leader for mobile wallet solutions. his promise? +20% turnover and 40% savings on your SMS budget.
The French company promotes customer engagement and repeat purchases by enabling the following:
- Digitizing your marketing materials.
- Sending personalized push notifications to your customers’ smartphones.
- Real-time updates of your marketing materials: discount coupons, vouchers, and more.
- Connection with your CRM, ERP, Marketing Automation Platform and many B2B applications.
With Captain Wallet, you easily launch acquisition, loyalty and drive-to-store campaigns. They can be segmented and geolocated for greater efficiency.
Another feature of this mobile wallet solution: personalized support from marketing experts, who help you build and succeed your campaigns.
Price: Captain Wallet offers you a tailor-made price as per your needs and objectives.
By SSP we mean score and secure payment. The company has 30 years of expertise in securing payments.
Its strong point? Integrate multiple mobile wallets into its solution. Apart from Apple Pay and Google Pay, it supports Ali Pay, WeChat Pay and PayPal.
In addition, SSP integrates 3 payment options for your customers:
- Cash: The customer pays immediately.
- In installments: The user divides his payment into 2, 3 or 4 instalments.
- Deferred: It can be paid for 30 days after purchase.
Pricing: For pricing from SSP, you need to contact them directly.
Best Wallet specializes in the dematerialization of loyalty cards, vouchers or tickets. his promise? Allows you to connect your customers and customers with their mobiles.
Directly, you provide a card (loyalty, deduction, access to private sales, etc.) or a voucher (reduction for gifts, purchases, etc.) that customers can add to their Google and Apple Pay wallets. This card can be promoted through your newsletter, SMS, content on social networks or directly at the point of sale.
Once installed, you can send push notifications and personalized offers to the user.
Another advantage of Best Wallet: The mobile wallet solution uses geolocation to send your campaigns on time. When the prospect is closer to your point of sale, he or she can get current offers or discount coupons.
You can schedule your marketing messages to appear when the customer reaches a point level. Perfect for loyalty campaigns!
Price: For other solutions, the price is derived on an estimate based on your activity and your needs.
Dejamobile does not provide mobile wallet solution… but provides 3 solutions!
- ready to tap payment: Which allows merchants to accept contactless payments from wallets or bank cards.
- Ready to Tap Mobility: A service aimed at transport or event companies that need to manage vouchers or entry tickets.
- ReadyToTap Gifts & RewardsMobile wallet solution, which allows you to manage virtual gift cards and prepaid titles (such as restaurant tickets).
To engage and retain your customers, Dejamobile provides marketing features to manage your loyalty program and send rewards or gift cards with ease.
Price: On estimate.
5. Software Group
Last mobile wallet solution on the list: Software Group. The company specifically targets digital banks that want to connect and retain their customers.
It offers them mobile financial services from digital wallets, such as contactless payments (via NFC or QR codes), instant payments, digital loans and even savings accounts.
This offer is an opportunity to increase customer loyalty, but also to win over the market of connected users who want to manage their finances very simply.
Price: Like others, prices are available upon request.
Mobile wallet solutions are the future of payments! They are easy to use, secure and have unique marketing features. We advise you to start now, benefiting from the support of our freelancers.
If you’d like to choose a mobile wallet solution or promote your loyalty card, post an ad on Codeur.com!