Nowadays, the mobile wallet is widely used to make payments. Whether on Android or iOS, it is a top priority to make the payment seamless. Hence, mobile wallets are becoming increasingly popular and aim to provide smart services such as payment solutions and mobile wallet marketing opportunities.
Mobile wallets add a level of convenience for customers to be able to carry their entire world within the confines of a single device. As a result, the mobile device is the ideal solution for optimal customer engagement.
Furthermore, there are more sales opportunities when a company adopts contactless payment solutions. In the times of pandemic, mobile wallet solutions are widely used worldwide. This is a top digital payment trend, especially among youth users.
Table of Contents
What is Mobile Wallet Marketing?
Mobile Wallet Marketing involves all the marketing efforts and tools that a mobile wallet solution can gather, maintain and enhance the company’s customer base. Increasing digital payments offers a new mobile marketing channel for businesses that want to please their loyal customers and connect with new ones.
The Power of Mobile Wallet Marketing
Today, amid economic challenges, the adoption of some mobile money payment solutions may be based on increased customer preference for rebates and special offers. Digital wallets may be an ideal solution for smarter buyers looking for offers and promotions. Walker-Sands research indicates that 63% of consumers say they will change their shopping habits to maximize loyalty benefits.
Furthermore, wallets offer an advantageous channel for financial institutions and their merchant networks to transform wallet holders into loyal clients who constantly come back for transactions through the wallet. Also, loyal customers tend to recommend brands to their friends or colleagues, which contributes to attracting new customers by word of mouth.
Mobile Wallet Marketing Tactics
1. Offer Versatile Delivery
The great thing about this payment option is that it assists the organization in adopting a unique approach to its clients. Businesses have the ability to hand out coupons, rewards, and payment options at the client’s fingertips. This mobile wallet solution may be utilized in various areas and plays an important role in strengthening the marketing, which greatly enhances the customer engagement process.
2. Loyalty Cards
Companies may provide clients with digital loyalty cards as part of their customer’s loyalty program. 69% of clients tend to use a mobile loyalty card if it is on their phone. Businesses can target their clients with one-time offers, discounts, vouchers, and tickets that are unique to their mobile loyalty program.
Corporate loyalty programs also include tiers – the more points you receive, the more status you have as a loyalty member. As mobile wallets can be updated in real-time, customers will not have to miss out on the latest offers or sales.
These incentives may encourage clients to place greater reliance on the services and products of your business. Companies looking to invest in mobile wallet marketing for their loyalty programs should keep customer awareness in mind to improve customer engagement and customer relationships.
3. Mobile Wallet Notification
The real mechanism of mobile wallet marketing is notifications. Digital wallet operators can use different types of alerts and notifications to inform users of a new offer, drawing consumers to their mobile wallets. Customized notification content may target consumers at an ideal time. Companies can send push notifications to notify users about unused coupons or expiry dates.
Instantaneous cashback is another incentive for customers to make more transactions with their wallets. Cashback in mobile wallets is easy to redeem, fun to use, and easy to assess. The feature not only saves customers money but also makes it possible to use cashback directly to make purchases with the mobile wallet.
The purpose of cashback is to enable clients to make the most of their money. Thus, it is advised to be offered as a friction-free experience – without difficult buybacks or other difficulties for users.
5. Value-Added Services
Apart from rewards and offers, businesses can attract customers by adding value to their mobile wallet offerings. This can be a good strategy to build client loyalty and increase wallet utilization. For instance, a bank or financial institution might differentiate its portfolio by adding value to its ecosystem – insurance offerings, bill payments, remittances, and even non-financial services such as subscription management.
Geofencing is defined as the use of GPS to set up a virtual barrier. This is done by using beacons. Geolocation allows you to target customers near a particular location and send them the appropriate push notifications. Notification may remind them how close they are to your branch.
It also offers a redeemable coupon to a nearby restaurant that is in partnership with your company. This type of commitment is great for building customer loyalty, as it allows customers who would otherwise have ignored your store window to enter and make a purchase.
What’s more, by launching a strategic ping, businesses can easily boost financial inclusion with mobile wallets.
In A Nutshell
Mobile technology is getting better with each passing day and with its regular changes, the mobile payment method has taken on a whole new level. The mobile wallet is a simple but efficient approach to increasing client engagement.
Any organization that follows such a strategy could easily increase sales. In a very competitive marketplace, the mobile wallet could be a great deal.
Mobile money payment solutions boost client engagement across multiple industries. Regardless of the type of service provided by the organization or the size of the company. The mobile wallet is useful for all occupations. Hence, each business owner should adopt this approach.