Mobile wallet solutions offer a new way to get closer to your customers, strengthen ties with your partners, and improve your marketing campaigns.
In this article, we will review 10 benefits of dematerializing loyalty cards and payment methods for your business. Then we will present 5 mobile wallet solutions to adopt to implement this strategy!
What is a mobile wallet solution?
The mobile wallet allows you to centralize bank cards, loyalty cards, gift vouchers, tickets and other coupons in a virtual space. By default, Android and iOS smartphones provide their users with a wallet application. This lets them scan and save their payment methods, as well as store all the documents mentioned above.
If, on the customer side, an app is enough to use their dematerialized cards, on the business side it is important to choose a mobile wallet solution. Its role is to ensure the digital operation of your cards, offers, vouchers, coupons, tickets… and to enable instant transactions on your e-commerce site, your mobile app or in-store.
And that's not all! Mobile wallet solutions offer a true channel of communication with your customers…
Also read: How to acquire and retain customers on mobile with wallets?
The 10 main advantages of a mobile wallet solution
A mobile wallet solution integrates perfectly into your marketing campaigns. It becomes a lever to retain your customers, encourage customer loyalty and generate additional sales… among other things! Discover the 10 advantages of opting for the mobile wallet:
1. Learn more about your customers
Depending on the mobile wallet solution you use, you can access information about your customer base, notably: their spending amounts, preferred payment methods and the performance of your loyalty programs.
This data is useful for optimizing your marketing strategy and increasing your revenue.
2. Gain an advantage over the competition
10 million of French people already use mobile wallets. By 2026, the market is expected to reach 80 billion dollars. More and more customers prefer this payment solution because of its security and ease of use.
On the business side, the mobile wallet integrates easily with your sales system (more easily than mobile banking apps). By adopting such a solution now, you get ahead of the competition.
3. Improve customer retention
According to Urban Airship, mobile wallets appear in the top 4 methods used by consumers to stay informed about news and discount codes. They rank after websites, emails and SMS.
4. Encourage repeat purchases
Mobile wallet solutions also offer the ability to send messages for an event, such as birthdays, purchase history or any other data collected about the customer.
Mobile wallets also encourage the distribution of coupons, personalized vouchers or redemption vouchers. These incentives help increase the value of a customer’s order or prompt a repeat purchase.
5. Develop a geofencing strategy
The mobile wallet enables the development of a geofencing strategy. When a customer enters a location, the wallet automatically sends them a notification with a specific offer, which increases the chances of selling a product.
6. Offer cashback
Some mobile wallet solutions include cashback options to boost your sales. This strategy involves refunding part of the customer’s order or converting it into vouchers. An effective technique to increase repeat purchases!
7. Engage millennials
With the coronavirus pandemic, consumers have changed their shopping habits. They had to adapt to the digital era. Mobile wallets have therefore become the new wallets.
This observation is even more true for millennials, who are naturally attuned to digitization! If they already tended to do as much as possible with their smartphones, the health crisis reinforced this mode of consumption…and payment.
If you want to win over 25–35-year-olds, the mobile wallet should be part of your marketing strategy.
8. Encourage recurring payments
Mobile wallets offer an option to set up an automatic payment schedule. If you offer recurring services, such as a monthly subscription, users can schedule or confirm it from their phone. This allows you to secure regular income while fostering customer loyalty.
9. Increase sales
Thanks to a psychological bias called the “endowment effect,” mobile wallets encourage higher spending.
When they pay in cash or by card, customers are wary of the amount of money or bank balance they have. They may think longer and hesitate before confirming their purchases.
Because of their playful and instantaneous nature, mobile wallets are exempt from this cognitive bias.
Consequently, using them as a payment method in your business can indirectly encourage customers to spend more.
10. Offer an optimal customer experience
84% of French people have a smartphone, on which they tap about 3.5 hours each day (source: Arcep). Letting them quickly find, access, view and use all their payment methods increases their satisfaction.
The mobile wallet reduces their checkout waiting time, as well as the anxiety of having forgotten or lost important cards. As a result, customers associate your business with convenience, usefulness and ease—qualities that improve your brand image.
5 mobile wallet solutions to increase your sales
To take advantage of the benefits of cards, coupons, tickets and other dematerialized items, you need a mobile wallet solution! It lets you run your marketing campaigns and manage your customers. Here is our top 5!
1. Captain Wallet
Captain Wallet It positions itself as the pioneer of the European mobile wallet solutions market. Its promise? +20% revenue and 40% savings on your SMS budget.
The French company boosts customer engagement and repeat purchases by enabling:
- Digitizing your marketing materials.
- Sending personalized push notifications to your customers' smartphones.
- Real-time updating of your marketing materials: discount coupons, vouchers, etc.
- Integration with your CRM, ERP, marketing automation platform and many B2B applications.
With Captain Wallet, you can easily launch acquisition, loyalty and drive-to-store campaigns. They can be segmented and geolocated for greater effectiveness.
Another feature of this mobile wallet solution: personalized support from marketing experts who help you create and succeed with your campaigns.
Price: Captain Wallet offers a custom quote based on your needs and objectives.
2. SSP
By SSP— meaning Score & Secure Payment. The company has 30 years of expertise in securing payments.
Its strength? Integrating many mobile wallets into its solution. In addition to Apple Pay and Google Pay, it supports Alipay, WeChat Pay and PayPal.
Furthermore, SSP offers three payment options for your customers:
- Pay in full: the customer pays right away.
- Installments: the user spreads their payments over 2, 3, or 4 instalments.
- Deferred: they can pay 30 days after purchase.
Price: to obtain SSP's rates, you must contact them directly.
3. BestWallet
BestWallet is specialized in digitizing loyalty cards, coupons, or tickets. Its promise? To let you engage your prospects and customers from their mobile devices.
Concretely, you offer a card (loyalty, discount, access to private sales, etc.) or a voucher (discount, purchase, gift, etc.) that customers can add to their Google and Apple Pay wallets. This card can be promoted via your newsletter, SMS, social media content, or directly at the point of sale.
Once installed, you can send push notifications and personalized offers to the user.
Another advantage of BestWallet: the mobile wallet solution uses geolocation to send your campaigns at the right time. When a prospect is near your point of sale, they can receive current offers or a discount coupon.
You can also schedule your marketing messages to be sent when the customer reaches a certain points level. Perfect for loyalty campaigns!
Price: as with the other solutions, pricing is available on request, depending on your business and needs.
4. Dejamobile
Dejamobile doesn't offer a single mobile wallet solution… but 3 solutions!
- ReadyToTap Payment: which allows merchants to accept contactless payments, from a wallet or a bank card.
- ReadyToTap Mobility: a service aimed at transport or event companies that need to manage vouchers or entry tickets.
- ReadyToTap Gifts & Rewards: the mobile wallet solution, which also lets you manage virtual gift cards and prepaid vouchers (such as meal vouchers).
To engage and retain your customers, Dejamobile offers marketing features to manage your loyalty program and easily send rewards or gift cards.
Price: available on request.
5. Software Group
Last mobile wallet solution on the list: Software Group. The company specifically targets digital banks that want to engage and retain their customers.
It offers them mobile financial services, such as contactless payments (via NFC or QR code), instant payments, digital loans and even savings accounts, all from a digital wallet.
This offering is an opportunity to build customer loyalty, but also to win over a market of connected users who want to manage their finances very easily.
Price: as with the others, rates are available on request.
Our tip
Mobile wallet solutions are the future of payment! They are easy to use, secure, and offer unique marketing features. We recommend you get started now, with the support of our freelancers.
If you want to opt for a mobile wallet solution or promote your loyalty cards, post an ad on Codeur.com !
