Understanding The Power of Mobile Wallet as a Channel

January 18, 2022 Mara Miller

 

You may be surprised to learn that Mobile Wallet is more than just digital payments. Mobile Wallet is where brands' coupons, Loyalty cards, gift cards, boarding passes, and more are stored in the one place that’s always at consumers' fingertips - their mobile device. And with one-third of consumers across various demographics having 3+ mobile wallet passes saved to their phones, there's no sign of this momentum slowing down.

With mobile payments on the rise and consumers’ becoming more use to opening Apple Wallet and Google Pay, brands have a tremendous opportunity to take advantage of Mobile Wallet, not only as a digital marketing channel, but also as a versatile messaging channel that helps them connect better with customers in a safe, secure and contactless way.

To help you better understand what this exactly means for your brand we’ve published a comprehensive guide, The Power of Mobile Wallet as a Channel.

This guide includes:

  • A comprehensive overview of Mobile Wallet's capabilities and the benefits it drives for brands
  • Activation strategies for how to effectively use Mobile Wallet as a channel across various pass types, such as offers and coupons, Loyalty cards, gift cards, tickets, identification, and more
  • How your industry can benefit from activating Mobile Wallet as a channel, from retail to healthcare, hospitality, and more

Meanwhile, I want to provide you with a few highlights we cover in the guide to help you begin to understand all that Mobile Wallet has to offer.

What exactly is Mobile Wallet?

Mobile Wallet is the summary term for “Apple Wallet” and “Google Pay” – native apps built into all iOS and Android devices. They require no extra download or signup by customers to use.

While Apple Wallet and Google Pay are best known for holding consumers’ credit cards and enabling contactless mobile payments, they offer much more than just a digital payment option at checkout. With Mobile Wallet, coupons, Loyalty program membership cards, boarding passes, event tickets, gift cards and other items one might find in a physical wallet, are instead housed and organized as “passes” in a single location – a person’s mobile device – where they can easily be found and used.

Unlike the physical versions, their digital counterparts are impossible to lose. Once a mobile wallet pass is saved to a user’s device it remains in their Mobile Wallet unless they take action to remove the pass. This is incredibly powerful because 85% of mobile wallet users rarely delete passes.

And like any other app, you can send lock screen “push” notifications to consumers to remind them to take an action or provide updates. But, unlike any other app, consumers can’t turn off these notifications.

The power Mobile Wallet drives for brands

No matter if it’s a loyalty card or an event ticket, brands that activate Mobile Wallet benefit from the channel in ways that creates a long-lasting relationship with their customers.

  1. Convenience and safety. Make your brand synonymous with the top benefits consumers care about - convenience and safety. Mobile wallet passes are easily accessible, simple to use, and completely contactless providing customers an ideal experience.
  2. Locked into the customer's consideration set. Once a pass is saved to a customer's device it often stays there, giving you an always-on brand presence with those customers in a place that is easy for them to find and access.
  3. Persistent, engaging communication channel. Mobile Wallet gives you the ability to continuously engage customers with lock screen push notifications they'll always see and since the pass itself is completely dynamic, it gives you the power to continuously update individual passes with new, targeted content.
  4. Drives increased customer satisfaction and incremental purchases. The dynamic nature of the mobile wallet pass plus the ability to send timely, relevant reminders keeps your customers aware of actions they need to take, from redeeming outstanding Loyalty points to remembering to make payments on their account before showing up for a scheduled follow-up appointment.
  5. Expanded digital reach. Mobile Wallet can be delivered anywhere there's a URL - SMS, email, mobile app, web, social - which helps brands amplify their existing marketing channels.

This is just the beginning. Download our guide today to better understand how to use Mobile Wallet as a persistent messaging channel to drive topline growth, increase loyalty, and improve customer satisfaction.

About the Author

Mara Miller

Mara Miller is the Director of Content Marketing at Vibes, responsible for bringing you the most compelling research and insights about the mobile marketing and messaging industries. Mara’s committed to helping you, the business leader of tomorrow, become a mobile engagement expert that will know precisely how to drive deeper, more meaningful engagement with your consumers.

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