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How Brands Can Unlock the Power of Mobile Wallet

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.

Recently we held a webinar with our very own Alex Campbell, Co-Founder and CIO, and Sarah Noble-Spangaro, Product Marketing Manager, who dive further into Mobile Wallet, a place where 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. Here are some highlights.

Mobile Wallet Complements the Overall App Experience

Mobile Wallet doesn’t replace or compete with the value of a brand’s mobile app. Rather mobile wallet provides tremendous value in the ways it complements mobile apps by making the customer experience more convenient and providing brands with an easily accessible, persistent communication channel. And even with the most sophisticated and widely used app, you could still be missing customers that mobile wallet can help you reach.  

One of the biggest differentiators between an app and Mobile Wallet is that mobile wallet passes are easier to find and use – it only takes two taps to access a saved pass, versus six taps and two swipes to reach that same information in an app.

Mobile Wallet Drives Physical Foot Traffic

Our mobile phones travel with us no matter where we go, and these days it is the one item that’s never left behind. Brands can take advantage of this by turning physical coupons and Loyalty program cards into digital passes so that they’re saved in a place that their customers will always have easy access to.

For customers close to a physical location, activating geolocation with mobile wallet gives you the power to deliver relevant, timely notifications to a shopper’s lock screen that will entice them to come into the store and shop.

Personalized, Dynamic Content That Brands Can Control

The mobile wallet pass itself is completely dynamic, meaning all of the real estate on the pass can be updated at any time, as often as a brand desires, and in real time.

By having the ability to update the content on saved mobile wallet passes with new information at any time, brands have a versatile, persistent, visual way to engage with their customers.

So instead of static marketing collateral, Mobile Wallet can be used as an ongoing channel to continuously keep customers updated and drive them to act.

This benefit applies to a variety of activation strategies:

  • Have a Loyalty program? Create a Loyalty pass to keep members up to date on their earned points or rewards, status level, and member-exclusive offers and benefits.
  • Extending a duration of a promotion? Immediately update the expiration date so customers know they have more time to take part in the offer.
  • Transform tickets into dynamic mobile wallet passes where consumers can instantly be made aware of unexpected changes, like a date change for an event and a gate change for a flight.
  • No longer do consumers have to be inconvenienced by not having their current health and auto insurance cards on them. With Mobile Wallet, brands can continue to update the saved pass with the customer’s current policy information.

No matter the industry, Mobile Wallet plays an essential role in creating a seamless customer experience that will accelerate revenue growth and increase customer loyalty.

To hear more you can watch the full recording of Vibes’ Unlocking the Power of Mobile Wallet webinar here.