In today’s ever evolving technological society, consumers are looking for buying experiences that are secure, fast, convenient and reliable. It therefore stands to reason that including a mobile wallet in your mobile marketing strategy has the potential to reap fantastic rewards for the overall success of your business.
A mobile wallet is – quite simply – a new way to pay for things. Most mobile wallets work through apps on your smart phone, merely requiring personal information such as your cell number or a PIN to instantly debit your account and allow you to pay for items purchased at your local supermarket or any other businesses that are mobile wallet friendly.
Three benefits of a mobile wallet
- The most important commodity in today’s society is time. Consumers do not want to waste time with long winded payment methods or fussing with little bits of paper. Mobile wallets not only allow you to make general purchases, but are also evolving to store concert tickets, gift cards and the like, serving not only as a financial tool, but as an organisational tool as well.
- There are also financial benefits to the mobile wallet, for merchants as well as consumers. The cost of a mobile wallet payment is less than those of a traditional fund transfer and the convenience of the system allows merchants to sell more of their product faster.
- Mobile wallets provide security to both customers and merchants as, unlike credit cards or cash, it cannot be stolen. Both merchants and consumers are protected from fraud as mobile wallets are based on encryption software that keeps all the necessary information secure.