What is a Mobile Wallet?
A digital wallet is the advanced equal to the physical wallet. It is a compartment (or vault) to store digitized assets for approval. These resources gift authorization for utilization or access to products and services. They can be:
-An individual recognizable proof like an ID card or a login information etc.
-Non-individual method for validation like tickets for transport or occasions or events and hotels etc.
Any form of information like a password, or a digital certificate can be stored in the digital wallet. Mobile wallets should be developed in certain way, so as to protect the sensitive customer information stored in them.
Mobile wallets help consumers to make in store payments, manage reward cards, manage their debit and credit cards and pay for online purchases.
A mobile wallet strategy is the latest buzzword in the M-Commerce arena. A mobile payment system has a host of benefits for business. The feature helps a business reach out to a bigger audience and get better revenue from the business. Since a mobile wallet reduces chances of frauds and makes payments secure, it is also considered to be a cost saving system of payments. Mobile payments increase the expected rate of conversions as they helping in providing customers with lucrative discounts and offers more easily.
A mobile wallet enables the business to enhance the experience of the user by providing an environment where the shopping can be done along with instant payments. A mobile wallet also enables the businesses to use this as a differentiating factor for their business.
The smartphone has changed the way consumers want to shop. The mobile device has become more relevant to consumers today.
The mobile phone has practically become the next big thing after e-commerce. Since the mobile phone is with the consumer all the time, it has become a huge opportunity for businesses.
The mobile phone offers a direct real time contact with the decision makers and makes conversions faster.
Besides that, businesses have the option to offer and promote goods and services according to the location of the customers.
Mobile wallets allows the customer to store his card and other details in the mobile device and helps in single click payments.
Mobile wallets help businesses to use the data in the mobile phones to market themselves better.
So, here are the top 10 Advantages of having a Mobile Wallet Strategy:
1. A competitive differentiation for businesses
2. Instant payment and higher conversion rate for customers
3. The mobile device has become more significant for users today
4. Mobile wallet ensures smooth transfer of payments from one party to another
5. It provides a database marketing opportunity to marketers
6. Mobile wallet ensures cost savings for the business by ensuring transparency in payments
7. Since the business can reach out to a larger number of customers, the revenue would automatically rise
8. Location based services helps businesses in doing customized promotions for their customers
9. Mobile wallets also ensure security of payment for customers
10. Running loyalty programs with customers becomes easier with the help of mobile wallets
Developing M-Commerce solutions is the need of the hour for today’s businesses. As more consumers are embracing the mobile device, it becomes really important for businesses to be present on the mobile device with an M-Commerce applications. The application must be strategised, designed and developed by a professional digital agency. A clear cut client engagement plan should be developed to engage the customers at all touch points. The overall experience must be such that the business can create long term relationships with the clients.
One must also have a thorough understanding of the latest in the mobile application development space while entering the world of M-Commerce.
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