The Mobile Wallet Marketing “Need to Know”
In today’s mobile-first world, brands are on the hook to provide great mobile experiences. One aspect of your brand’s mobile strategy needs to include mobile wallet passes, and here’s why.
If you own a smartphone, you likely have a mobile wallet. Mobile wallets are apps like Apple Pay and Google Pay that enable payments with the simple tap of your phone instead of reaching for cash or credit cards. They are preinstalled on most smartphones and have become increasingly more popular. According to an eMarkter report:
“US mobile wallet volume is set to swell from an estimated $662.3 billion in 2019 to an estimated $1.33 trillion in 2023 across mobile commerce, mobile P2P payments, and mobile proximity payments…”
But, they’re not just for payments! Mobile wallets store a variety of passes, like tickets; coupons; vouchers; and membership, loyalty, and donor cards. These mobile wallet passes are digital substitutes that offer much more than their paper or plastic counterparts. Not to mention the space saving in your physical wallet!
For one thing, they’re never slipped into your pocket only to wind up as bits of pulp at the bottom of your washing machine or lost in the junk drawer only to be discovered weeks or months after the expiration date. With mobile wallet passes, users never forget their coupons or reward cards (unless leaving their phone at home).
But more importantly, marketers can enjoy app-like capabilities without any of the hurdles. Passes are easy to create, manage, and update. No developers required! Marketers can deliver branded content directly to their users’ phones and keep it fresh, updating it remotely to ensure that the most current and relevant information is always at their user’s fingertips.
The link to download a pass can be distributed in an email, text, or push message, printed on in-store signage, included in-app, shared through social media, or promoted virtually any other way you can think of, making it very easy to implement.
Marketers can send push notifications through the mobile wallet to alert users to expiration dates or unused reward points. They can leverage geo-fencing to trigger push notifications when users are nearby; use time and profile data to maximize offer redemptions, and behavioral data to reward loyal customers with higher discounts or promotions for the products they purchase the most.
In short, wallet passes provide organizations with an additional means of engagement, triggered and targeted messaging, and dynamic, branded content through a convenient, easy-to-use medium that is ever present in the hands of nearly everyone.
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