The first thing that probably comes to mind when you hear (or read) the word “Wallet” is “money” or “payment”, which is somewhat correct. However, if you look at your wallet, unsurprisingly it carries more than just money or plastic cards…
Wallets were invented in late 1600’s after the introduction of paper currency in the New World by Massachusetts Bay Colony. Bit by bit wallets carried more than just paper money; from business cards to membership cards, receipts, coupons, loyalty cards, credit cards…etc). This influx of items being carried by wallets; required a major cleanup every now and then; remember George Constanza? That picture is probably very familiar to a certain generation that witnessed the great Seinfeld series…
At this time and age, mobile phones are by far more important than our leather wallet; just think about the last time you forgot your wallet and how your day went without it? The same cannot be said about our smartphones. When was the last time you managed a day (or even several hours) without it? You can leave home without your wallet, or even your keys but never without your phone.
Over-dependence on smartphones, have created the demand for a digital wallet, exactly like its leather counterpart with so many more options for our convenience and a marketers “wet” dream, let’s take a look at what can be done with the mobile wallet.
Digital or mobile wallets carry sensitive information like credit card details which can be used to make purchases in retails stores (coming soon to Egypt); but that’s just the tip of the iceberg, let’s take a closer look at some of the uses:
– Ticketing Solutions: Most international airlines have the option to send boarding passes to your phone’s wallet; as well as major hotel chains. Event companies have been using it for a while now as entrance tickets, exhibitions, conferences and even movie tickets, the list is endless.
– Membership Cards: Health clubs, clinics, spas, gyms, leading retailers, nightclubs & social clubs have been using it as an alternative to plastic cards. They can carry all the info of a plastic card without the hassle of carrying them around.
– Rewards’ Programs: One of the main elements contributing to the success of any rewards program is rewards of course. In addition to presenting your card to accumulate points; with customers preferring to have their phones over wallets this presents a challenge to retailers and program owners in general.
– Coupons & Vouchers: Another benefit of the mobile wallet is the ability to carry an unlimited number of vouchers & coupons without feeling it in the back pocket of your jeans, or in an overstuffed female handbag.
The uses of a mobile wallet are endless, yet it’s true potential lies in the ability to communicate with your customers at all times with personalized messages. Communication can be one-to-one, broad a message to the entire database and more importantly through geographical targeting. The messages can be timed, based on membership type, location, after a transaction or a simple reminder – the options are truly limitless.
To find out more about how this simple technology can boost your bottom line without denting your budget, get in touch