As great as a day out shopping with your loved ones can be, more often than not the simplest and most convenient solution is to purchase what you need at an online retailer. Whether it’s a new jacket from your favourite designer, or running shoes for your child, shopping online – especially when using mobile wallets – can save you time, money, and free up headspace as you cross items off your to-do list.
With this newfound freedom and ease of use comes a level of risk. Ironically, to ensure your safety and security, online shops will require a lot of personal information and then your credit card details, which they store in their database.
While this does ensure that the credit card processing systems run by major banks can confirm that your details are correct, and therefore approve your purchase, it is also this glut of personal information that allows people with ill intent to get away with fraudulent transactions. After all, they have all the necessary information needed to ensure that another retailer will approve any transaction they make using your name.
The mobile wallet safety net
It is at this point of safely securing your online presence that the best mobile payment and wallet solutions shine. Consumers are increasingly looking for mobile wallets that offer all the ease of use and speedy transactions while at the same time not storing their financial information.
Using a mobile wallet should be a simple, 3 step process:
- Sign up for a mobile wallet
- Login and fund the wallet using EFT or credit card
- Use the new mobile wallet to shop online
Customers prefer that banking information, including credit information, is never stored by the vendor they are purchasing from and that their wallet will only contain sign up information and the money they’ve deposited into it. Ensure that you offer your customers a solution where they do not need to worry about whether their credit cards, cheque account, home loan and any other financial accounts they may have, are safe from prying eyes when they make online payments or purchases.
Top 5 benefits of mobile wallets combined with a loyalty program
Mobile wallet solutions are the simplest, safest, and most versatile solution you can imagine for making payments, shopping online and receiving ongoing rewards. Which makes them even more powerful when used in conjunction with a loyalty program. Here are 5 benefits to using a mobile wallet combined with a loyalty program:
- Direct delivery of cashback & rewards – Rather than make your customers wait for their loyalty payouts, which can include bank fees and processing delays, loyalty programs should allow you to instantly reward your customers by applying cashback, and other rewards to their accounts.
- Gifts and limited-time promotions – Whether you want to highlight a new product offering, celebrate a customer milestone, or make amends for a service hiccup, mobile wallets, and loyalty programs are fast and efficient vehicles for gifting and rewarding customers.
- Become a trusted retailer – Customers have come to understand and trust the security measures associated with mobile apps, especially those available through the App Store and Play store. Providing a secure, highly polished, mobile experience will not only ensure they use your product more often but elevate your brand as one they trust.
- Boost customer loyalty – Rich or poor, we all love getting treats and surprises. A loyalty program linked to a mobile wallet is a fantastic way to incentivise customers to use your service as a way to get in on the action and claim the great rewards you have on offer.
- Close at hand is front of mind – Our phones run our lives these days. From tracking appointments to doing our banking, there is truly little that we don’t expect to be able to do on our phones. This extends to earning and claiming rewards from our loyalty programs, get ahead of the competition by bypassing the need to use a computer to track rewards with a program that is optimised for use on your mobile phone or tablet.
Mobile wallets are pivotal to a safe online and mobile shopping experience, but life is not all about safety. It’s also about being valued and creating excitement. If customers have all of their safety and security needs met with the added benefit of rewards, special offers and cashback direct to their mobile account, all boxes are ticked, and they’ll be happily purchasing from your store.
Want to know more about how a mobile wallet solution built into your loyalty app can benefit your business? Read our recent article featuring a few ways in which mobile wallets can boost customer engagement and loyalty. And if you’re keen to jump in and get started, take a look at how UBU can accelerate your business growth with our white label, mobile payment, customer loyalty, and rewards platform.