Mobile Wallet Marketing: 5 Things to Know

What is a mobile wallet?

Think of what belongs in a wallet. Your credit or debit card, your boarding passes, your vaccination card, loyalty cards, tickets, and even coupons and promotions. 

A mobile wallet is exactly what it sounds like: a wallet that exists on your smartphone instead of your purse or back pocket.

Mobile wallets–like Apple Wallet and Google Wallet–-have skyrocketed in popularity over the past five years. With over 2.8 billion mobile wallet users today, and projected 4.4 billion unique mobile wallet users by 2025, the mobile wallet is taking the world by storm.

Our world has taken the mobile-first approach in the way that we do everything. And it makes sense.

Why carry around bulky paper cash, plastic cards, and a plethora of miscellaneous items in a physical wallet when you could be accessing it on your phone?

Talk about a life hack. 

Consumers, especially Gen-Z and millennials, have already figured it out. They’re the drivers of mobile wallet adoption, and see no reason to carry around the old stuff.

Marketer’s should pay attention. 

Mobile wallets provide marketers with an innovative way to engage with customers and enhance their shopping experiences. But what exactly should marketers know about the mobile wallet?

Here are 5 key points that they should keep top of mind:

1. Convenience – Make it easy for them.

Mobile wallets are easy to use and offer a convenient payment option for customers. They also provide a convenient place to keep things like coupons, offers, loyalty, and gift cards. By utilizing mobile wallets marketers can offer a seamless, frictionless, and rewarding customer shopping experience, which in turn can lead to increased sales, customer satisfaction, and loyalty.

2. Personalization – Make it about them. 
Mobile wallets allow marketers to provide personalized promotions to customers based on their buying behavior and preferences. By leveraging data insights and analytics, marketers can use learnings from mobile wallet usage to create targeted campaigns that drive customer engagement and commerce.

3 - Smart Promotions – Make it for them. 
Customers respond well to promotions that not only feel personal, but are individualized in nature. Nobody wants to feel like they’re one of millions being bombarded with the same marketing taglines. With mobile wallet promotions, brands can communicate directly with customers in a way that feels natural and individualized. Through 1:1 messaging capabilities, brands and marketers can remain top of mind and drive purchase, retention and customer loyalty.   

4. Loyalty programs - Make them feel like your new BFF.

Mobile wallets can also be used to facilitate loyalty programs and reward customers for their purchases. By integrating loyalty programs into mobile wallets, marketers can offer customers a more seamless and engaging experience, which can lead to increased customer retention and repeat purchase.

5. Relevance-based marketing: Meet them where they are, when they want.

Mobile wallets can also be used for location-based and time-based marketing, which allows marketers to send targeted offers and promotions to customers based on their location or a particular time of day. Location-based marketing can be particularly effective for businesses with physical locations, such as retailers and restaurants. Time-based marketing is also helpful for campaign events such as a final day to redeem an offer, or a promotion extension. 

Key Takeaways

Overall, mobile wallets provide marketers with a powerful tool for engaging with customers, enhancing the shopping experience, and driving sales and loyalty. 

Marketers must consider integrating mobile wallets into their payment options and developing targeted campaigns that leverage the unique features and capabilities of mobile wallet technology.

Your customers will thank you.