5 Mobile Wallet Secrets That Can Help Your Business Growth

In today’s rapidly digitalising world, every single day seems to introduce new ways to revolutionize how people live their lives. And if we are to talk about the commerce and retail business, a significant portion of the users have already gone full mobile. According to statistics, the number of people who made an online purchase in their lives has increased from 1.66 billion to 2.14 billion in the past five years. Also, 79% of all smartphone users are using their mobile devices to do their shopping. So, while the whole nature of commerce is shifting and shops are evolving to fit into their customers’ pockets, why still stick with physical wallets? There are several reasons why you shouldn’t, and here’s how a mobile wallet can help your business;

Increased Speed

 In these modern times, the key to staying competitive in the market is to keep catching up with the mobile world’s technology, speed, and ease. Taking advantage of the mobile wallet technology and letting your customers make their payments with their mobile devices can immensely increase your business’ time of checkout. Besides improving your customers’ overall experience with your business and increasing your profits by dealing with more customers in the same amount of time, mobile wallets can also be crucial for businesses with a continuous and rapid flow of customers such as coffee shops or fast-food restaurants. So, using mobile wallets can both save your time and provide your customers with a faster and more convenient way to make their payments in your store.

Improved Security

Increased speed of retail also leaves the process more prone to third-party threats to safety. Credit cards can be cloned without notice and used by others. And, the information on the card can also be enough to use the card without any extra security steps if you are not using two-step authentication. A lost or stolen card may also lead to unlawful use of cards by others since most of the cards have the contactless payment feature. 

Compared to other payment methods, the encrypted and secure nature of mobile wallets helps users comfortably continue shopping without worrying about any security breaches. For example, mobile wallets use encrypted, single-use codes for transactions to protect users’ account information from the public so that they cannot be cloned or misused. Also, most mobile payment methods require a confirmation based on either a face recognition or fingerprint scan in addition to traditional security and privacy protection methods of regular credit or debit cards. That way, users can ensure that no one else can make payments even if anyone gets hands on their mobile wallets. 

Better Engagement

Making mobile wallets available can also help you provide your existing customers with a much more seamless experience with your business. Since mobile wallets are great at tracking records of customers and the products they bought, you can take advantage of this data to create unique deals for your past customers. You can offer personalized discounts for users on products that you know they are interested in. Also, you can give your users much more specific and relevant suggestions about your products. In a market where retaining customers is the key to success, providing your customers with unique discounts, personalized product suggestions and relevant push notifications to notify them about your current offers can significantly increase the number of newcomers becoming regular customers. 

Competitive Advantage

In the year 2021, it’s difficult to believe that retailers still operate on a “cash-only” policy. The days of carrying large sums of cash are long-gone, and we’d be quite right to dismiss “cash-only” businesses as archaic. Similarly, the days of only being able to pay via card are coming to an end. As technology provides businesses with more convenient payment methods, it pays to keep up to date with these methods to give them a competitive edge. Since new payment methods provide customers with faster, easier and more secure ways to conduct their payments, people will tend to choose the most modern one. As mobile payment methods start to gain traction and become the new norm in retail, using debit and credit cards will also become archaic, just as it happened to cash-only businesses. So, giving your users the ability to choose to pay with their preferred payment method in your business will help you ensure they stay with you and don’t consider going to your competitors that offer better payment methods. 

An Overall Better Experience

According to Microsoft, a poor customer experience is enough for 58% of the buyers to stop purchasing from a specific brand. So, businesses need to take necessary measures to keep their customers satisfied with their services and find ways to provide them with a better experience. With mobile wallets, your business will have plenty of advantages over your competitors. First of all, as we mentioned before, speed is an excellent factor for customers. People spend enough time in queues or traffic jams, so letting them quickly pay through their mobile devices greatly reduces the number of customers leaving your business with a poor experience. Using mobile wallets may even lead to your customers’ doing their own checkouts without the need of any cashiers, another significant improvement in the speed of your business.

Besides that, mobile payments are much more accessible than other forms of payment. All it requires is putting a mobile device close to the payment terminals. While offering a more convenient way to make payments, mobile wallets can also reduce the need for people to carry wallets full of cards and cash just to get a coffee and get a discount with the store’s loyalty card. 

Evolve Your Business with Mobile Finance Solutions

The modern world favours speed. Businesses that inherit new technologies the quickest will prevail, and eventually become pioneers in their industries. With the Mobile Finance Solutions of Tmob, you can provide a much more unified and seamless experience for your customers and even surpass the freedom and ease that mobile wallets offer. Tmob creates a customizable and flexible MFS platform for your business so that you can stay ahead of the competition without having to write a single line of code. You can modify your platform as you like and add your own payment methods to the system to create the best way possible for users to experience what your business has to offer. Visit our product page now to learn more about Tmob’s MFS platform, and contact us to find the most fitting solution for your business.

 

Sources

1- https://www.statista.com/statistics/251666/number-of-digital-buyers-worldwide/

2- https://www.outerboxdesign.com/web-design-articles/mobile-ecommerce-statistics

3-https://clouddamcdnprodep.azureedge.net/gdc/gdcPiLLQw/original?ocid=mkto_eml_EM582302A1LA1

 

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