Mobile Wallet Rewards- An Effective Brand Loyalty Strategy

by Bistriti Poddar |

Brands are consistently upgrading to introduce improved features to make customer experience effortlessly seamless and hassle free. Shopping related payments and money transactions have been made extremely easy with the introduction of Mobile Wallets and Mobile Wallet Rewards. Unlike the traditional methods that required customers to carry plastic loyalty cards everywhere, with the help of a mobile wallet, all important shopping details can be safely stored in one fixed location. Mobile wallets are extensively used as a mode of payment after most businesses adapted to digitization. While a mobile wallet allows customers to adapt to a safe channel of monetary transaction, mobile wallet rewards make sure that all the incentives and bonuses that the customers are rewarded with are exclusively stored and the rewards are only bestowed to those having a mobile wallet linked with the business.

What are Mobile Wallet Rewards?

Mobile Wallet Rewards are simply rewards that are exclusively given to customers that use a mobile wallet to place orders with a business. Mobile Wallet Rewards allow customers to use their rewards efficiently and smartly as the rewards are available directly within the customer’s mobile wallet.

Features of Mobile Wallet Rewards

Mobile financial services have been improving and upgrading to facilitate seamless shopping experience from anywhere to help customers indulge in secured yet convenient monetary transactions. Customers today expect a fast and flawless financial system attached to brands to ease the shopping experience, making their time worthy. Many of us have already forgotten about plastic loyalty cards that had to be carried with us all the time, in order to redeem pending rewards. Enhancing connectedness and extensively backed by technology, smartphone wallets provide highly secured financial solutions that make payments incredibly easy. Mobile Wallet Rewards facilitate secured transactions and give customers the opportunity to fully utilize their rewards deposited on their Mobile Wallet. Below are some key features that make Mobile Wallet Rewards effective.

  1. Security–  The most crucial factor when it comes to digital payments is to ensure absolute security and complete protection of data. Mobile wallets are far more protected than credit cards. Implementing robust and upgraded technologies like OTP(One time Password), Biometrics, QR codes, security questions and tokenization to ensure absolute protection, mobile financial services are the future of seamless and convenient payment. Hence any monetary reward that is directly transferred to a customer’s mobile wallet is devoid of any usual threat. Mobile Wallet Rewards can be safely stored for the longest time and used based on customer convenience.
  2. Gives you the backup facility– Many rewards are gradually left unclaimed by customers due to loss of plastic cards or forgotten passwords in case of digital channels. The digital advancements have already made mobile wallets ready to encounter customer issues with sheer professionalism and utmost user friendliness. Several mobile wallet apps have a feature of automatic backup to save and reverse any loss of data. This is a highly essential attribute, as customers cannot really afford to lose crucial account details. Unlike plastic cards, mobile wallet rewards allow us to recover information once it is lost hence paving the way for a smooth redeeming of most deserved rewards.
  3. You can shop and claim your rewards on the go-  Typing in card credentials and going through coupons to see if you have any rewards pending is in the past now. Using mobile wallet rewards saves you time as everything is organized and stored systematically in your mobile wallet.
  4. Mobile Wallet Rewards are extremely important when it comes to giving customers complete control to make use of the rewards in their own desired way. Mobile wallets today reward customers with scratch cards that provide additional ways to unlock benefits and surprises.

Mobile Wallet Rewards bolster Loyalty Programs

With Mobile Wallet Rewards, a brand can successfully leverage new opportunities to increase loyalty and enhance engagement. Recently Urban Airship has released  a survey which distinctively states that over 73% of consumers are more likely to join a loyalty program when points and rewards are promptly updated on mobile wallets. The study mentions that almost 54% of consumers are currently using mobile wallet rewards and wish that more brands implement this channel for their convenience. Rewards received through mobile wallets help customers keep a track on various offers and coupons.

Other than logging into decade old channels like emails and SMS to preview current balance and list of rewards to be redeemed, Mobile Wallet Rewards merge all channels of the brand ecosystem to help customers get important shopping related insights from one particular channel. Several physical coupons expire without being utilized and are often forgotten about. This hampers the brand’s loyalty program in bringing desired results of engagement and loyalty. Mobile Wallet Rewards completely eliminates this possibility as it ensures dynamic engagement with smartphones that we carry with us always and exclusive reminder functionality that keeps us connected with the brand, promoting brand loyalty and overall helping the brand’s loyalty program thrive.

Benefits of using Mobile Wallet Rewards

  1. It is most handy and comfortable to have all your rewards and important data stored in one single location. It not only saves time but also makes the entire shopping experience seamless. With mobile wallet rewards everything you need while making a purchase is with you always, easy to manage and even easier to use.
  2. The best thing about Mobile Wallet Rewards will perhaps always be the convenience for customers to track their expenses. With rewards being directly deposited to your mobile wallet app, you can thoroughly analyze the best way to use your discounts effectively without wasting large amounts of money.
  3. Mobile wallet rewards can offer a variety of redemption options, which would have not been otherwise possible. For example if the reward permits customers to use the rewarded discount for any transaction over a certain amount, the customer gets full liberty on using the prize money to buy flight tickets, purchasing golden tickets for movie shows or buying groceries on discount as long as it satisfies the criteria.
  4. Mobile wallet rewards are highly protected through several advanced and scientifically proven passwords, biometrics and OTPs can only be surveyed by the business and no one else.
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