How incentives are key to driving mobile wallet use
Mobile wallets are gaining in popularity, according to a new survey by loyalty platform Points almost 64 percent of consumers say they've used a mobile wallet in the past year.
However, some consumers are still reluctant to make mobile payments for a variety of reasons. 47 percent are concerned about security and privacy, 45 percent say that credit and debit cards and/or cash are enough, and 20 percent say it’s too complicated.
When opting for a mobile wallet, 84 percent want ease of payment, 79 percent payment security and 61 percent integrated loyalty programs. Asked about the improvements they'd like to see, 63 percent say they’d like more stores to accept mobile payments, 62 percent want stronger security, 58 percent more loyalty programs in mobile wallets, 49 percent more relevant coupons and deals from retailers, and 40 percent Improved ease of use.
Loyalty programs then are an important factor. A high proportion of respondents (86 percent) would like to access loyalty programs via their smartphones and more than three out of five consumers (60.4 percent) would prefer to access all their loyalty programs through one app, rather than thumbing through several different ones. Also, as well as keeping all loyalty programs organized in one place, almost all respondents (94.3 percent) are interested in a mobile wallet that will allow them to exchange points/miles between loyalty programs to grow balances.
"Consumers are looking for that all-in-one solution when it comes to mobile wallets. While adoption for mobile wallets has been gaining steam, loyalty is the missing piece to help users stay engaged in mobile wallets for the long hau," says Christopher Barnard, president of Points. "And on the flip side, the integration of loyalty into mobile wallets presents an incredible opportunity for loyalty programs to make their currencies more ubiquitous and more deeply engage their member base in a new way".
The full State of Mobile Wallet Loyalty and Engagement in 2016 report is available from the Points website.