The Mobile Wallet App revolution for Retailers is on its way. Like a bullet train, destination ‘high street and e-commerce’. Are you jumping on at the next stop? It seems many retailers are already.
High street brands such as Starbucks and Dunkin’ Donuts have openly embraced digital wallet app technology which allows their customer’s easy options to pay. But it doesn’t end there as mobile wallet apps have a lot more to offer than just easy payment options.
They can push out promotions in real-time, they can incentivise in a blink of the eye, they can provide reward programs, coupons and vouchers, order-ahead and bespoke marketing campaign delivery.
But will the big players such as PayPal and Apple Pay eat up space at the top of the wallet based app market? It seems likely. These brands have been moving into mobile payments – fast. Especially Paypal who are intending to launch a new payment app based alongside Paypal’s partnership with Bank of America.
The new app could work alongside Paypal’s existing app, or the app could roll into one universal platform.
The firm has seen an increased market share of in-store payments as the company has also recently launched its new Paypal Cashback MasterCard in the US.
Paypal’s latest partnership however with Apple could spell a Paypal and Apple-pay as a combined platform. This partnership could see over 200 million users if the wallet platform comes to light. This pairing could well dominate mobile wallets around the globe.
As there is a constant market increase in-store mobile payments, there are critical business growth opportunities taking shape with the tech giants.
But could smaller independent retailers have the upper hand with their focused wallet apps? Quite possibly. If a retailer has their own large addressable user base, they will be able to individually engage with their customers via their mobile wallet, which, in turn, will increase footfall and increase sales.
On the other hand, the larger players could start to leverage significant market share above that of combined retail brands when they too add more efficient loyalty programs and coupons to their offerings.
So how do small retailers get in on the action? How do they embrace wallet payment technology? It may be too soon but the market is moving quickly. It won’t be long before smaller retailers who currently just accept credit and debit card payments are given the opportunity to get involved with wallet loyalty programs themselves.
The good news for consumers out of all this new wallet tech surge will be added value at the point of sale. Vouchers, offers, loyalty rewards, easy ordering and discounts galore. Digital wallets will be crammed full of incentivised offers from all the main brands.