E-wallets, especially mobile wallets that can complete in-person transactions from your smartphone, are the future of digital payments. Wallet apps and services are being promoted by platform holders such as Apple and Google, but retail giants such as Amazon and Walmart offer their own services, and many other businesses see the potential for their own digital wallets. Here are five features that can make a digital wallet attractive to consumers and part of a thriving omnichannel strategy.
Ease of Signup and Use
Mobile wallets let users pay for both in-person purchases and online orders with minimal friction, so the target audience is looking for one that’s easy to set up and convenient to use. Keep in mind that most mobile device users tend to use about 30 apps in a month, so getting them to use your new payment method is difficult already. There shouldn’t be many obstructions to downloading an app, creating an account, and inputting credit card details. When authorizing payments, the app should load quickly and have a simple verification process while remaining secure.
Clear and Trustworthy Security Features
Most major e-wallets use tokenization to complete transactions, securely authorizing payments without directly sharing your payment information with the POS terminal, preventing the NFC wireless transmission from being stolen and used to fraudulently access user accounts.
However, many still don’t trust their money in the hands of an app regardless of the improvement of digital wallet transactions offer over credit cards. Making sure customers trust your security is just as important as securing transactions themselves from fraud. Make sure payment can be authorized only by the correct owner, and customers can choose from multiple options based on user preference such as password, PIN, face ID, or touch ID, and two-factor authentication and security questions can be used in account recovery. so customers can see the role they themselves play in securing their transactions.
One of the best ways to encourage customers to join your service and keep buying is to offer loyalty rewards for multiple purchases. Customers that have points saved up for rewards and discounts will keep buying in order to gain value on their purchases. This provides a reason to keep using the e-wallet instead of credit card payments.
If you have an existing loyalty program tied to your online store, it’s essential to integrate the wallet feature with your store, encouraging users of one to make full use of the other.
User-Oriented Reports and Graphs
Giving users an overview of their transaction history and their financial status through instantly-updated reports, charts, and graphs help them stay on top of their finances. While credit cards and bank accounts are often stuck in the past with their statements, a customer-facing analytics perspective is a feature that will make your digital wallet stand out as a tool that offers clear advantages over existing payment options.
Data Analytics for Improved Customer Relationships
Retailers with their own wallet system have a huge advantage with the ability to oversee transactions and monitor customer behaviour. They can integrate sales with their point-of-sale system to accurately track the source of payments. POS integration streamlines the processing of sales and increases
Collecting data through the e-wallet can be extremely valuable for improving personalization for the customer across multiple sales channels, letting the retailer serve special offers and coupons to customers based on their purchase history as well as recommend repeat purchases or related items.
Digital wallets offer great opportunities to build a stronger connection with customers while offering more secure and convenient transactions. In order to create a successful e-wallet, making users’ introduction to the service as frictionless as possible while offering real, observable benefits to customers will make them embrace the opportunity to modernize the payment process.