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The Functions that will Convince Consumers to Adopt Mobile Wallets

As a fundamental building block of Universal Commerce, mobile wallets let consumers effortlessly make purchases and conduct business electronically-anytime, anywhere. Furthermore, mobile wallets can support exciting new functionality that could never be offered by a leather wallet-including automatic loyalty point redemptions and location-based marketing offers.

Yet, until now, consumers appear to be sitting on the fence, and what was heralded as a game-changer in the dynamic and innovative payments industry is looking more and more like yesterday’s news.

But despite the slow adoption rate-from both consumers and retailers alike-research shows that adoption of mobile wallet functionality is nearing a tipping point, and this technology is set to transform much more than just payments.

Here’s why:

Offers, coupons and discounts: A mobile wallet provides a customisable platform for merchants and financial institutions to create richer customer experiences and foster deeper client engagement. It can serve as a both a distribution channel and a redemption tool for offers, coupons, discounts, daily deals and promotions. These can even be tied to the use of specific payment instruments in the mobile wallets, such as merchant-funded loyalty incentives offered by a specific issuer.

Geo-targeting and location based offers: These offers are in context to a consumer’s current location, making them both time-sensitive and more relevant for the moment. They allow consumers to receive targeted communications based on their proximity to a store or other “trigger” location.

Comparison shopping: Mobile wallet applications can help a consumer evaluate products and check prices with integrated comparison shopping capabilities-simplifying the process of determining which merchant offers the best deal on a product or service.

Ticketing: A consumer can buy and store tickets for air, bus, rail, ferry and other forms of public transportation, as well as for movies, concerts, sporting events and virtually anything else that requires validated entry. This functionality can also support person-to-person electronic ticket sales and transfers, where applicable.

Personal identity credentials: A mobile wallet doesn’t even have to be limited to commerce applications. Secure credentials in a wallet could be used for secure building access or other situations where valid personal identification is required.

Read First Data’s new eBook to explore the top ten mobile wallet functions that promise to transform the customer experience and convince consumers to leave their leather wallets behind.

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