Mobile Wallets Explained

We believe that Mobile Wallets are one of the most exciting opportunity to engage with customers via mobile. Mobile Wallets explained tries to answer what mobile wallet is all about.

 

What is a Mobile Wallet?

A Mobile Wallet is a virtual wallet that stores payment cards information or other generic cards on a mobile device. Mobile Wallets are a convenient way for a customer to make in-store payments and interact with retailers point-of-sale systems.

 

What are the main Mobile Wallets platforms?

Apple Wallet and Google Pay (formerly Google Wallet / Android Pay) are the two main mobile wallets platforms. Both Apple and Google have made significant investments in building their ecosystems in the last several years.

Mobile_Wallet_Explained

Both Apple Wallet and Google Pay offer similar capabilities, like the ability to store credit cards to make mobile payments and also the ability to store non-payment passes, such as digital event tickets, loyalty cards, boarding passes and much more. There are some differences between the wallets, such as the type of passes that can be created in each platform and how notifications are managed.

One of the big advantage of Apple Wallet and Google Pay is leveraging the ecosystem that already lives inside iOS and Android phone, and bypassing the need to install another App.

 

Much more than Mobile Payments!

Mobile Wallets, such as Apple Wallet and Google Pay, are changing how we interact with our phone by implementing mobile wallet functionalities that go beyond payments. The ability to transform the physical billfold to a fully digital wallet with the ability to store coupons, loyalty cards, boarding passes or even tickets, provide business and brands an easy way to reach their customer on mobile and engage in real-time.

 

What is Mobile Wallet Pass?

Mobile Wallet Pass is also referred as Mobile Wallet Card, Digital Wallet Pass, Digital Wallet Card, Wallet Pass or Wallet Card, and describes the content  or information in the form of the non-payment item that can be stored in the Apple Wallet or Google Pay. The best explanation is to think that a Mobile Wallet Pass as the digital equivalent of all thee everyday things included in a physical wallet like loyalty cards, coupons, business cards, tickets and more.

Passworks-Mobile-Passes

The 5 mobile wallet passes are Event Tickets, Coupons, Generic Cards, Store Cards and Boarding Passes, that can be applied to multiple use cases. The simplicity of the mobile wallet pass is one of its greatest appeals for a business and follows a basic layout for both Apple Wallet and Google Pay.

 

What are the most common Mobile Wallets use cases?

As previous mentioned, there are literally multiple use case where we can apply the benefits of having a mobile wallet pass. They can go from the classic store coupon or loyalty card, to a much more innovative way to reach and engage with consumers. The following list shows some examples of use cases.

  • Coupons
  • Membership or Club Card
  • Exclusive Card to access offers, promotions or content
  • Loyalty Card
  • Loyalty Reward Offer
  • Voucher
  • Giftcard
  • Alerts, Updates & Reminders Pass
  • Employee Card
  • Event Ticket

 

Wrap up!

Now you know what is a Mobile Wallet, the benefits and what it can do for your business. Mobile Wallet are great tool to surprise, engage and delight your customers.

Want to learn more about how Mobile Wallet can help you connect with customers at each stage of the customer lifecycle? Contact us today and let’s talk!

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