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BizReport : Mobile Marketing : February 12, 2015

Expert: Mobile wallets mean more than payments

There is new data out from Forrester underlining the growing importance of mobile wallets for retailers around the globe. According to the research more than half of mobile wallet users want more than a payment options - they want to link loyalty programs, coupons/offers and other discounts to the wallet.

by Kristina Knight

According to Forrester 41% of marketers surveyed either have or will have a mobile wallet program within the next year. The key, finds one expert, is for brands to add those linking capabilities so that the mobile wallet holds everything the shopper wants from a payment option to access to loyalty programs and discount options.

"This report is a wake-up call for marketers. Mobile wallets have been on the rise for quite some time now, but Apple Pay has put mobile wallets on the map for consumers, and it's time that marketers and brands pay close attention," said Jack Philbin, CEO and Co-Founder, Vibes and Vice Chair of the Mobile Marketing Association's global board. "We believe that this report validates what we've already been seeing in our campaigns: Consumers want to use their mobile wallets as more than just a payment service. The true opportunity is on the non-payment side of mobile wallet, which is storing and managing special offers, coupons and loyalty cards in Passbook (for iPhone users) and Google Wallet (for Android users). Brands have found this new marketing channel to be highly effective at driving in-store foot traffic, increasing basket size and improving loyalty. For instance, one of our customers Pep Boys (also cited in the Forrester report) has seen a 30 percent in-store redemption rate for coupons and offers added to Passbook or Google Wallet. Clearly, mobile wallet can be much more than just a place where payments are processed -- now it's marketers' jobs to take advantage of that."

More from Philbin tomorrow, including how brands can begin implementing the Forrester findings into their online strategies.

The full mobile wallet report can be downloaded here.

Image via Shutterstock

Tags: Forrester Research, m:commerce, mobile commerce, mobile marketing, mobile wallets, Vibes

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