Mobile wallet usage has risen dramatically over the last few years. In the US, research shows that mobile wallet usage increased by 29% in 2020 and in 2021, mobile wallets became the most popular POS payment method globally. Their usage is only second to credit and debit cards in the UK and USA. It’s expected that by 2025, half of the world’s population will use a mobile wallet.
Branded mobile wallets have gained in popularity in recent years, especially in retail - think Starbucks, WalmartPay and Amazon Pay.
The live events and hospitality industries are witnessing a similar trend. Today we’re seeing sports stadiums, colleges, casinos, hotels and resorts investing in branded mobile wallets - embedding them into an existing app or offering web wallets that can be accessed via a browser.
Mobile wallets offer customers a seamless, frictionless payment experience as they don’t need to leave the app in order to pay. There are compelling benefits for merchants too.
Understand your audience
A mobile wallet gives you access to granular level payment data which provides insights into spending habits, consumer behaviour and purchasing patterns. Analysis of this payment data gives you a deeper understanding of customer behaviours, preferences, likes and dislikes. This data cannot be obtained from traditional payment methods.
These data insights can be used to improve marketing efforts to meet business objectives - whether that be to grow the customer base, improve retention rates or drive customer loyalty.
An ‘always on’ marketing channel
A mobile wallet can be a powerful marketing tool for Event and Venue Managers. Research estimates the average American spends 5.4 hours a day on their phone. The ubiquitous nature of smartphones and their persistent messaging make them a hugely powerful marketing channel.
Grow your customer base
If you’re looking to convert casual visitors into regular fans, it’s worth considering a branded mobile wallet. Sports teams, for example, who are looking to entice casual visitors to their stadiums more frequently can use the payment data to segment their audience according to the frequency of visits. Targeted incentives or promotions can then be sent at the right time to entice their casual fans back to the stadium.
Perhaps you’ve launched a sports fan app for your business but app downloads are much lower than expected. Or maybe fans simply aren’t engaging with the app as much as expected. The addition of a mobile wallet embedded into your app can be an excellent tool to drive app adoption rates and boost customer engagement and loyalty to your business. For example - offer incentives for your users to sign up to your app and provide ‘fast track’ lines for patrons who pay with your mobile wallet.
Retain your existing customers
Mobile wallets provide cross and upsell opportunities. Send timely promotions to the right segments so you can incentivise specific behaviours. If you want to encourage fans to arrive earlier, stay longer or simply make more purchases, a mobile wallet can enable you to do this and more.
Branded mobile wallets are hugely beneficial from a loyalty standpoint. It’s easy to implement a loyalty programme and offer targeted rewards to your loyal customer base with a mobile wallet which further increases brand loyalty.
Unlock new revenue streams
Sponsorship sales are an essential part of any event. Successful sponsorship deals are a win-win - you get the required financial support and the sponsor receives the required brand awareness.
A mobile wallet can create new opportunities for your sponsors to directly engage with your audience. Sponsors can gain access to your fans’ wallets and run their own incentive programmes.
Ready to get started?
Our mobile pay solution makes it easy for you to implement a mobile wallet into an existing app or to offer a web wallet version to your guests. We can integrate with any technology stack and have you up and running in no time. Just get in touch with us to arrange a demo.