This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
This Website Uses Cookies
By closing this message or continuing to use our site, you agree to our cookie policy. Learn More
This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
Subscribe
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • Home
  • News
    • Security Newswire
    • Technologies
    • Security Blog
    • Newsletter
    • Web Exclusives
  • Columns
    • Career Intelligence
    • Security Talk
    • The Corner Office
    • Leadership & Management
    • Cyber Tactics
    • Overseas and Secure
  • Management
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • More
  • Physical
    • Access Management
    • Video Surveillance
    • Identity Management
    • More
  • Cyber
  • Sectors
    • Education: University
    • Hospitals & Medical Centers
    • Critical Infrastructure
    • More
  • Exclusives
    • Security 500 Report
    • Most Influential People in Security
    • Top Guard and Security Officer Companies
    • The Security Leadership Issue
    • Annual Innovations, Technology, & Services Report
  • Events
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
    • Security 500 West
  • Resources
    • The Magazine
      • This Month's Issue
      • Digital Edition
      • Archives
      • Professional Security Canada
    • Videos
      • ISC West 2018
      • ASIS 2017
    • Photo Galleries
    • Polls
    • Classifieds & Job Listings
    • White Papers
    • Mobile App
    • Store
    • Sponsor Insights
  • InfoCenters
    • Video Management Systems
  • Contact
    • Editorial Guidelines
  • Advertise
Home » More Consumers Would Use Mobile Wallets if They Gave Something Back
Access ManagementSecurity Enterprise ServicesBanking/Finance/InsuranceIdentity ManagementSecurity NewswireRetail/Restaurants/Convenience

More Consumers Would Use Mobile Wallets if They Gave Something Back

banking responsive default
October 17, 2016
KEYWORDS Customer Service in Security / mobile pay / mobile wallet / retail security
Reprints
No Comments

After several years of slow adoption, mobile wallets are finally starting to gain real traction with consumers, but many still need an extra push to turn their mobile wallet use into a true habit. A Points study, “The State of Mobile Wallet Loyalty and Engagement in 2016,” which identifies consumer pain points and desires for mobile wallets to offer insights into how loyalty programs, developers and merchants can create an optimal and engaging mobile payments experience. The report surveyed 1,500 consumers to better understand what the average consumer wants from their mobile wallet and how to drive continued engagement over time.

“Consumers are looking for that all-in-one solution when it comes to mobile wallets,” said Christopher Barnard, president at Points. “While adoption for mobile wallets has been gaining steam, loyalty is the missing piece to help users stay engaged in mobile wallets for the long haul. And on the flip side, the integration of loyalty into mobile wallets presents an incredible opportunity for loyalty programs to make their currencies more ubiquitous and more deeply engage their member base in a new way.”

Key findings of the study include:

Loyalty and Commerce are Intertwined

Loyalty has become an important part of consumers’ everyday lives. It’s no longer an add-on, but an expectation. Consumers are looking for more ways to earn and burn loyalty points, miles, rewards and experiences everywhere they go and with every transaction.

  • More than 2 in 3 (68 percent) consumers have a rewards-collecting credit card.
  • 85 percent of respondents want to engage with loyalty programs at places where they shop most frequently.
  • Consumers are most interested in redeeming their rewards at:

        * Grocery stores (38 percent)
        * Travel: flight/hotel room (20 percent)
        * Gas stations (18 percent)

Consumers Have Growing Expectations for Mobile Wallets

Mobile wallets are gaining traction. In fact, more than 3 in 5 consumers (64 percent) said they’ve used a mobile wallet in the past year. And while consumers have made their desire for loyalty in mobile wallets clear, there are a number of key features developers and providers should incorporate to encourage continued adoption and long-term use.

  • 94 percent of respondents are interested in a mobile wallet that allows them to exchange points and miles between loyalty programs to grow balances.
  • Almost half, 49 percent, of consumers would like to see more relevant deals or offers from merchants via mobile wallets
  • More than 3 in 5 (60.4 percent) of consumers prefer to access all loyalty programs through one app.

Loyalty Drives Engagement

Across the board, consumers are much more likely to engage with brands that offer as much flexibility as possible. In many ways, it can be as simple as adding plentiful options for loyalty program members to earn and redeem rewards – especially through everyday purchases like filling up their gas tank or buying groceries.

  • 90 percent of respondents are likely or extremely likely to shop with a retailer that allows them to earn points and miles in their favorite loyalty programs.
  • 76 percent of survey respondents indicated they’re more engaged with loyalty brands when given more opportunities to earn and redeem loyalty points.
  • 65 percent of consumers would choose to shop at one retailer over another if they had the option to earn loyalty rewards in their favorite airline, hotel or travel brand on purchases.

Looking at the different loyalty features consumers want in their mobile wallets, one trend is clear. Consumers want loyalty programs to be a one-stop-shop for accessing, organizing and utilizing their rewards. Mobile wallet developers and providers should keep consumers’ demand for loyalty top-of-mind – addressing concerns including security, convenience and ease of use. And likewise, now is the time for loyalty programs to be more flexible with their currencies by increasing their ubiquity to make them readily available in mobile wallets as adoption continues to gain traction.

Read more: media.points.com

 

 

 

Subscribe to Security Magazine

Related Articles

Survey Says Consumers Would Skip Stores that Use Facial Recognition for Marketing

More Than Half of Consumers Don’t Password-Protect their Mobile Devices

CVS Pharmacy Launches a Mobile Wallet

Almost 20% of Consumers Would Avoid a Retailer After a Breach

You must login or register in order to post a comment.

Report Abusive Comment

Subscribe For Free!
  • Print & Digital Edition Subscriptions
  • Security eNewsletter & Other eNews Alerts
  • Online Registration
  • Mobile App
  • Subscription Customer Service

More Videos

Popular Stories

security-center

The Top 5 Reasons Why Your Security Program Needs Intelligence Personnel

Globe

Which Countries Have the Worst and Best Cybersecurity?

SEC0219-cover-Feat-slide_900px

The Road to CSO: Meet Microsoft's New Security Leader

password1-900px.jpg

New Vulnerabilities Found in Top Password Managers

password1-900px.jpg

How Americans Leave their Personal Info Open to Thieves

20180226SEC_DataminrFeb_360x184customcontent

Events

February 26, 2019

Harness Real-time Public Information to Improve Active Shooter Response

Corporate security teams hope never to respond to an active shooter situation. But given today’s realities, companies spend a great deal of time developing guidelines, holding training sessions, and carrying out drills to ensure that their staff will be prepared in case an active shooter event occurs.
March 7, 2019

Finding Your Physical Security Blind Spots with Artificial Intelligence (A.I.)

Security infrastructures are undergoing a digital transformation with growing adoption of intelligent access control, video surveillance and analytics as well as IoT devices and sensors – generating more data to than ever before. Harnessed properly with artificial intelligence and a risk-based model, this data can be exposed and leveraged to improve life safety, minimize risk and increase operational efficiency.
View All Submit An Event

Poll

Employee Background Screening

How Often Does Your Organization Conduct Background Screening on Employees?
View Results Poll Archive

Products

Effective Security Management, 6th Edition

Effective Security Management, 6th Edition

 Effective Security Management, 5e, teaches practicing security professionals how to build their careers by mastering the fundamentals of good management. Charles Sennewald brings a time-tested blend of common sense, wisdom, and humor to this bestselling introduction to workplace dynamics. 

See More Products
Security-500

Security Magazine

SEC-Feb-2019-Cover_144px

2019 February

In Security’s February 2019 issue, meet Brian Tuskan, Microsoft's New Security Leader. Learn how he has used technology, his reputation, networking and a desire to help people to become Microsoft’s new CSO. Read about the Next Generation of White Hat Hackers, How to Evaluate Security's Role, and more.

View More Subscribe
  • More
    • Market Research
    • Custom Content & Marketing Services
    • Security Group
    • Editorial Guidelines
    • Privacy Policy
    • Survey And Sample
  • Want More
    • Subscribe
    • Connect
    • Partners

Copyright ©2019. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing