Mobile wallets are a great way to reduce clutter and (hopefully) increase credit card security. Google Wallet and PayPal have led the way for years with card-free transactions both online and at select brick and mortar retailers. We have also seen the likes of Coin, a credit card consolidator, that has gotten mired in delays and will ultimately be rendered obsolete by the required use of chip and PIN technology (sad but true).
Recently, mobile wallets have also gotten more interesting with Apple Pay and the newly-formed Merchant Customer Exchange (MCX). With the MCX, member retailers can tap into a digital wallet that will span across the largest retailers in the country — very interesting.
But, at the end of the day, will payments be the only value to mobile wallets?
That question was posed to our own Chander Chawla (VP, Marketing and Product Strategy) in a recent Sourcing Journal article where he outlined some benefits to mobile wallets including:
- Better understanding consumer preferences by aggregating purchase data
- Delivering catered special offers that match behavior
- Providing easier checkout options and card-free loyalty programs
- Delivering improved customer service
- Free up more floor space by reducing checkout registers
- Increased loyalty
To read the article in full, please visit SourcingJournalOnline.com.