27th September, 2022
Shoppers love it when they are made to do less, their money is secure and they get “more value” in terms of rewards for their spending.
The mobile wallet industry continues to evolve and how the blend of related technology, data and intelligence is going to shape up the future is worth delving into.
From the perspective of how consumers manage every aspect of their lives, loyalty and co-brand stakeholders are keen on becoming a part of the same.
“(It is vital to evaluate) where they (customers) transact, what they purchase and what drives their decision,” said Brett Whiton, CEO at CardHippo.
Role of technology
Digging into what can be done next, progress is being made to augment convenience (ID verification, a timely reminder about your next flight, bill etc.) and offering what exactly users from their digital/ mobile wallet (e. g. credit card offers).
Speaking about the role of technology in shaping up a “smart digital wallet”, he said, “Technology will automate the top-of-wallet selection at each transaction to deliver the best value to a customer, based on their individual goals and preferences.” Essentially, the role of technology is to understand a customer’s behaviour i. e. their card selection at each transaction, which card was selected and for what value it delivered.
And going a step forward, technology will select the best credit product a customer should have in their wallet to build an ultimate wallet, added Whiton. This would entail examining all the transactions, card choices, and assessing all existing financial offerings.
Looking at a shopper’s existing credit cards’ value proposition at the point of sale, they are notified about the credit card benefit, delivering best value for that transaction. Another objective is to work out a competitive edge for card issuers. They would end up competing for each transaction at the point of sale, online and in-store.
By Ritesh Gupta, Ai Events
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