Until now, mobile payments have been a relatively reward-free zone – as if the mere experience of using a mobile payment method were reward enough. Say goodbye to all that. Just in time for Holiday 2016, the mobile payment universe is waking up to the need for loyalty. That’s good news for consumers, who can expect to see more and more mobile-based loyalty, engagement and rewards starting now. Will this trend be equally rewarding for the mobile payments industry itself?
Mobile Pay Gets Rewarding for the Holidays
Will Santa bring the mobile payments industry a new business model this year? Maybe, but according to this story, the change didn’t happen during the first 11 months of the year: “2016 is ending with the vast majority of consumers using cards, a handful experimenting infrequently with mobile payments and only a very small — single-digit-percentage-point small — cohort of enthusiasts who use mobile payments at all regularly and manage their shopping habit around their availability.”
From Mobile Payments to Loyalty Programs
From a merchant/consumer perspective, here’s where mobile payments fit into the emerging world of mobile commerce. Can mobile payments help drive a new kind of m-commerce experience – one that is personalized, engaging and delightful for shoppers?
Loyalty Could Attract U.S. Millennials to Mobile Payments
Nearly half of Millennials (44.5 percent) polled told Business Insider Intelligence that they had made an in-store purchase on their phones during the past week. If mobile payments take off in the U.S., Millennials are most likely to lead the charge. What inspires them? Rewards that offer convenience.
Creating Loyalty, Engagement and Influence through Mobile Payments
Simply presenting consumers with mobile payment options hasn’t done much for mobile payments – or the companies that support them. Now, mobile payments have become a driving force in creating seamless and secure mobile commerce experiences, convenient loyalty programs and the omnichannel shopping cart.
Samsung Rewards Now, Samsung Pay Adoption Soon
The goal of Samsung Rewards is pretty simple: Give consumers a reason to the use their Samsung Pay wallet every single time they step into a merchant location to buy something. Samsung offers rewards points on top of whatever other rewards consumers receive from the underlying payment method they’re using to complete their transactions.
The original article 5 MUST-READS THIS WEEK: Loyalty Pays on Mobile can be found on Insight Vault.
