At first glance, gift cards are an incredible product for consumers. They remove the stress of finding the right gift for a loved one and provide greater financial freedom for the gift card recipient to make purchasing decisions for themselves. They also benefit the businesses themselves. Gift cards encourage increased engagement with your shop, immediately raising working capital and increasing the average size of sales tickets.
The one issue with gift cards lies in their physical form. It is so easy for a card to get lost or misplaced, and then all of that money is gone just like that. Thankfully, there’s a solution that better protects the value of the gift card and easily aligns with modern behavior. Mobile wallets house digital gift card data in consumer apps on your phone, so you always have access to your funds. Mobile wallets haven’t reached full saturation in the market yet, but they’re already having a big effect on esteemed early adopters.
Here is why mobile wallets are becoming increasingly popular forms of gift card storage:
The Main Benefits of Mobile Wallets
- Increased Security – Most mobile wallets require some form of user verification to use the gift card or access user data, keeping your funds secure from suspicious actors
- Efficient Transactions – Instead of having to keep track of another card when making a purchase, mobile wallets hold all of your information in one, readily available place.
- Additional Communication Channels – Mobile wallets can also be leveraged as a communication channel for customers with push notifications to present special offers or remind them of their outstanding balance directly through their lock screen.
- Rewards Systems – Mobile wallets enable a customizable rewards system that gives customers reason to use store cards instead of cash or a credit card. For example, if someone buys a $50 gift card for your store, they can get an extra amount of money on the card in exchange for repeated business.
- Gifting to a Friend – The ability to share a gift card with someone is expanded by the use of mobile wallets. Brands can offer an instant cashback or other incentives for buying a new gift card for a friend or topping off their current card.
Empowered Pulse platform features:
- Adaptable Tiered Rewards
- Advanced Analytics
- Streamlined Staff Redemption Processes
- Unlimited Push Notifications
If you are interested in working with us as you transition into an exciting future, please contact us today.