What are the benefits of a mobile wallet application?

For customers

Convenience and preference: Passes stored in the customers' preferred wallet application provide ultimate convenience, minimal memory usage and aligns with smartphone owners’ preferences. Similar to how smartphone owners like to store and manage their email in their native mail application, they like to store and manage wallet content in their native wallet application.

As well as the dynamic nature of the pass, links can be placed on the back of the pass, which allows the customer to find you (and your web assets) easily. For example, they can link to your app quickly, or your website, or link to the map application to find the nearest branch, or call your customer support centre. Effectively a pass presents a ‘smart bookmark’ for the smartphone owner to all of your assets. All without having to remember your web address or where they stored your app (if they have installed your app).

For business

Cost: It costs significantly less to implement wallet content with PassKit when compared to designing, developing, distributing and maintaining this functionality with your own application. You can then focus your precious IT resources on making your app (if you have one), or your mobile website, more useful / immersive for customers, and allow them to store wallet content in the wallet application. Note for businesses that do have an app, or considering implementing an app, the wallet application works in collaboration with an application. Companion apps should not duplicate the functionality of the Wallet app, rather they should enrich the user experience by doing things that Wallet can’t do, such as letting the user select a reward, redeem points; and when they do so the Pass is automatically updated. This can happen even if the customer chooses to transact or take some action (e.g. redeem points) online (even if they are not on their smartphone).

Time: PassKit technology is available today as are wallet applications in most smartphones. For any smartphone that does not have a wallet application, PassKit provides a wallet application that can be downloaded, or a browser fall back if a customer still doesn’t want to install an app but wants to view the wallet content. A consumer also has the option to print the wallet content (if they still want a paper version of the pass).

Revenue: Unlike paper and plastic, digital wallet content (Passes) are personalised and dynamic. They represent a new engagement channel to your customer base. Once a customer has added a Pass to their wallet application, you can easily encourage behaviour (without emails or SMS message) as well as subtly remind customers that they own your loyalty card/coupon/ticket etc.. Lock screen messages and Pass updates can be based on customer behaviour (e.g. a customer hasn’t used their credit card for some time, or they’ve just redeemed points), time (e.g. when their card is nearing expiry), location (e.g. when they are in proximity to a your store or the places that are relevant) or other data (like social preferences). By providing convenient links on the bank of the pass, it also helps customers to engage with your other digital assets (e.g. your app, your website, your customer support channel, your social media etc..)

Brand Image: By using digital Passes, as opposed to plastic, paper or emails, your company is seen as progressive and innovative. There is also a corporate social responsibility (CSR) angle you can promote, as you are reducing the consumption of wasteful paper and plastic.

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