Are Digital Wallets all about payments?

Banks and Payment Service Providers (PSP) need to be thinking about their digital wallet strategy. Don’t be fooled, there is more than meets the eye with the Digital Wallet.

There is a misconception that digital wallets are all about payments. We can all be complacent and think that our customers are happy because they have a contactless card or electronic payment method and mobile banking; and therefore think, the requirement for a Digital Wallet strategy is not needed.

Digital wallets are much more than payments; they bring considerable value to banks, retailers, and consumers. They generate massive customer data streams that can be used to deliver new and innovative services and targeted campaigns.

By developing a Digital Wallet strategy, banks and payment service providers can take control of their customers, providing them with relevant applications and services such as companion cards, QR code payments, in-app loyalty offerings coupled with appropriate services such as expenditure analysis, bill payment, and in the case of retail, inventory, and supply chain management.

These in-app features provide small businesses and consumers with value for the bank or PSP stickiness and increased loyalty.

Youtap believes it’s all about the Digital Wallet.

In this post-Covid world, getting to market with agility and speed has become more important than ever. A bank or payment service provider’s ability to white label a secure cloud-based solution and be in the market in a matter of weeks is critical to maintaining customer contact and relevance.

Youtap’s superior technology, coupled with its suite of online education resources and in-market experience, provides customers with the tools they need to remain competitive and relevant in the changing fintech and banking landscape.

We appreciate you’ve already put a significant financial and time commitment into your current banking systems. We complement these systems with our cloud-based offering, providing you with a range of modular white-label apps, which are being deployed by the most innovative banks and payment service providers worldwide.

To learn more about how Youtap! can help you, get in contact today or download our FREE Digital Banking masterclass.

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