Why you should use a Digital Wallet as part of your offering.
Digital Wallets Are Very Secure & Safe
A digital wallet is more secure than your physical cards and wallets because your actual account numbers are stored within the digital wallet, it is converted into a unique code via encryption.
If you lose your physical wallet someone immediately has access to your cards and personal information like a drivers licence while access to a digital wallet is protected by several layers of authentication via your phone & apps.
Access to Rich Customer Insights
Continually engaging with the customer and understanding their profile is key.
Businesses can access additional tools to run and grow their business, detailed analysis of what is selling, how much they are buying, and the demand for their products in a geographic area. By offering loyalty benefits, the business can reward frequent shoppers and give infrequent shoppers an excuse to return.
Low Cost of Deployment & Feature Rich
Digital Wallets offer an extremely low cost of implementation compared to a traditional banking core. They provide a fantastic app experience with beautifully designed applications offering customers features such as in-app sign up, virtual cards, spend and save tools, analytics of expenditures and in-app access to various micro-financial services.
Organisations such as Alipay, WeChat and challenger banks Revolut, N26, and Monzo all profess the benefits of launching services based on real-time digital processing core. Innovation on these digital cores has been fast and effective. Each of these banks and payment service providers grows their customer bases in record times while gather massive data on their customers bases through referrals and rewards rather than through expensive marketing campaigns.
Bring Your Own Digital Wallet to the Market
Mobile banking apps which focus on a convenient way to access an existing bank account and view your balances, make payments or transfer funds, just don’t cut it. A digital wallet provides a feature-rich, intelligent companion that goes beyond delivering one-way interactions and evolves into your being personal banker.