By combining the convenience of a mobile payment option with value-added features such as coupons, loyalty points and rewards, Kohl’s has set their mobile wallet apart from others in the competitive space.

Kohl’s is throwing its hat in the mobile payments ring with the recent rollout of Kohl’s Pay. This new app lets the more than 25 million active Kohl’s Charge cardholders purchase items in-store using their Kohl’s cards via their mobile devices. Once consumers open the app, they can scan a quick reference (QR) code to pay.

Unlike other retailers’ mobile wallets (such as Walmart Pay), Kohl’s Pay only allows users to load Kohl’s branded cards. While this may seem limiting to some consumers, the retail chain has also integrated a number of value-added incentives into the app.

Kohl’s Pay seamlessly brings all Kohl’s offers together into one wallet. Kohl’s Cash, rewards/loyalty points and coupons are all accessible from the app. The app also stores consumers’ purchase histories and receipts for returns. More than14 million shoppers have already found this to be enough incentive to download the app.

Community financial institutions (FIs) can take some cues from Kohl’s when designing their own mobile wallet apps. Today’s consumers expect and even demand convenience and ease of use in their daily lives. This applies to the choices they make regarding payment options. If consumers see value and convenience in their FIs’ mobile wallets, they will be more inclined to use those wallets.