Thinking Beyond Rewards in the #MobilePayments Space

While rewards are a favorite among consumers, they aren’t the only value-add feature mobile payment offerings can have.

There’s a lot of talk about features and benefits that will persuade consumers to pay with their phones rather than plastic or cash. Loyalty and rewards schemes especially get a lot of play in conversations about mobile payment adoption.  

That said, rewards are not the only value-adds the industry is talking about. 

What follows is a round-up of some of the other potential perks we might see as mobile payment providers look to attract more users. 

  • Digital coupons – In a survey of current mobile wallet users, more than 40 percent said the ability to hold digital coupons that are automatically applied was a feature they seek in a mobile wallet. 
  • Social pay – Fintech startup PayKey wants to let consumers pay for things within social messaging platforms like WhatsApp, Facebook Messenger and Twitter. Integration or partnerships with digital wallets such as Masterpass aren’t hard to imagine (given Mastercard is an investor). 
  • Insurance cards and drivers’ licensesOne in three consumers who do not currently use mobile payments would be more likely to adopt them if they could use their phones as proof of insurance or ID. 
  • Split between cards – Another feature attractive to some consumers is the ability to share expenses with another person or even split the cost of a transaction between two different card accounts. 

Each of the above and the many other value-added features coming on the mobile payments scene are about making life easier for consumers. Today, mobile payments can be something of a mystery to figure out. Where do I download it? Can I add my favorite card? Will it be accepted at the stores I like? And consumers love their credit and debit cards. Without much of a pain point to solve for, mobile payment apps will have to step up their games to win consumer love and loyalty.