The trend towards a cashless society continues as mobile wallets replace cash in consumer commerce and real-time payments occur deeper and deeper into the world of small as well as large business.
When customers can use their NanoBNK wallets, it can mean saving precious time at the counter. A common complaint among dissatisfied chip-card users is the slow transaction process. Mobile payments are definitely a quicker alternative. There are security measures which are taken into consideration, when making a purchase using your phone. The phone itself acts as a barrier which must be unlocked using a PIN, pattern or fingerprint code. The OTP is then either received by the customer on his phone as an SMS or is dynamically generated in their wallet app for this specific transaction. This provides a second factor of authentication (the first factor is the mobile number).
Retailers also consider mobile payment as it comes with the option for them to exploit key retail elements such as offers, loyalty and rewards.While customers may still think of mobile wallets as purely a payment mechanism, it turns out that its other varied uses might actually be the key to this technology taking off. To change purchasing patterns of consumers, and get them to overcome initial setup barriers and realise security benefits there needs to be a compelling reason for them to try it out. Without this, many customers will not break traditional habits at checkout.
The potential to improve overall customer experience through non-payment uses of the NanoBNK wallet such as loyalty points and vouchers will truly unlock the full potential for both brands and consumers.Brands are increasingly using the non-payment capabilities of mobile wallets to reach and engage consumers, and we’ve found that customers are responding to this.
Brands also have the opportunity to create a ‘living and breathing’ loyalty programme that can send notifications thus providing a new communication channel for businesses. And for the shopper, this means an easy way to use their loyalty points, check their rewards status and access the perks they love earning.
Mobile wallet also helps the user to manage their personal finances through its easy to personalise spending tracker and as such, it sets a budget discipline.
When it comes to mobile interactions with brands, above all consumers want frictionless utility that provides them with value in the moment.
The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your business. If you have any queries, or if you would like further information, please contact us on 2331636 or by e-mail at firstname.lastname@example.org.