How to re-invent your business with mobile wallets

The might of the mobile money revolution in Africa – discussed in our previous blog –  demonstrates the potential for mobile wallets. This has been spurred on by the prevalence of mobile phones and the large number of unbanked individuals. Mobile wallets that are linked to prepaid cards have created an opportunity for consumer-facing businesses to expand their service offerings and add value to their existing customer base. We’ll take a look at why branded companion cards are a worthy investment for your business.

 

South African consumers are embracing all things mobile 

 

Mobile wallets are already taking off in South Africa. Launched in June 2014, MTN’s Mobile Money already has around 2 million users according to MoneyWeb, showing the growing popularity of mobile wallets and companion cards. Today’ consumer lives and breathes through their mobile device and values mobile-friendly environments. If your business offers existing customers a mobile wallet, it’ll enhance their buyer experience, strengthen brand loyalty and give your business a means of differentiating itself from the competition.

 

Consumers are attracted to services that are quick to set up and allow them to budget better

 

Today’s consumers are highly conscious of budgeting. A mobile wallet lets them set aside funds from their primary bank account, making it a lot easier to monitor and control spending. What’s more, a mobile money account can be set up in minutes, from anywhere, and without the need to go into a bank branch.

 

Mobile companion cards increase the “stickiness” of your goods and services

 

Giving your customers a better service is paramount to increasing revenue in the long term. You need to give them a reason to not only choose your service over your competitors’, but to stick with your service. A companion card gives them a host of value added services such as the ability to buy prepaid airtime and electricity from their mobile phones. The airtime can then be used to purchase other items – via carrier billing – such as tracks on iTunes. By providing customers with mobile wallets, you’ll open up a whole new set of payment options to them while simultaneously expanding the functionality of your services.

 

Choosing a mobile companion card programme saves you money and takes only a few weeks to get started

 

Another benefit of implementing a branded mobile companion card is that it can reduce payment processing fees, if customers pay for your goods or services using their branded prepaid cards with funds from their mobile wallets. Setting up a branded mobile companion card programme takes just a few weeks – as long as your service provider is integrated into most global wallet providers. Your provider should also cover the design, implementation and management of your mobile payment programme.