Mobile Wallets, Marketing Channels and Online Businesses

A digital wallet refers to an electronic device or online service that allows an individual to make electronic transactions. This can include purchasing items online with a computer or using a smartphone to purchase something at a store. An individual’s bank account can also be linked to the digital wallet.

A digital wallet has both software and information elements. Secure and fair electronic payment systems are an important issue. Digital wallets are gaining popularity among major retailers due to the security, efficiency, and added utility it provides to the end-user, which increases their satisfaction of their overall purchase.

MenaPay replaces traditional payment with blockchain based fully backed cryptocurrency and provides secure and transparent payment gateway to enable P2P transaction in every aspect of daily life. MenaPay’s mission is to become the region’s largest non-banked payment solution on blockchain with a $1B market capitalization.

Tips to marketers

While mobile wallets currently offer significant value to brands, marketers must also look beyond those solutions and focus on mobilizing loyalty platforms to create branded moments and transform payment options into a viable marketing channel.

Mobile wallets are set to become rich marketing platforms within the next five years AND marketers should be testing campaigns within the payment platforms now to maximize the full potential for the future. Also, placing a higher focus on mobile loyalty is also imperative in connecting with consumers.

Marketers must think of digital wallets as more than a payment option, as they have the ability to offer a streamlined shopping experience, loyalty bonuses, a wider audience reach than most mobile apps allow and the capability to place advertisements such as banner ads within the system. Marketers that are just now implementing digital wallets such as MenaPay, should aim to incorporate all of these capabilities. In the meantime, brands should work on identifying their existing wallets’ strengths and weaknesses, while pondering the best features to consider adding in to provide for a more cohesive engagement experience.

This story is published in The Startup, Medium’s largest entrepreneurship publication followed by +443,678 people.

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