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Mobile wallets – more than just for payments, consumers say

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More than 15% of smartphone owners will use mobile wallets by 2018, but users want way more than just payments from such a technology, according to new Forrester research.

According to the study 34% of EU7 consumers want any wallet to include loyalty points, while 36% want coupons and special offers built in. But the research goes much further. 31% want price comparisons on items they are planning to buy, while 27% want product information.

27% want to be able to make restaurant reservations from a wallet, while 23% want to be able to ask for a restaurant bill from their table. 26% want receipts to automatically store in their wallet. 30% want tickets and 28% want card details and gift cards to also be compatible with their wallet product.

In short, consumers want more than payments, they want a retailing assistant.

These results show that not only are consumers ready to embrace mobile wallets and m-payments, but that they are going to be a boon to marketers/

Already, 27% of marketers plan to use mobile wallets this year as part of their marketing tool kit, up from 14% in 2014. And consumer interest is there — when asked what mobile wallet services are of interest, loyalty programs top the list, followed by access to coupons, discounts, and special offers, the ability to compare prices, and to find product information (see below figure). New entrants are answering these latest needs, with services that enable brands to add value beyond digital payment solutions.

Marketers must evaluate which partners are best suited to support brand goals, and to complement existing integrated apps, says Forrester analyst Thomas Husson in the new report. Among digital platforms, Alipay, Apple, and PayPal are best positioned to play a key role in the mobile wallet wars, while Google still lacks merchants’ support and consumers’ trust.

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