Innovative Ways to Drive Mobile Payments Adoption

Innovative Ways to Drive Mobile Payments Adoption

Mobile money services are on the rise and growing exponentially. However, there have been a lot of discrepancies on its adoption all across the world. Though it is well-known fact that a large number of mobile phone consumers are familiar with the terms "mobile wallet", "mobile money" and "mobile payments" yet another fact is that, most consumers unfortunately don't really know how to use these services.

Well, we should admit that the mobile money services are struggling to gain adoption. The challenge is not to adopt technology but embrace changing habits. Cash being still dominant today, consumers often prefer to open their wallet to make a payment therefore it is important for the consumers to understand the benefits of using mobile wallet for various kinds of payments.

The challenge is not just to drive mobile payment adoption by consumers but also how to encourage mobile money operators to drive customer usage in their market. This is also very important to understand if the mobile money operators really have mobile money services designed specifically to meet customer needs.

Here are innovative ways to drive mobile payment adoption that allows you to offer to get customers to open their mobile wallets:

1. Promotion and personalized marketing will engage consumers more easily.
  Mobile wallet allows mobile money operators to tailor their offers and promotions for encouraging consumers to start using mobile money services. This could include notifying consumers with providing discounts and offers on a service that a particular consumer loves to use repeatedly.

2. Loyalty offerings will drive more adoption.
Digital wallet inside a mobile device can store digital loyalty coupons and automatically update its status with each purchase. It also can notify the customer when he is eligible for a reward and when he can redeem those rewards.
3. Mobile wallet has the capacity to store digital gift coupons and redeem rewards.
 With the instant distribution of digital gift coupons and effective notifications m wallet reduces the balance of the gift card as purchases are made.
4. How-to-use Mobile Money Services tutorial programs will help consumers
 understand about the ease, security and benefits of using mobile wallet. We need to conduct various tutorial programs through programmed surveys and questionnaires
5. Smartphone Apps are very good means to drive adoption.
 Service providers can offer mobile wallet apps for Smartphones. Smartphone users are more likely than other consumers to download free apps and embrace the technology.
6. All financial or non-financial transactions need to be secure, hassle-free and fast.
 Mobile financial services require delivering robust transactions which is possible only with mobile wallet platforms that have the capacity to deliver maximum TPS (transactions per second).
Industry experts suggest that the key to mobile payment adoption is in offering loyalty rewards and coupons. But my overall understanding says that it will take more than that to get consumers to put their leather wallets in their mobile devices. The only effective key will be offering a different - and better - payments experience than the one offered by other payment instruments such as cards and cash.

Shashi K Singh is a social media manager with vast experience, now working for xpWallet - Next Generation mWallet products and services provider, an emerging leader in the space of mobile financial services & mobile wallet payment solutions.
Click here for details for Next Generation mobile wallet solutions.

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