Consumers have up to 4 cards and/or payment wallets, but only use one to make purchases. Finance companies need to work hard to ensure they are number one.
It’s quick and simple to sign up for a new credit, debit or pre-paid payment card or pre-paid wallet, but ensuring your card or wallet is always used as the primary method of payment is a much tougher challenge.
Engage beyond a cashback
Many finance companies add incentives to encourage customers to spend with their card or wallet, usually through cashback offers in the mobile app or website. These require the customer to discover the offer, click and accept it, then go find the related store, product or service and make the purchase. Some time after, cash is deposited back onto the card or wallet.
Cashback offers are often complex and confusing. They result in low uptake and fail to deliver on the original objective of growing engagement and recurring spend.
Consumers want something more engaging, better integrated with their card or wallet, better aligned to their interests.
Sell, sell, sell!
Now you can put yourself front and center of your customers’ world. By integrating the world’s most popular digital experiences with your card or wallet. This works great for all the popular subscription services – movies, music, gaming, sports, fitness and more. Payment using the correct card or wallet is guaranteed and benefits can be given on all recurring monthly payments, ensuring maximum loyalty and ongoing engagement.
Owning your customers subscription payments is the fastest way to directly grow revenues.
Action based rewards
Incentivize behavior or reward specific actions. For example, give customers a week or month of movies or music when they top up their wallet with a defined value, or spend on specific things.
Buy travel insurance and get Duolingo for 3 months. Subscribe to the local gym and get Spotify to listen to while you work out.
Your card or wallet – even when merchants don’t directly support them
Not all the most popular subscription services will take your card or wallet, and even when they do, there is no guarantee your card or wallet will be the first or easiest option for the customer to select.
Today’s subscription economy presents an opportunity to directly present and sell top subscription products to customers, instantly onto your card or wallet.
Your authenticated customers can immediately start using free promotional versions of many top subscription products. Free promotions seamlessly transition to paid at the end of the period – no complex payment screens, just a simple reminder.
See how Airtel incentivized customers with Amazon Prime Mobile Edition to help upsell and increase top ups.