As the world is becoming more technologically advanced and steadily moving towards cashless transactions, mobile payment platforms are rapidly becoming the norm among many merchants and consumers. Many view them as the future of payment systems due to their innovation and intuitive interfaces.
Mobile payment platforms offer highly secure ways to make payments. Most of them require fingerprint identification, personal identification numbers (PINs), and even two-factor authentication for transactions. Moreover, they offer numerous innovative features like support for gift cards and other digital assets.
Numerous platforms offer a channel wherein businesses can sell numerous types of gift cards that can be stored in virtual wallets. However, many brands wonder what advantages they can get from these features. With this, here are some benefits merchants can get from gift card support on mobile payment methods:
Because digital gift cards are not physical assets, consumers are not likely to misplace or lose them. They do not have to fumble around for proof of purchase or other information that can let merchants know about the gift cards. This experience can be frustrating for them, and they can lose trust in a merchant due to this. When it’s all digital, however, it can be a much better retail experience.
Merchants can also benefit from digital gift cards because they’re more likely to be used by customers. Although businesses make money from gift card sales and not redemptions, unredeemed cards serve as liabilities in retail accounting.
Mobile payment platforms provide ways to standardise these digital assets, making them easier for consumers to use and merchants to process.
Many people do not want to sign up for gift cards and loyalty programs because they do not have enough space in their wallets for these physical items. However, integrating digital versions into mobile payment platforms can drive more people to register. New and returning customers can enjoy the convenience of these assets and features.
Aside from being assets that can bring more signups, digital gift cards are also excellent ways to attract new and existing customers. It’s easy for a business to register on gifting software, and these platforms will likely have location-based marketing technology to help boost sales in the merchant’s vicinity.
Location-targeted promotions will be more effective, and these can be highly powerful marketing tools for a business. Consumers can redeem their cards for impulse buying or even long-planned purchases.
Although low-balance gift cards are easy to buy and give, many people do not purchase or use them because they’re challenging to spend. They often aren’t practical, but gifting software and mobile wallets can store them and help people buy and redeem them. This means more incremental purchases and more profit for merchants.
Gift card support on mobile wallets and other gifting software not only makes things more convenient for consumers but also brings many advantages to merchants. Businesses can experience better retail experiences, more signups, and boosted overall sales.
If you’re looking to partner with corporate gift software in Australia, Appreci has you covered. We’ll provide you with a platform to help your business stand out, grow, and monitor your performance. Get in touch with us today!