What Mobile Payment Experience Will Your Brand Deliver?

In Insights, Loyalty and Rewards, Mobile Solutions by Paul Brandner

It took years to cultivate your brand – years of building trust and connecting with your customers’ emotions.

 

by Paul Brandner
Director of Marketing

As financial service providers there are dozens of consumer touchpoints that have to deliver on the promise you’ve made, and getting those dialled is no small task. Because emotions are fickle, a single negative experience could seriously affect that positive association you’ve worked hard to foster.Your mobile payment program is an extension of that brand, and just like the experience you offer in your branch, online or on the phone, the mobile experience should tap into your customers’ emotions and shape their perception of your company.With that in mind, rolling out something as complex a mobile payment program may feel high risk—there are so many opportunities to miss the mark. Done well, however, a mobile rollout can be a massive boost to customer perception. And if you’re not doing it to improve the customer experience, why bother?When planning your Host Card Emulation (HCE) rollout, these are the 4 features that will ensure a phenomenal brand experience:

1. Easy to adopt

Paying by mobile needs to be super simple or you’ve lost your user right out of the gate. To adopt a new behaviour, users need to feel they are saving time—even the act of downloading and adopting a new app might be too large a barrier, but if that app is complex, requiring multiple steps, your investment is already sunk. A clean user interface with clear directives is key to adoption. Streamline the process by integrating payment tools with your existing app or linking to an existing mobile wallet. Prioritize simplicity at every juncture.

2. Free to use

Cost is always a barrier to adoption, so it goes without saying that any mobile tool you provide should be free to users. The addition of reloadable prepaid functionality takes the perception of “free” a step further. If a user has loaded a card in advance, they’re already highly motivated to use it—the absence of cash or a card in the payment process makes it feel like a free transaction.

3. Gifting functionality

Around Christmas time I spend a lot of time at Starbucks. It’s not that I particularly love their coffee, but my wallet is fat with giftcards just begging to be used up. And because it’s so convenient, I’m inclined to reload often, and I just keep going back. In the same way, adding gifting functionality to your payment platform ensures it will get used despite the adoption curve. The ongoing convenience of giving and receiving by mobile will perpetuate that cycle of use.

4. Built-in Rewards

Changing consumer behaviour is a huge challenge, but rewards go a long way. If I’m going to change my behaviour there needs to be a pretty good reason, but I’m swayed by free stuff—especially if it’s free stuff I’d be buying anyway. The benefit of a mobile wallet versus a closed-loop app is that you can use it anywhere and collect multiple types of rewards on potentially all your purchases. If I have control over when and where I cash those in, it’s easy for me to get on board.

When your brand is at stake, keep your mobile payment program simple and relevant. Like any great product or service, more than just a profit, it should deliver a great experience that makes life better in some small way.

With that in mind, rolling out something as complex a mobile payment program may feel high risk—there are so many opportunities to miss the mark. Done well, however, a mobile rollout can be a massive boost to customer perception. And if you’re not doing it to improve the customer experience, why bother?