Looking forward: Payment providers can lock in loyalty and increase stickiness by making wallets a one-stop shop for any kind of card, ID, passport, travel update, or ticket.
As more shoppers start using wallets to begin their shopping journey, providers can capitalize on being at the top of the funnel, sparking sales through integrated coupons, rewards, and loyalty programs.
Implications for payment providers: Making digital wallets more useful can win over younger consumers who live out their lives via mobile devices. Gen Zers are anticipated to spend 6 hours and 27 minutes per day on their phones, per Harmony Healthcare IT.
Focusing on loyalty programs integrations with brands that connect with Gen Zers first can provide higher engagement for mobile wallets.