The "mobile wallet" (essentially, stored credentials and accounts on a smart lphone) might find greater success than mobile payments (using the mobile to complete a retail transaction) in the near term, a new study of Millennials might suggest.
Using a mobile device as a substitute for carrying a plastic loyalty card is the top requested mobile payment application for Millennials (over 25 percent expressed interest). Only 10 percent of Millennials surveyed expressed interest in using a mobile device as a credit or debit card.
Millenial interest in loyalty programs also suggests a wallet approach might have more value than mobile payments.
Millennials respond to loyalty offers, the study sponsored by Aimia and conducted by Harris Interactive has found. The online study found that more than 75 percent of U.S. consumers surveyed participate in loyalty and reward programs.
And more than 75 per cent of Millennials say they are more likely to choose a brand that offers a loyalty or reward program over a brand that doesn't offer one. Some 78 percent of U.S. respondents also indicated they would be more likely to do business with a company after earning a reward as well.,
In unprompted responses, Millennials rate loyalty rewards as the top incentive they look for in exchange for sharing personal information with marketers.
Nearly half of Millennials are willing to promote products or brands through social media in exchange for rewards.
Millennials view the option to download coupons or reward certificates as most enticing reason to use a rewards program application on a smart phone.
Some 57 percent of U.S. Millennials use mobile devices to perform price comparisons before making a purchase in a store.
What Millennials value
Millenial interest in loyalty programs also suggests a wallet approach might have more value than mobile payments.
Millennials respond to loyalty offers, the study sponsored by Aimia and conducted by Harris Interactive has found. The online study found that more than 75 percent of U.S. consumers surveyed participate in loyalty and reward programs.
And more than 75 per cent of Millennials say they are more likely to choose a brand that offers a loyalty or reward program over a brand that doesn't offer one. Some 78 percent of U.S. respondents also indicated they would be more likely to do business with a company after earning a reward as well.,
In unprompted responses, Millennials rate loyalty rewards as the top incentive they look for in exchange for sharing personal information with marketers.
Nearly half of Millennials are willing to promote products or brands through social media in exchange for rewards.
Millennials view the option to download coupons or reward certificates as most enticing reason to use a rewards program application on a smart phone.
Some 57 percent of U.S. Millennials use mobile devices to perform price comparisons before making a purchase in a store.
What Millennials value
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