In the world of mobile payments, there are far too many options to choose from these days. Fragmentation of the mobile payments industry may seem beneficial to the consumer, but without streamlined payment options most consumers can use wherever they go, there is still a lot of work to be done. So far, this leaves a lot of room for Bitcoin, albeit its adoption rate is still relatively low.
Incentivisation Is Key to Boost Mobile Payment Popularity
One of the things nearly every mobile payment solution lacks today is incentives. Consumers who own a smartphone indicate they would be more willing to check out mobile payment solutions if there was a loyalty or reward scheme. With the rise of digital wallets, that should not be a problem.
One way to address this issue is by creating a cross-compatible wallet solution that can support multiple loyalty programs. Having the option to track all balances and even transfer points between programs would be a perfect outcome. Unfortunately, that seems an unlikely result, as individual app creators and stores have no desire to support competitor offerings.
While customer loyalty may be less present than it used to a decade ago, most consumers still stick to the same brands for the majority of their lives. For US households, this means being a member of six different loyalty offerings. Implementing this solution into a mobile wallet, the overall user experience can be improved to reach unprecedented levels.
At the same time, there is a potential risk factor in the form of centralized spending. If everything is integrated into one solution – controlled by one or a select few entities – it may not be the best outcome for consumers. Centralization of tracking and spending loyalty rewards, however, may not necessarily be a bad thing. That is, assuming brands can come up with a way to ensure the integrity of data, and make it publicly visible at all times.
To boost Bitcoin adoption, a similar strategy may be needed. Some websites are experimenting with Bitcoin cashbacks for every purchase made through their affiliate link. This is not a perfect solution, but it provides valuable insights as to how such an ecosystem could be achieved. Coinsbank users also earn a small cashback for every purchase they made with their Bitcoin debit card.
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