For most, the term “Mobile Wallet” brings up images of consumer products such as Apple Pay, Paypal, or Square.
Mobile wallets are revolutionizing the financial sector and continually growing in popularity – especially amongst Millenials – for their convenience and security.
A mobile wallet isn’t only a consumer product, though – your business can benefit from them as well.
Want to know how? It’s simple, you integrate a white-label mobile wallet into your existing infrastructure.
What is a White Label Mobile Wallet?
At its core, a mobile wallet is a form of payment that allows consumers to link their cards or bank accounts to a single wallet without the need to carry the physical card.
A mobile wallet can be used automatically to make purchases online without the need to input your credit card number.
They can also be used to make a payment in-person using Near Field Communication (NFC), a type of Radio Frequency Identification (RFID), to transmit the payment information to a reader without the need to swipe a physical card… or even have the card present.
This makes it an incredibly convenient option for many consumers, while also providing numerous benefits to the business!
What About the White Label Part?
A White Label product or service is one manufactured/provided through a third party but branded as if it’s provided directly by your company.
Therefore, a white label mobile wallet service allows your business to take advantage of the benefits of a mobile wallet while keeping your own costs down!
Boost Your Business – Integrate a White Label Mobile Wallet
Don’t just take our word for it though – let’s talk about a few of the ways that adopting a white label mobile wallet service can boost your business!
They are Convenient – For Your Customers and Your Business
Virtually everyone has a smartphone these days – a 2019 Survey by the Pew Research Center found that 96% of Americans have some type of cell phone, and 81% of cell phone users have a smartphone.
Moreover, a late-2018 Marketing Report found that approximately 36% of mobile users would make a digital transaction in 2019 using a mobile wallet.
Results vary by country, approximately 27% of users in the U.S. were expected to use a mobile wallet, while in China a whopping 81.4% was anticipated.
The use of mobile wallets is growing rapidly in all sectors, especially amongst Millennials in the U.S., for a very simple reason – convenience.
With a mobile wallet, you don’t have to carry cash that can easily be stolen. You don’t have to carry credit cards or worry if you’ve forgotten your wallet.
All you need is your smartphone – and we all know that very few people these days do not keep their phones with them at all times.
Whether your business functions primarily online, or you have a brick-and-mortar presence, or any combination of the two – integrating a mobile wallet into your system and allowing for payments made with mobile wallets can create a huge boost in your revenue.
Improving customer convenience is proven to be instrumental in converting new customers and reducing churn – so offering convenient options for payment makes sense for any business!
They are Secure, and Security Improves Consumer Confidence
Identity theft and data breaches seem to be the order of the day, and nearly every day we hear about a new data breach or a new method of stealing customer’s financial data.
It’s no wonder, then, that so many people are turning to mobile wallets!
Credit cards can easily be cloned or have their data captured from a distance, and cash can be stolen.
A mobile wallet, however, comes with an intense encryption algorithm that constantly changes to make hacking it difficult.
Most mobile wallets also come with the ability to enable other security measures, such as requiring a fingerprint or other biometrics to authorize the payment.
Security-conscious consumers are more likely to make a purchase when they can use their mobile wallet, and integrating a mobile wallet in your infrastructure improves consumer confidence in your company!
More importantly, a white label mobile wallet comes with the encryption already worked out – no need for you to go through all the headaches of designing the encryption.
A White Label Mobile Wallet Improves Your Brand Perception
Customer perception is everything in business, and any tool or marketing technique that makes your business look more competent, successful, or just plain bigger is worth serious consideration.
Including a white label mobile wallet in your companies offerings gives the impression that you are a powerhouse – capable of developing and offering a service specifically designed to improve your customer’s experience.
Consider the public perception of companies such as Apple, Google, or Amazon – industry giants capable of offering a diverse portfolio of goods and services.
Even better, while mobile wallet usage is growing drastically in business, at this point it is primarily accepted by major retailers such as Walmart and Target, and other such major businesses.
As a result, offering a mobile wallet service as part of your business offerings can place your company on par with these household names in the eyes of consumers, which makes your company look far bigger and more profitable than it may be.
Further, making your mobile wallet a focal point of your marketing campaign can drastically enhance your image amongst Millenials and others already adopting mobile wallet technology.
It tells consumers that you are on the cutting edge and that you have the foresight to understand the future of business.
Perception is everything… so let’s see how to maximize it!
Integrating a White Label Mobile Wallet is Simple
Integrating a white label mobile wallet from Valorus is easy, affordable, and enhances your brand!
Your time and resources are valuable, and adopting any new technology is an inherently risky endeavor.
So let Valorus mitigate that risk for you!
We use military-grade technology to provide you the most secure, convenient mobile wallet technology on the market today!
It’s simple, all you need to do is answer a few easy questions about your business, and we will provide you with a customized package of hardware and software to perfectly suit your business.
We don’t stop there, though. Valorus has negotiated with major financial institutions on already – you don’t need to do a thing!
We value your bottom line, and we prove it with our unique revenue sharing payment plan.
We don’t nickel and dime you with fees, we only make money when you are making money! The more customers you have adopting your mobile wallet, the more profitable you are!
We’ll even work with you to come up with an adoption playbook and marketing plan to maximize your profitability.
Schedule a demo TODAY, and let us show you how our white label mobile wallet service can boost your profits!