Mobile wallets are gaining momentum in 2022 to dominate the rewards industry. Equipped with ease of use and a robust consumer payment capability, digital wallets are well on their way to becoming the most popular way to store and spend digital gift cards.
Mobile wallets are a virtual wallet that stores payment card information on a mobile device. MicroGifts utilises mobile wallet technology to store all MicroGifts on the one digital card on the mobile wallet. This ensures recipients can conveniently access their rewards at any time and spend anywhere Mastercard is accepted.
The growth of mobile wallets in Australia
Australia has been steadily moving towards a cashless society. According to the Reserve Bank of Australia, we rank sixth globally for the use of electronic payment methods.
A survey conducted by Deloitte in late 2021 support these findings, highlighting that 85% of Australians have used a smartphone to make an in-store payment, up from 58% in 2020. Commonwealth Bank also tracked a 90% increase in their customers’ digital wallet transactions between March 2020–21, “with the value of monthly transactions rising to $2.1 billion, up from $1 billion”.
It’s clear that Australian consumers are at the forefront when it comes to utilising mobile wallet technology to make their purchases in-store. To ensure an effective rewards program, Businesses need to introduce rewards that complement the way their staff are spending.
Mobile wallets are the future of staff rewards
The sudden changes in our workforce have made one thing very clear – we need to be flexible and ready to adapt. Manual recognition programs offer little flexibility, as most rely on people working in the same location for employees’ actions to be seen, acknowledged and rewarded.
Digital reward programs that utilise mobile wallet technology are essential because they allow convenience and ease of use. Whether you’re looking to boost employee morale or want to reward an employee on the spot, MicroGifts digital rewards allows you to send rewards instantly, with recipients adding their rewards to the one digital card on their mobile wallet.
As the way people use their smartphone change, businesses must keep up with new trends and technologies in the gift card industry. Get in contact with us today to elevate how your business rewards and recognises staff.