Sequent’s new eBook “Turn Any App Into a Wallet” helps banks, merchants and other app owners understand how to add valuable commerce functionality to their existing mobile apps.
Most companies understand that having their branded mobile app in a consumer’s smart phone is the closest connection they have ever had with their customers. With time spent on mobile devices rising, companies with a mobile app on a consumer’s phone have a spotlight and opportunity to connect like never before.
But the dirty little secret is that on average a whopping 80% of mobile apps are downloaded, used only once and eventually deleted. This phenomenon is true for most apps, free and paid, in various degrees. Even well financed apps from banks and retailers face the prospect of many downloads but poor usage.
Functionality is key to make apps an indispensable part of a consumer’s life. Different app categories focus on different functionality to make them a repeat use tool for consumers. But if you are involved in commerce, such as banks or merchants, one functionality is king: payments.
Banking and merchant apps can become powerful wallets
Banks, merchants and other players involved in commerce have a lot to gain from turning their apps into powerful repeat use mobile wallets for transactions in the physical world.
- Complete control over branding and consumer experience: By turning your app into your wallet, a bank or merchant can control all aspects of consumer experience end-to-end. Communication with the consumer can start at home, before they even leave for the store.
- Deliver an awesome shopping experience: A merchant can enable check-in functionality via BLE, deliver personalized offers to consumers inside the store, and allow consumers to make “one tap” mobile payments sending payment, coupons and loyalty information to the merchant POS system in a single tap of a phone.
- Engage consumers with promotions and loyalty: Provide convenience and savings to hook them into the app. Consumers no longer have to clip coupons, carry loyalty cards or bring catalogs to store. Everything can be in the app and synchronized with the wallet for easy redemption at the point of sale.
- Banks can be “top of app:” Beyond enabling their own apps for payment, banks can also enable other trusted apps in the mobile phone to use their credentials for payment. This is what we call card federation and it allows banks to increase card distribution and usage to become “top of app”, not only “top of wallet.”
Sequent App Enablement
Sequent’s patented app-enablement “Open Wallet Platform” provides APIs so developers can add payment functionality to existing mobile apps. Our app-enablement APIs effectively turn apps into wallets and allow consumers to make payments at physical merchants using NFC, barcode and other technologies. Banks and merchants can focus on the consumer experience through their apps and leave the complexities of technology, payment and security to Sequent. These key mobile payments features are available today on any mobile app that uses Sequent’s platform and APIs in the Android platform.
Learn more about how Sequent can turn any app into a wallet by reading our new eBook: Turn Any App Into a Wallet