Incentive technology business Edge is set to revolutionise consumer promotions and rewards with the introduction of Mobile Pay, an app which brings real-time prepaid cash cards to the mobile wallets of Australian consumers.
The app is designed to meet a rapidly growing consumer preference for mobile wallet payments, ensuring both brands and customers get maximum value from their cash reward programs.
Mobile Pay allows brands to deliver cash rewards in the form of a digital prepaid Mastercard, stored in a consumers’ mobile wallet, that can be used at any merchant with a contactless terminal (that accept Prepaid Mastercard), or for online purchases.
Edge CEO Fergus Koochew said promotional incentives in Australia and around the world had failed to tap into the evolving consumer preference for mobile wallet payments – until now.
He said: “Mobile Pay simplifies the cash reward process and will help brands stay ahead of their competitors by bringing rewards into line with an increasing global preference for digital wallet payments.
“The case is compelling for mobile wallet rewards, and so we’re pleased to be first to market with this innovative solution.
“More than four in five (82 per cent) Australians are using tap-and-go every week, with one in ten admitting at some occasion to have avoided a store that didn’t offer the tap-and-go function.
“Results of a recent Mobile Pay survey also showed that 88 per cent of consumers would prefer to receive a digital prepaid Mastercard compatible with a mobile wallet compared to any other form of digital or physical gift card.
“Given that consumers have more choice than ever before, and they’re showing an increasing preference for mobile wallet payments, it’s critical that brands meet customer expectations.
“That means extracting maximum value from their rewards programs. This includes rapid delivery, seamless integration with native mobile wallets and easy tap and pay useability.
“Brands that are customer-centric throughout their business – from marketing to customer service – will have the edge over their competitors and that should also apply to rewards. If you’re going to provide customers with acquisition and retention incentives, they need to be equally convenient to use.”
Koochew added that while Millennials and Gen Xers were naturally leading the way in the adoption of mobile wallets, mainstream adoption was increasing with banking apps, and more recently public transport providers, switching out plastic cards in favour of mobile wallet tap and pay capabilities.
He said: “Brands not only need to meet customer demands, but they need to stay ahead of it and keep offering new and innovative acquisition and retention incentives.
“Mobile Pay provides a degree of flexibility that hasn’t been seen in rewards programs before, and we have no doubt it will create a platform for future innovations in the reward space.”
According to Koochew, the app will also help brands cut costs in other areas like stock handling and inventory control. He said it is compliant with national regulations including the explicit display of card expiry dates, and the management of secure financial transactions, card issuance and processing.
Compatible with all major mobile device wallets, Mobile Pay uses the device’s security features such as face recognition, fingerprint or iris scan to ensure the legitimacy of the transaction.
For consumers without a compatible device, an alternative reward solution is available. Brands and agencies can now begin offering Mobile Pay as a promotional incentive.
The Mobile Pay app is now available for consumers to download.