I have to admit when I heard digital wallet, I thought it might be yet another app on a smart phone. A digital wallet is any device you use to pay for your stuff. So whether you are buying online and checking out with visa, tapping your phone to pay through paypal for your Starbucks – you have a digital wallet.
Digital Airship just released a survey of 2,000 people from the UK and US, about digital wallets and loyalty programs. The people surveyed were all walks of life, all income levels and were Millennials, Gen X’ers, and Baby Boomers. They were 51% female and 49% male. Over half of them are using digital wallets.
Shoppers use their digital wallets for couponing, receiving sales information, receipts, and more. And they use it for loyalty programs. 44% say they want to get their sales information through their digital wallet.
Loyalty programs are not used with any regularity by most shoppers because they forget they are a member, or they forgot their card. To the tune of 40%. Having a loyalty program on their phone that works with their digital wallet will solve that problem for marketers. And the users are happier as well. Coupon redemption climbs as well if the digital wallet sends them notices of coupon expirations.
The timing of the release of this study was fortunate for me because I had just spent a month testing an app on my phone, Ibotta. Shopping in the grocery store, I would unlock coupons, scan the bar code of the product and then after purchasing the items I would scan pictures of my grocery receipt. With verification of purchase, my Ibotta account had $2.50 in it.
Shopping online at Jet.com, I first checked Ibotta. I unlocked a rebate from Ibotta, and then the app opened up another app on my phone and started shopping. Since the two apps were talking to each other, I didn’t have to do anything other than let Ibotta open up the Jet.com app for the store.
I have a feeling that while Ibotta and Jet talk app to app, they don’t share receipts with each other. Because in 32 days or less, 5% of my Jet purchase will be put into my Ibotta account. As soon as your account hits a multiple of $20, you can send the money to your paypal or to your bank. I know of one woman who earned $225 in one month.
Ibotta is a bit of a multi-level marketing scheme. If you have people on your team, when they sign up and when they save, you get money in your account as well. If you are not interested in recruiting team members, don’t worry, Ibotta is still a great app for rebates and coupons. The great thing is you don’t have to remember the coupons. No searching for the receipt tape soupon, and no perusing the paper coupons in your mailbox every Wednesday.
If you’d like to join my Ibotta team click here. You’ll need a code. That code is: kobjtlq
If you prefer to start Ibotta on your own, the app is available at iTunes, Google Play, or online at: Ibotta.com