Rewards motivates consumers most to adopt a mobile wallet - report

But according to a recent survey from CMB, consumers planning on using a mobile wallet also desire a rewards program specific to the wallet.

Therefore, 44% of likely mobile wallet adopters, or those who have not made an in-store mobile payment but plan to do so in the next six months, said that a wallet-specific rewards program offered on top of loyalty card acceptance would be a motivating factor.

The report also points out that there is less excitement surrounding other value-added features. The second-most popular feature, chosen by 20% of respondents, was the ability for a mobile wallet to be used as a photo ID. Other options captured 11% or less of the participants interest.

The results show that rewards, in general, can be the most powerful draw for potential mobile wallet users – compatibility with third-party rewards were not mentioned in the survey, but the assumption is that those rewards programs would also be important to consumers.

The takeaway for Apple, Google and other mobile wallet players is that pushing rewards above other features could be the fastest way to pick up new customers. Moreover, doubling down on rewards by developing a proprietary rewards program could accelerate adoption, Business Insider notes.