Loyalty Proagrammes in Mobile Money by Mahindra Comviva

Loyalty Programmes in Mobile Money

ÂŠ Copyright Comviva Technologies Limited. 2015

What are Loyalty Programmes?  Loyalty programmes are an efficient marketing tactic where sellers encourage people to continue the relationship with them and get rewarded for their loyalty.  They are offered in various forms – loyalty card, reward card, advantage card, etc.  Loyalty programmes were the brainchild of credit card marketers and were traditionally offered through plastic and paper.  Today, loyalty programmes are entering the virtual world.  Loyalty programmes are offered through online rewards where the points can be redeemed online conveniently.

Loyalty Programmes in Mobile Money  Loyalty programmes through mobile money are set to change the customer shopping experience completely.  They have a huge potential and is now being exploited rightly by the mobile service providers.  Mobile service providers follow customer behaviour closely by studying the browsing history of phones, downloaded apps, etc.  As mobile payment services gain popularity and the customer base grows, more and more information is available to mobile service providers.  They share this information with the mobile money providers. This information is used to give relevant discounts to customers for payment through mobile money.

Nature of Loyalty Programmes  The way of rewarding customers varies.  Cashbacks, discounts, reward points, coupons remain the main source of awarding customers for their loyalty.  For example, Paytm offers instant cashback to customers for each usage, airtel money provides loyalty points to users which can be redeemed later for various services, etc.  Each loyalty programme has its own benefits and own appeal.  Each of the service providers use all of these methods to lure customers and retain them from time to time.  In the US, as of 2015, there were 3.3 million mobile money loyalty programmes which were a 26% increase over 2013.  The number is expected to rise higher in 2016. © Copyright Comviva Technologies Limited. 2015

Benefits of Loyalty Programmes  Customer Engagement & Retention  When customers see the service provider is rewarding them for usage, they stay loyal.  They also recommend to friends and family.

 A Definite Competitive Edge  Loyalty programmes are an effective marketing strategy.  Rewarding shoppers for their money and time is a winner, customers feel good being acknowledged.  Earning rewards and discounts with every tap of the mobile money will encourage consumers to sign up for the programme and stay engaged with the programme.

Benefits of Loyalty Programmes  An Effective way of Enhancing Customer Engagement  An effective way of engaging with the customers.  Mobile money service providers can conduct effective branding and marketing exercise.  By including loyalty programmes, mobile money providers become a part of the customer’s day to day lives.

 Enhanced Customer Convenience  It’s customer convenience, all the way.  Through loyalty programmes, merchants encourage customers to shop more and thus use the e-wallet.  Customers are hooked onto it and crave for more.

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