Mobile wallets – a digital wallet that allows consumers to securely store their credit card and bank account information for easy payment – is the way of the future, and providing a white label mobile wallet has many benefits for any business!
Some of these benefits, such as the convenience to the customer, the inherent security, and the positive effect on public perception of your brand, are obvious at a glance.
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There is a less obvious benefit, however – the opportunity to tap into markets that are often overlooked by traditional financial models!
You may be Missing Out on Major Revenue!
Traditional financial models and payment methods are effective for the majority of people, but there is a sizable minority of consumers for whom more traditional methods are less than optimal.
Let’s look at two major types of consumers that an effective white label mobile wallet could benefit, and how it can enhance your business!
The Blind and Visually Impaired
By far, one of the most overlooked consumer demographics is the disabled community – especially the blind and visually impaired.
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According to a 2018 report from the American Institutes for Research, there are approximately 20 million Americans living with some form of disability.
This often-overlooked segment of the population has a combined discretionary income – that is, the income left over after taxes and living expenses have been deducted – of about $20 billion.
As a point of reference, the same report cites that this discretionary income is higher than that of the African American and Hispanic market segments… combined!
While traditional payment methods are adequate for the majority of disabled persons, the blind and visually impaired demographic – accounting for approximately $3 billion of that discretionary income – struggles with traditional methods.
When forced to use physical currency, a blind consumer is typically either forced to rely on a sighted person to tell them what bill they have or have it read by a special smartphone app or additional device designed for that purpose. The blind consumer then has to use various methods to keep the currency straight, such as folding it a particular way or putting differing denomination of bills in different spots in their wallet.
Similarly, payment using credit cards can present problems to a blind consumer, including telling the difference between cards and using the card reader to input their pin, follow the prompts, and sign the purchase.
Fortunately, there is a simple way that your business can reach out to this demographic and ensure their loyalty to your brand – providing them with a simple, accessible mobile wallet to make purchases with.
Smartphones come equipped with a variety of accessibility options to allow disabled users to effectively use them.
One of the key features is screen-reader technology – a function built into the phone that reads the contents of the screen, options on the app, and other such details to the user.
Such technologies also simplify navigation by allowing users to use specific gestures to navigate the app or web page.
The convenience of such technology has revolutionized the lives of those who live with blindness or visual impairment. It allows them to function independently, without requiring them to trust and rely on a third party to make even the most basic of purchases.
Given the clear benefit to the blind consumer, it is obvious that being able to provide an accessible white label mobile wallet dramatically improves a blind consumer’s ability to make purchases and take advantage of your business.
Moreover, the lack of truly accessible payment methods (and the resulting uptick in lawsuits for online violations of the Americans with Disabilities Act) make it clear that providing an accessible option for blind consumers would be a huge boost for your business with this sizable demographic.
It is important to note that efforts that make your brand and purchasing from you more accessible to blind consumers do not simply draw their business.
Rather, each of those blind consumers has friends and family that care for them and have witnessed their struggles, and the value provided by an accessible option for them.
Creating a payment method accessible to blind consumers – one that they can easily bring up on their own smartphone without the need for external assistance beyond merely finding the mobile wallet reader – will therefore not only attract the business of these consumers but their friends and family.
The Underbanked
As of 2017, 8.4 million U.S. households had no checking or savings account, while a staggering 24.2 million households were considered “underbanked” – meaning they have access to a checking or savings account, but from sources other than a traditional bank.
This portion of the populous – consisting predominately of the poor and underprivileged – constitutes a substantial market for a company looking to expand its business with a white label mobile wallet.
A robust mobile wallet can allow consumers to deposit, receive, transfer, and request money, both from friends and family and to businesses that support mobile wallets.
An effective mobile wallet, particularly one backed by legitimate financial institutions, is a huge tool for such underbanked individuals.
Check cashing fees for those without a checking account, many of whom are forced to use such services as payday loans, can be charged anywhere from 10%-30% of each check, depending on the state and particular store.
By offering a white label mobile wallet, you can entice such consumers to use your platform by offering significantly lower (or zero) fees for use of your service.
A business offering such a service, with a savvy marketing plan, can enhance their profits and tap into this market with ease through a variety of methods, such as offering a discount on goods and services purchased from your business using funds from the mobile wallet you have provided them.
Retailers have already seen widespread success and upticks in customer loyalty through similar programs using white label credit cards – a nearly identical concept to that of white label mobile wallets.
A white label mobile wallet is even more effective since it does not require a credit check, given that it is strictly their own money or a credit card already issued to them linked to the account, thus becoming more accessible to the poor and underbanked.
Let Valorus Help you Access New Markets!
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Integrating a white label mobile wallet from Valorus is easy, affordable, and enhances your brand!
Your time and resources are valuable, and adopting any new technology is an inherently risky endeavor.
So let Valorus mitigate that risk for you!
We use military-grade technology to provide you the most secure, convenient mobile wallet technology on the market today!
It’s simple, all you need to do is answer a few easy questions about your business, and we will provide you with a customized package of hardware and software to perfectly suit your business.
We don’t stop there, though. Valorus has negotiated with major financial institutions on already – you don’t need to do a thing!
We value your bottom line, and we prove it with our unique revenue sharing payment plan.
We don’t nickel and dime you with fees, we only make money when you are making money! The more customers you have adopting your mobile wallet, the more profitable you are!
We’ll even work with you to come up with an adoption playbook and marketing plan to maximize your profitability.
Schedule a demo TODAY, and let us show you how our white label mobile wallet service can boost your profits!