Digital wallets continue to rise in popularity, but they are not as popular as they should be. You know how useful they can be. Being able to pay contactless and send money instantly is great, but it’s hard for folks to keep a lot of cash in there. The following may help change all that.
Remove Judgment
One thing providers can do to encourage people to top off their digital wallets is remove judgment. Digital wallet providers feel the need to put limitations on what could be spent.
This turns folks off and makes it harder for them to put cash in their wallets. No one wants to feel like a company is treating them like kids by stopping them from using their money. Lift that restriction, and people may top off their wallets more.
Offer Payment Solutions
Getting people to save and top off their wallets should involve different approaches. Savings may entice some people, but most people are more worried about their bills than they are about their savings. Consider using that fact in your favor.
For example, folks must have enough cash to take care of their NET10 top off, which is easy to do using their digital wallets. According to the company, there’s no fee, which is great. Your wallet needs to provide payment solutions. You could call a savings account a ‘gas bill fund.’ It’s still a savings account, but it has an immediate purpose.
Add a Multipurpose Savings
Saving accounts and even focused pots of cash for phone bills or other bills need to be versatile. Money pots in a digital wallet need to be flexible because people can’t predict how they will use their money every month.
The reality is most people don’t have $500 in emergency cash, and that’ll make people think twice before putting money in a money pot they can’t use as needed. If you want people to keep more cash in their wallets rather than just using it as a cash passthrough feature in their phones, you need to introduce flexibility.
Connectivity Needs to Exist
The other issue digital wallet providers need to fix to ensure people leave more cash in their digital wallets has to do with connectivity. What does this mean? At the moment, digital wallets have their own set of rules and don’t work with each other. This isn’t a good thing. It makes digital wallets less useful.
No one wants to keep their cash in a wallet that could only be used for one or two things. People will be eager to cash out as soon as possible. If you want folks to keep cash in a digital wallet, then providers need to find a way to work with other providers. Make deals with other companies to move cash between providers as easily as possible. Do this, and people will be more willing to keep money in their wallets.
Now, you have many things you can do to make digital wallets more useful to people and encourage them to keep more cash in their wallets. This change is going to be hard, and it requires some patience, but it is possible. For more information, you can always reach out to places like CellPay.
