As mobile payments struggle to reach widespread adoption, big-box retailer Target is jumping into the mobile payments market with its own digital wallet, hoping to tie in loyal store-branded card customers.
This week, Target launched Wallet, a bar code-based digital wallet that when enabled, lives within the Target app. It’s only open to Target REDcard credit and debit card customers, who already get a 5 percent discount on purchases. By integrating a digital version of the Target card into the app, it can apply offers and coupons at the point of sale — sweetening the offer for discount-hungry shoppers. Restricting the mobile payment feature to Target cards may seem backwards at the outset, especially given that Walmart offers a similar service compatible with any kind of card. But analysts say it serves important business objectives, which include driving up adoption of store-branded cards and creating a better customer experience by merging loyalty and payments into one place.
Read the full story on tearsheet.co
More in Marketing
Consumer sentiment heading into the holidays is low, but that could mislead marketers
Consumer sentiment’s low going into the holiday season, but marketers shouldn’t take it as a sign to retreat from the fray.
When CMOs pay for agents not agencies: S4 Capital’s AI gambit
S4 Capital execs say the quiet part out loud: AI is eating the ad industry.
Ferrero’s Danielle Sporkin breaks down the reality behind retail media’s full-funnel promise
The brand exec shared how Ferrero is rethinking retail media as a full-funnel tool — but challenges remain — at the Retail Media Advertising Strategies event in New York City.