In an increasingly digitized and interconnected world, customers are presented with more and more payment channels and payment options such as mobile proximity and distance payments to pay for goods and services. Payment vehicles such as mobile wallet, e.g. Apple Pay and Internet browsers, prompt users to store a default card of choice within their preferences. Meanwhile, with a growing number of devices connected to the internet, purchases can now be completed via non-traditional devices such as wearables or connected appliances.
With so many available payment avenues, competition amongst credit card providers will become increasingly heated as major players vie to be and remain at the top of the customer's wallet.
This paper will argue that the most effective method to engage in 'Top of Wallet' competition is to design an approach that engages your customers, advances rewards monitoring and redemption capabilities to meet cusomter expectations, and drives loyalty.