As more people embrace the powerful, convenient tools their phones offer, a growing number of shoppers are leaving their physical cards and wallets at home, opting to transact via mobile instead. Here are some of the core opportunities mobile wallets afford retailers.

1. Digital access-on-demand
Consumers are inundated with cash, coupons, fobs and other items that bulge wallets and purses. But they are finding digital solutions more efficient and convenient, whether the point-of-sale is a checkout counter, airline gate or social feed. The on-demand, seamless availability can be a differentiator among businesses — enhancing customer experience and driving loyalty.

While the adoption of mobile payments may be taking longer than originally predicted, it is here — and will accelerate. Consumers spend about 50 minutes in shopping apps per month, and nearly a third of last year’s Cyber Monday sales came from mobile devices. Mobile payment options offer shoppers additional utility – and the ability to add most general purpose and store cards to their wallets. In general, mobile offers:

• A faster authorization process than chip/EMV
• Flexibility and choice in payment option
• Better security features than physical cards
• The ability to transact when a customer has no physical card or cash on hand

Already today, many shoppers happily leave their cash, cards, coupons and tickets at home and rely solely on their phone for purchases. In fact, 60 percent of consumers believe they’ll shop completely wallet-free as early as 2025, according to the 2018 Synchrony Digital Study.