TouchTunes Unveils Mobile Wallet for In-Venue Entertainment
Interactive music/entertainment platform TouchTunes is entering the mobile payment arena.
The company on Thursday (March 14) announced the launch of FunWallet, its cashless mobile payment platform that lets users pay for in-venue amusement machines such as billiards tables or digital dartboards.
“FunWallet will allow users to pay for in-venue entertainment using credits in the TouchTunes mobile app,” the company said in a news release. “The new platform will be enabled at no cost on any Internet-connected machine or payment device. In addition, a low-cost retrofit kit will be available for any machines that are not already connected.”
The release said the FunWallet gives business owners a chance to increase revenue and cut costs, while consumers can enjoy social gatherings at restaurants or bars with more convenient payment options.
“Because digital wallets store encrypted debit and/or credit card information, they also provide consumers with a more secure way to shop and spend,” PYMNTS wrote Thursday. “Convenience, too, is another important feature when shopping online, because digital wallets permit users to bypass the need to enter card details when checking out.”
It could help explain why 79% of Generation Z consumers have embraced this payment method, though the use of digital wallets dips as consumers get older, with 26% of baby boomers and seniors embracing the technology.
That’s according to the study “Tracking the Digital Payments Takeover: Can New Use Cases Drive Consumer Use of Digital Wallets?,” a PYMNTS Intelligence/Amazon Web Services collaboration.
However, the report also shows that digital wallet users spend more, to the tune of one-third more than consumers who use more traditional payment methods across all purchases.
The study found that the average retail purchase among digital wallet users is $95, compared to $81 in spending per purchase for non-digital wallet users. In addition, the data showed that this higher spending is particularly consistent in three categories: the average digital wallet user spent about 4% more on groceries, 17% more on retail and 33% more at restaurants.
The trends are less distinct in the travel sector. For example, research from last October showed that consumers who don’t use digital wallets spend more on travel than those who do. But in November, digital wallet users outspent nonusers on travel by 22%, suggesting that consumers divide big-ticket purchases more or less evenly across payment options, at least for now.
“Regardless, the inclination for digital wallet users to spend more suggests that merchants, in particular restaurant owners, may want to consider catering to these consumers, especially Gen Z,” PYMNTS wrote.
The post TouchTunes Unveils Mobile Wallet for In-Venue Entertainment appeared first on PYMNTS.com.