Author: Frini Pouyiouka

The future of eWallets promises a seamless fusion of convenience, security and financial empowerment. ewallets will evolve into multifaceted platforms that transcend traditional payment functions, becoming comprehensive financial hubs. They will offer users a unified ecosystem for managing money, investments, savings and even digital assets like cryptocurrencies.

Enhanced AI and biometric security measures will ensure unparalleled protection of personal and financial data, while open banking initiatives will facilitate effortless integration with various financial services, ushering in an era of financial inclusivity and personalized financial management.

As the world shifts towards a cashless society, eWallets will play an increasingly central role in daily transactions, investment strategies and wealth management, reshaping the way individuals and businesses interact with their finances.

Almost all of us have seen and used at least one rewards program. Nowadays, they are so common they can be found at brands of any size. From a small corner shop to a retail giant. Such programs can be found at retail stores, supermarkets, shopping malls, restaurants, coffee shops, airlines etc. It can be of a specific brand, a group of brands or rewards you can earn when you shop with eligible bank cards. The models are pretty much similar. You sign up and you earn awards on qualified transactions. Open loop schemes are the most common as they apply to the majority of consumers. But what about closed loop schemes? 

Closed loop schemes are schemes applicable to a specific group of consumers and are therefore not open for all. It’s common for open loop schemes to coexist with closed loop schemes where the latter has some offer differentiation, i.e., the offers are more relevant or of higher value than the ones in the open loop scheme. Let’s see an example. An all-day coffee shop and restaurant runs a rewards program open for all customers. In an attempt to attract new customers and retain loyal ones, a closed loop scheme is set up and is specifically for the students of a local nearby university, offering them additional cashback rewards. A student  now has an incentive to join this closed loop scheme using her university email and choose this brand instead of a competing one and  benefit from the provided offers. 

Closed loop schemes allow the brand to compete with other brands by offering better awards while managing and analyzing valuable data through BI tools. 

So are closed loop reward schemes worth it? When the incentives are good, participation is good. And bigger participation means increased revenue. Then it’s worth it. 

Why is monthly recurring revenue (MRR) an important metric for a business? MRR not only guarantees monthly revenue for the business, it also makes it easier to plan for the future in terms of income. Recurring revenue via subscription models provides stability for the business by knowing what to expect in revenue each month. For example if you have 10,000 subscribers who pay you $9.99 per month, then there is a guaranteed revenue of $99,900 each month.

The MRR model allows you to automatically bill your subscribers on a monthly basis, which in return lowers your administration costs as a good subscription billing software does all the work for you. Basically, a business charges the value it offers its subscribers so it’s a win-win situation.

There are multiple ways to start earning money via MRR such as:

• Converting one time services into subscription services
• Providing your subscription services under contracts for predictable revenue for a fixed time period
• Providing physical products subscriptions (e.g. subscriptions for coffee or food)
• Provide software as a SaaS offering
• Provide premium services as a subscription (e.g. unlimited express shipping or premium loyalty offers)
•  All-you-can-eat models for restaurants

CRM.COM is a global specialist in subscription billing and provides all the features needed to set up a subscription business. CRM.COM secures and helps increase your revenue by allowing you to have a recurring relationship with your subscribers and engage with them with personalized services, products and offers.