SAN DIEGO — With many financial services players hungering for the marketing revenue expected to come from digital wallets taking off in the United States, they should keep this in mind: mobile couponing may not work like they envision it will. In fact, retailers offering targeted mobile content may succeed in bringing in more shoppers. At least that’s what’s several speakers relayed at this week’s Emerging Payment conference.

“I don’t know if the right offer is a discount,” said Ken Seiff, executive vice president of direct and omnichannel at Brooks Brothers, during a panel. Focusing on the right content, such as explaining why a shirt is better, might better serve the retailer’s business than offering a shopper a coupon, Seiff explained. To put it another way, service, rather than just price, “can have an ‘impactful’ effect on the conversion rate,” he said.

This point about mobile couponing was highlighted during a separate session on digital wallets that cited Amazon, and how loyal its customers exemplify why coupons can take a backseat to a retailer’s quality of service.

“They don’t have coupons really, but they give an excellent experience,” said Farhan Ahmad, general manager of prepaid and director of emerging payments at Discover Financial Services, during a panel.

And it’s because Amazon provides “excellent experiences,” it does not have to lose margin to gain loyalty, explained Ahmad.

“There are a lot more ways to peel the onion,” he said. “It’s all about the customer experience.”