Digital Wallet
Mobile commerce has been growing at an impressive pace over the past few years. This shouldn’t come as a surprise considering that over 60% of web traffic globally originates from mobile devices.
As such, hand-held devices have played a significant role in shaping modern shopping behaviour. And innovations like the digital wallet that has completely revolutionized the customer experience. They are easily accessible, secure, convenient, and provide a more hygienic means of making payments.
What Is a Digital Wallet?
A digital wallet is a software equivalent of your physical wallet that carries your money. It’s operable from your computer, smartphone, or mobile device, and eliminates the need to carry cash.
Once you load your credit card information onto the digital wallet app, you can keep paying for your purchases with it, both online and offline. Even when you shop in-store, Near-Field Communication (NFC) technology makes it possible for you to checkout using your digital wallet at the point of sale.
Currently, the most popular ones in the market are:
- Apple Pay
- Google Pay
- Samsung Pay
Why Merchants Must Support and Accept Digital Wallets
Digital wallets offer several benefits for retailers, here are some of them:
Waiting in long queues is a pet peeve for most shoppers. Customers may even avoid your store if your checkout is time consuming. Industry data shows that 32% of customers would find a more convenient checkout experience if the line were too long, while 11% said they would abandon a purchase completely. Digital wallets can help you serve customers faster, thus increasing satisfaction and keeping you from losing sales.
Your cashier may enter the wrong amount in the card reader, overcharging customers creates a negative experience while undercharging them can result in revenue loss. Digital payments can help to avoid this by keeping payments error-free, particularly if you’re using integrated payments.
Safe and secure, not only are digital wallets a much safer option than handling cash or physical cards, but they also provide a high degree of security. Because they come with built-in authentication and encryption features, merchants carry less risk from these transactions.
Offers convenience, in March 2021, 80% of online shoppers abandoned their carts and did not complete their purchases. One of the biggest reasons for this is time consuming checkouts. Entering card information on mobile devices can often seem inconvenient, and more so if the webpage isn’t optimised for mobile. Digital wallets offer a smoother alternative, allowing customers to breeze through the checkout process.
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