Digital Wallets (also called as e-wallets) are smartphone apps that substitute the old, analog wallet during monetary transactions. It allows people to simply make payments for their goods and services at stores as well as on digital devices.
Growing awareness regarding mobile wallets and their applications, rising Smartphone penetration and increasing security drives the mobile wallet market. Mobile commerce is expected to be the leading segment till 2020.
To encourage the move towards a cashless economy, governments across the world have come up with a rash of discounts and freebies on digital transactions.
Moreover, apps like Apple Pay, PayPal, Google Wallet, etc., are convenient to use and offer enhanced security over traditional cards. A smartphone digital wallet not only helps to pay for stuff but also stores concert tickets, bus and subway passes and gift cards.
Advantages of going cashless
No longer necessary to carry a wallet
E-wallets are not limited to retail or restaurants
Allows for contactless transaction
Alter ways to organize finance
Tracking spends without any risk
How Digital Wallets help to grow a small business?
Adoption to e-wallets is on the rise and small businesses feel a growing need because of the convenience it brings to consumers. Here are five ways that Small & Medium Businesses can benefit from supporting online and mobile payments through digital wallets:
Offering High-level customer experience
Customer experience is a practice of designing and reacting to customer interactions for the purpose of meeting customer expectations. As a result, it increases customer satisfaction and loyalty.
Although, E-wallets are easy to use as customers just need to enter their card details, shipping, and billing address only once into their digital wallets. Afterward, they simply conclude the transaction through contactless payments, scanning QR codes, etc.
Strategies to attract early adopters
Despite consumer awareness, it is important to focus on early adopters by offering the latest payment technologies. Some are the strategies get the attention of early adopters:
understanding their motivation of purchase
become the expert with new trends and technology
follow footsteps of the customers
Speed up the checkout process to reduce customer “wait time”
A speed checkout process improves customer experience both online and in-store. It also enables to run the more efficient operation at the point of sale. With e-transaction, the store will be able to process payment faster, which keep lines moving and customers happy.
Become a truly Omnichannel business
Once you support digital wallets, you can enable your customers to experience payment through all available shopping channels. The customers can pay you from the same device and card on every channel you support such as the traditional web, mobile apps, mobile websites and also your physical point of sale.
Implementing digital wallets has become the easiest way to make payments, transfer money, and perform most activities. However, transactions can be made by card payments, bank EFT, instant EFT, cash payments, or even Master pass according to customer’s choice. As a matter of fact, it is basically changing the business customs with technology change.
Digital Wallets are a digital/ electronic form of physical wallet with multi-fold benefits. There is a secure, convenient and efficient way to pay for things without carrying multiple credit or debit cards, not even cash or coins.
To incorporate digital wallets into your website and mobile apps, Click Here!