3 Reasons Why Your Business Should Accept Digital Wallet PaymentsSabine Konhaeuser
3 Reasons Why Your Business Should Accept Digital Wallet Payments
Digital wallets are reshaping the future of payments. With the rise of popular services like Google Pay and Apple Pay, consumers can purchase goods and services with just a click of a button. A recent study from Juniper Research found that the total number of digital wallet users was 3.4 billion in 2022, and that figure is expected to exceed 5.2 billion by 2026. That’s over 53% growth in just four years! Digital wallets’ ease of use, frictionless processing tech, and enhanced security features have led to their widespread adoption as many consumers’ first-choice payment method. Read on to learn how your business can benefit by allowing customers to pay with digital wallets.
1. Streamline checkout flow.
Reduce friction in the payment process by simplifying your customers’ checkout experience. By enabling and encouraging digital wallet payments online, you remove the need for them to enter long strings of numbers or perform a lot of tedious button-clicking to follow through with a sale. And with the “tap to pay” technology embedded in their devices, you can also provide expedited in-person service, cutting down on the time they spend waiting in line and at checkout. Eliminating these barriers makes the overall brand interaction seamless and intuitive—meaning your customers don’t have to give it a second thought.
2. Give your customers more convenient ways to pay.
When a business accepts a customer’s preferred payment method, that individual is more inclined to shop with them in the future. And due to the large (and ever-growing!) digital wallets user base, the opportunity for increased customer loyalty and retention is high. The acceptance of preferred payment methods was listed as U.S. online shopper’s “top want” in a PYMNTS and Riskified survey. To keep your customers satisfied and foster repeat business, consumer and merchant priorities should be as aligned as possible.
3. Embrace enhanced security features.
Some digital wallets are even more secure than their physical counterparts. Google Pay and Apple Pay both hold card details behind several lines of encryption, ensuring that the transactions are processed quickly and safely. For example, Google Pay stores users’ personal information under a virtual account number instead of their actual credit card number. As a merchant, this means that Google’s secure servers protect your customers’ sensitive data. Authentication features like codes, fingerprints, and face scans also help prevent (and reduce the likelihood of) account takeover fraud.
When a merchant accepts digital wallets as a form of payment, they extend new value to their customer base. Cardknox’s online hosted checkout page solution, PaymentSITE, allows them to integrate this functionality with just a few clicks.