Jun 8, 2022
about 3 min read
Digital wallet: Why it should be part of your online business?
Mobile wallets, which are smartphone apps that hold your debit and credit cards, are a quick method to pay for purchases with a tap of your phone.
Lockdowns and remote labor have forever altered how people consume and pay for goods and services. As the use of digital wallets grows, we will no longer have to say, "Oh no, I forgot my wallet at home"
According to the 2021 Global Payments Report, by 2024, digital wallet purchases would account for 40.5% of all North American ecommerce payments.
If you're on the fence about accepting this sort of payment, here are some advantages of digital wallets to consider
DIGITAL WALLETS ADVANTAGES FOR THE USERS
Save your money!
Did you know that you may save money on purchases by using a digital wallet?
Many digital wallets provide unique deals and discounts to its consumers. Discounts and e-coupons, as well as new or exclusive goods, are among the special offers and incentives available.
Be more organized
Have you ever wasted your time searching through your wallet for a certain card or coupon? You will be more organized with a mobile wallet.
Saving loyalty cards, gift cards, coupons, travel passes (plane tickets, hotel bookings, rail passes, and so on) to your phone using a digital wallet allows you to manage more easily and carry less.
Smooth online experience
One of the key benefits of digital wallets is the pleasant e-commerce experience with fewer checkout clicks.
Customers may check out using the payment information securely kept in their Google account when a business integrates the Google Pay digital wallet into its app or website, for example.
Safe and secure
Digital wallets are also simple to use, secure, and convenient. Two-factor authentication, tokenization, and well-defined security procedures are all standard features of digital wallets.
As a result, stealing card information is difficult, and the digital wallet payment procedure reduces fraud risks while also improving security.
DIGITAL WALLETS ADVANTAGES FOR BUSINESSES
Most buyers dislike standing in long lines. They may even skip your business if the checkout process is lengthy.
According to industry research, 32% of customers would choose a more convenient checkout experience if the queue was too lengthy, while 11% would forego a transaction entirely if the wait was too long.
Digital wallets can help you service consumers more quickly, enhancing satisfaction and preventing revenue loss.
Increase your sales
Business may offer clients personalized coupons to download and use your digital wallet app.
Because 85% of installed offers on smartphones go unused, retailers may keep in touch with their consumers by periodically updating offers.
Customers may then use the same device to access discounts and pay, resulting in more sales chances.
More insightful data analysis
You may gain useful insights into client buying behavior by accessing real-time data.
You'll also be able to observe a customer's purchase history and preferences, allowing for a better focused marketing campaign.
Real-time data analysis also aids inventory management and the creation of more precise budgets for your company.
Most e-wallet systems allow users to transact in digital assets, with companies having the option of integrating a crypto payment gateway into their platforms.
Read more: Digital wallet for NFT! Why not?
Cryptocurrency payments are made without the use of middlemen since they are made through decentralized blockchain networks.
This allows users to send money and pay for goods quickly and cheaply.
GETTING STARTED WITH DIGITAL WALLET TODAY!
Consumers aren't the only ones who gain from digital wallets; businesses benefit as well. With its potential growing by the day, it's not too late to invest in a digital wallet software for your business right now!
Golden Owl has supported many businesses to create their own online e-wallet system, typically Mosendo - a perfect case study that showed you how much and how much more we can assist you in building your own app!
Don't hesitate to leave us a message for a free consultation!