3 Jul 2022| Artificial Intelligence
Leverage Your Business With Digital Wallets And Mobile Payments For Your Customers
Electronic transactions are lifelines of online businesses. The use of digital wallets and mobile payments are increasing with ease to access the internet on mobile phones and desktops. Research suggests that by 2023, the active user base of digital wallets will grow up to 1.3 billion.
Similarly, the rapidly increasing mobile consumer base is driving the growth of mobile payment transactions. It is estimated that the transaction value of mobile payment apps will reach nearly $14 trillion.
Digital wallets or e-wallets are the online services that provide the convenience of making cashless transactions by storing multiple digital payment options. With the help of digital wallets, users could store payment information and make payments as and when required. The digital wallets are usually secured with the help of passwords, pins, and phone lock patterns.
It allows users to store customer information securely (e.g., email address), payment information (such as debit or credit card data), and shipping address details. The user has options to preselect a payment method within the wallet application for faster execution of transactions.
Users can make an online payment using the digital wallet to book movie shows, buy pizza online, or shop on e-commerce sites.
Current available and accessible mobile wallet options among the users are Apple Pay, Google Pay, and Samsung Pay. Out of 39% of the mobile wallet owners, 64% of them pay using mobile devices. Apple Pay is the leading mobile wallet with 227 million users as of 2020, followed by 100 million users each under Google and Samsung Pay.
Since it’s a direct payment method between the customers and your business, you save the business budget by removing third parties, which are usually paid as transaction fees.
When customers upload funds on digital wallets, most of the time, these funds stay in the wallet untouched and are used when customers want to buy something or make a payment.
Hence, till that time, you have immediate access to such funds that you could invest for your business. However, since these are digital funds, your business is supposed to avail money when the customers are ready to shop or pay bills.
Less dependency on point-of-sale (POS) devices reduces the cost of spending money on buying or installation of such POS systems.
Using future technology, such as Blockchain, you could provide a most secure and trustworthy platform for customers to have a safe transaction experience.
By providing mobile payment options, you are providing a fast, secure, and sophisticated medium for online payments. Hence, it puts a positive impression of your brand on the customer mind and helps to improve customer experience with your business.
Many online businesses are yet to implement digital wallets and mobile payment methods on their websites. Hence, it’s an opportunity for you to stay in the front and become competitive with other big online players.
If your vision is to transform your business into an online company, then you need to think about the integration of digital wallets and mobile payment methods on your site. Do you know how? Register yourself on GoFounders and get access to ONPASSIVE’s AI-driven e-Wallets that track and monitor fund transactions and provide the flawless online payment experience to the customers.
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