Business tips

Why customers love digital wallets so much.

By Ryan Gibbons on
post image

Has it gotten to the point that your smartphone seems like an actual extension of your hand? On the extremely rare occasions when you leave your house without it, does it feel as if you have left your brain behind? If you answered “yes” to either of these questions, you may already have an understanding of why the popularity of digital wallet technology is currently skyrocketing.

What exactly are digital wallets?

You might not be aware of it, but your smartphone probably already contains built-in digital wallet software. This software enables consumers to add specific credit cards along with their relevant identifying information, including numbers, expiration dates, and CVV security codes. Once that data is entered into the e-wallet, it can be taken out for a test run.

Transacting secure digital payments via wallet aps is safe, quick, and effortless. In order to accept a contactless digital payment, you must have a contactless card reader that is equipped with Near Field Communication (NFC) technology. Completing a transaction is then a simple matter of your customer placing their smartphone near your reader so that their information can be transmitted, verified, and sent to their bank for approval. By partnering with a reputable payments partner for your digital wallet acceptance, your customers can rest assured that all of their numbers and personal details are fully encrypted and tokenized so that they can never be re-used by an unscrupulous criminal interloper.

Why digital wallets are fast becoming a customer favorite.

Although some consumers have been slow to adopt this technology, they rapidly fall in love with its benefits once they give it a try. Advantages include the following:

  • Added convenience. People already take their smartphones everywhere. Having a safe payment vehicle built right into their devices means having the freedom to buy what they want, when they want, without needing to carry around a cumbersome wallet or cash.
  • Increased efficiency. NFC contactless e-wallet payments can be completed within a matter of seconds. As more and more consumers jump on this bandwagon, checkout lines are sure to move even more quickly.
  • Enhanced safety. As a truly “contactless” solution, mobile wallet payments are ideal when it comes to promoting proper social distancing.
  • Better organization. Instead of needing to lug around a purse or wallet crammed with stacks of cash and random cards, a digital wallet gives consumers a way to sort and organize all of their information so that none of it is lost. Furthermore, it is easy to refer back to electronic receipts made digitally as opposed to those made with cash should a customer need to return an item.
  • Greater security. If a customer’s purse is stolen or they lose their wallet, their information is readily available to the first person who finds it. On the other hand, cellphones can be locked to ensure that even if it leaves your possession, cybercriminals cannot access sensitive digital data. In addition, any purchase is encrypted and tokenized, preventing access by thieves or anyone else.
  • No added cost. For all of this ease of use and security, your customers will not be expected to pay any additional charges to use a digital wallet, which only adds to their appeal. 

You already know how indispensable smartphones have become. Now that you are aware of the added hidden jewel it contains in the form of digital wallets, make sure your checkout allows for this fast, frictionless, and increasingly popular method of payment.