In a move to expand on its e-commerce platform, start-up provider Krepling revealed plans to jump into the digital wallet market with the target of helping connect the experiences and reduce cart abandonment. Finance and Fintech News has details of the announcement:
“Right now, ecommerce merchants are facing a $1 trillion problem. According to the Krepling Commerce Consumer Report 2021, 70% of customers abandon their cart at checkout, failing to complete purchases. And in the majority of instances, this is due to poor payment processes. While 37% of shoppers are deterred by long and complex forms, a further 23% resent the need to create an account prior to making a purchase. And 8% of abandoned baskets are attributed to merchants not providing enough ways to pay.”
Krepling hopes to counter those trends by connecting its wallet and platform with 1-click pay checkout. CEO Liam Gerada indicated plans to compete in the Small and Medium Business market to provide a solution that is independent and differentiated from the major wallets from Apple, Google, and others.
“‘With Krepling Pay, we’re seeking to level the playing field. Providing small and medium-sized businesses with the payments solutions they need to attract and retain customers. If all the hurdles preventing a smooth checkout are removed, more customers will feel confident enough to complete their transactions, helping businesses to grow. And that’s the main ambition of the solution.
‘As the world’s first 1-click checkout and agnostic digital wallet for ecommerce, Krepling Pay holds a huge amount of potential for a wide range of businesses. And we’re really excited to see how merchants respond to the solution.’”
The current wallet marketplace continues to be dominated by the major providers using broad-based solutions, leaving an interesting opportunity for niche providers to find a footing.
Overview by Jordan Hirschfield, Director, Prepaid Advisory Service at Mercator Advisory Group
