Is Your Digital Wallet Active? Oops, that’s the wrong question- do you even own one? If not, you aren’t keeping on the most prominent uprising trends across the globe. The increasing usage of e-wallets has aided us in getting rid of the famous faces on the banknote bills. Time to get up to speed up the future.
Digital Wallet: The What and why’s?
A digital wallet is more like an account set up incorporating a service provider that digitally mimics our physical wallet. And the best part is these places aren’t just limited to money; they even contain relevant information like a credit card, bank accounts details and so more. One of the best examples of using digital wallets is the way you can buy electronic movie tickets instead of visiting the physical store.
And since we are referring digital wallets as an account, they have to be accessed. With the help of smartphones, typing credentials into an app that can be saved for future transactions is so hassle-free.
The Why part
With the advancement of technology, today anything that makes business easy is always welcome. With more and more people using digital wallets, turning off your customers by offering limited ways to accept payments is not advisable at all. Down below I would like to share why it is important to incorporate the wallet feature to succeed in an eCommerce website. You can always have this handy feature on your website by consulting some eCommerce development companies. Otherwise, There’s an option of inbuilt plugins in eCommerce platforms like Magento, Shopify and some more that will allow digital wallet payment options.
- Fraud-protected for Vendors – This wallet feature makes eCommerce vendors safe against fraud. By incorporating the feature, customers can ensure that the customer is genuine and payment is made at the very instant of the purchase so that there are no payment issues in case of last-minute cancellations, deceit damage or return claims.
- Fast Payment – One of the problems that a customer never likes to face is a lengthy checkout process. In addition to this, every time they shop they need to add details and to top it all off; if the internet connection becomes poor the experience gets worse. Like it or not, but this leads to cart abandonment. Which means you need to take some action. E-wallet offers a virtual pocket where a customer doesn’t have to go through each transaction the process of providing credentials repeatedly for each transaction. Cutting the cumbersome process short it saves the customers’ time.
- Pleasurable Shopping Experience – Offering a method that hardly takes of any effort can give the most pleasurable shopping experience to the end customers. Chances are pretty much high of them visiting your site for online shopping. Also, this will increase sales as your end-users will be compelled to buy things that are on sale or discount for a limited period.
E-wallet feature also makes your end customer feel more in control of the payment method as each time they shop, they don’t have to worry that whether they will be able to complete the procedure or not.
- Easy Returns and Refunds – Returns and cancellation are unavoidable. I mean you cannot compel your end clients to keep the product with him or her. But you can compensate for a positive experience by providing a fast and hassle-free refund. And if he or she happens to shop again, the amount is automatically deducted from their remaining balance. The best part is that it is safe because of the 3D end to end encryption. In addition to this:
- Both the admin and customer can credit amount into the wallet any time they want
- Allow viewing the entire transaction process
- Get “cashback” on first or all transactions
Best Digital Wallets for Your Website
- PayPal- One of the most renowned ways of paying directly. Other than being extremely popular, the digital wallet is used at its most exclusively. However, it does charge app owners a small fee when a customer uses it for payment.
- Visa Checkout– As a customer, all you have to do is add any major credit card or debit card to save payments. Visa Checkout also provides special offers in conjunction with major brands, giving its users an incentive to spend.
- Amazon Pay- Here customers can make hassle-free purchases as their information is already stored with Amazon. Call it a direct invitation, Amazon pay compels customers to trust the online store.
- Apple Pay – Specially created for iOS devices, including iPhones, iPads, and other Apple hardware, Apple Pay uses Touch ID or Face ID as an additional security measure. Apart from these, it doesn’t charge you a transaction fee, and it lets customers check out in a matter of seconds, not to mention the security features and prevalence of iOS devices.
- Google Pay- Much like Apple Pay, Google pay is for Android users. Moreover, any saved payment information used for Google services such as YouTube, the Google Play Store, and within the customer’s Chrome account can be saved. With Google Pay, you’ll be offering them a great convenience