A digital wallet is an electronic way to securely store payment information so customers can conveniently and quickly make purchases online without the hassle of pulling out their credit card and keying in lots of information.
- Digital wallets can be used to securely make purchases on a laptop, tablet, or phone – in just a few easy clicks.
- Digital wallets are proven to consistently increase sales and conversions.
Couture Candy saw an immediate increase of 15 to 20 percent in their site conversion rate by integrating Amazon Pay into their checkout process.
Examples of Digital Wallets
Examples of digital wallets are PayPal, Amazon Pay, Google Pay and Apple Pay. With Amazon Pay, for example, users who have an Amazon account can pay using the payment methods already stored in their Amazon account without all the data entry that comes with traditional online credit card payments. We definitely recommend Amazon Pay and/or PayPal due to the massive volume of already active accounts. PayPal also offers OneTouch. When customers checkout on the same device and browser, they can checkout and pay in a single click.
Digital Wallets are Very Secure
Digital wallets are more secure than using a credit card. Digital wallets store payment information in a very specialized, secure environment and use multiple layers of encryption. When a customer makes a purchase, instead of the real credit card number, only a tokenized number is sent to the merchant. Adding trusted branded payment methods will help put your customers at ease. Many buyers are concerned about credit card security. Offering multiple payment options targeted to different customer segments will pay ($) off.
Buyers expect convenience and speed. Digital wallets reduce cart abandonment and keep customers coming back, especially on mobile. If your goal is to simplify the buyer journey and eliminate obstacles that get in the way of a sale, implement digital wallets. A study by Forrester found that 41% of consumers expected to be using a digital wallet for the majority of payments by 2021. Are you ahead of the curve?