Digital wallets are becoming extremely popular for mobile device users as they make shopping both online and in-store incredibly simple. When we refer to digital wallet, we mean electronic devices and programs used to make payments for purchases digitally, without presenting a physical credit card, debit card or cash. Some examples include: Apple Pay and Android Pay.
Many tech analyst believe this is the future of money. Digital Wallets can incorporate various features such as tap-and-pay on smartphones, gift card apps with scannable QR codes and even digital smart cards that mimic the features of a regular credit card. A smartphone digital wallet will help you pay for stuff, but it will also store your concert tickets, bus and subway passes.
As the millennial generation begins to take over the consumer market, the digital wallet will continue to be adopted at a rapid speed due to its convenience. Mobile-based payments in the United States are expected to reach $142 billion in volume in 2019.
How can Digital Wallets benefit my business?
Adopting the digital wallet to your business plan lets consumers know that you are up to date and care about the consumer’s experience with your brand. Many of these digital wallets, such as Apple Pay and Android Pay, allow businesses to build loyalty programs which can help keep customers coming back.
As a merchant, you benefit from the use of digital wallets because they’re protected against fraud and they help sell more products, faster.
How secure are Digital Wallets?
According to SmallBizTrends, “New EMV terminals adhere to a “chip and pin” standard, established by the credit card industry, that produces a unique transaction code (called a “token”) for each purchase. As such, EMV credit cards are more secure than cards with magnetic stripes, and this new standard enables payments to occur via NFC over POS systems.”
Because digital wallets are rather new to the tech industry, it will still take time to convince the general public that this payment method is 100% secure. Concerns are heightened when they consider the complexity of a digital-wallet transaction, especially compared to the simplicity of cash or straight credit. Although, security experts have continually come out in favor of digital wallets versus physical payment technology.
Talk with a Rain representative today to see if we can incorporate the use of the digital wallet into your campaign!