A digital wallet is a financial transaction application that runs on any mobile device or tablet. It gives anyone with a bank account, debit cards or credit cards the ability to receive money or send a payment to any business or person — in seconds.
Benefits of Accepting Payments by Digital Wallet
Convenience & Speed – Mobile payment apps (digital wallets) such as PayPal, Google Pay, CashApp, Zelle, and Venmo — make shopping online using a mobile device easier and more convenient.
Reduces Abandoned Cart Rate Losses – As an industry average, 64% of all e-commerce store purchases are abandoned and lost during the checkout process. In many instances, sales or lost because the customer may not see their preferred payment method, they’re not sure if a certain credit card has the available balance needed to complete the sale, and other concerns arise.
By allowing website visitors to check out and make payments using a digital wallet of their choice, the risk of credit card charge-backs significantly decreases. Furthermore, the buyer enjoys a higher level of security that’s not available on most desktop PCs or laptops.