Digital wallets forever changed the way we make payments.
Consumers by the tens of millions are ditching conventional physical wallets and turning to digital wallets for their security and convenience.
Cash App offers standard deposits to your bank account and Instant Deposits to your linked debit card.
If the money comes from a debit card or a bank account, Cash App does not charge a fee to transmit it. However, there is a 3% fee if the funds are paid using a credit card.
Furthermore, there is no fee for personal accounts to receive funds, while corporations are charged 2.75%.
Google Pay is a service from Google that combines the company’s Google Wallet and Android Pay services into one app.
Google Pay enables users to send peer-to-peer payments (via a sub-service called Google Pay Send that operates like Venmo or Square Cash), make in-app purchases, buy from websites, store loyalty and rewards cards, and make NFC payments in-store at participating retailers.
There are no fees to transfer funds from your bank account to your Google Pay balance and vice versa. The maximum amount per transaction has been reduced to $5,000, with a maximum withdrawal amount per rolling seven-day period of $20,000. The maximum amount you can pay friends and family per rolling seven-day period is also $5,000
|FEES PER TRANSACTION|
|2.9% + $0.30|
Smartphones are becoming the new wallet for many consumers who are forgoing traditional payment methods in-store, according to the Worldpay report. In 2019, 22 percent of in-store purchases globally were conducted using mobile/digital wallets1.
“Mobile commerce is set to make up half of all global eCommerce spending in five years because the reach and scale of the technology means you can shop and buy anywhere,” said Shane Happach, EVP, head of global eCommerce, Worldpay Merchant Solutions, FIS. “If a merchant’s payment strategy doesn’t consider mobile-first payment methods like digital wallets and ‘Buy Now, Pay Later’ options, they are going to lose market share to their competitors.”
If you sell federally regulated products such as hemp-derived CBD in all of its forms, delta 8/9 vape cartridges, kratom, firearms or products and services considered ‘high-risk’ by leading payment processors, then its imperative that you begin accepting digital wallet transactions.
Smartphones, tablets, laptops and smartwatches are a part of everyday life in the digital world. People have these devices on their body or in hand for everyday tasks, such as checking email, accessing bank accounts and making purchases — with and without a physical credit card.