Embracing Digital Wallets can give your business a boost since smartphones and other mobile devices have become ubiquitous. Digital wallets innovation allow tech savvy consumer to pay, transfer money and manager loyalty relationships with their favorite brands in a more secure and safe manner.
But more important and before we dive in how digital wallets can improve your business, let’s introduce you to what a digital wallet is.
What are digital wallets?
For those of you who are new to this type of innovation in payment industry, a digital wallet is a system that stores payment information and passwords securely for more than one payment gateway or website.
Moreover, you don’t need to worry whether you can remember stronger and complicated passwords or not, since the wallet stores them in an encrypted and protected form.
Digital wallets are not only used in combination with mobile payment systems but they also store digital coupons or loyalty card information.
What are the benefits of a digital wallet?
A common payment system requires you to go through a tedious process, that starts with entering your name and password and ending with a confirmation process. That is the example of Paypal, one of the most used online payment systems today.
On the contrary, digital wallets store all your payment information securely and compactly as the information is automatically transferred to the websites you are willing to transact with. Apple Pay is a digital wallet and mobile payment service that allows users make secure purchases in stores, apps and on the web.
Could individual payments be next?
Latest trends in digital payment confirm that millennials have decreased their trust in banks and they are not interested in traditional banking anymore. Therefore being able to accept payments electronically adds value to a business since the rising generation is not going to make payments through traditional systems.
Meanwhile smaller and more mobile businesses might benefit of this trend and create their own payment application to better interact with their customers. Starbucks has its own payment app that allows you to order and pay for your coffee from your phone. Facebook lets you send money, instantly, to others.
If you want to be a step ahead and move forward with your business, incorporate digital wallets and mobile payments into your system is a must in order to satisfy your customers payment needs.