Mobile Wallets: The Biggest Digital Trend in 2019
The rise of mobile wallets is changing storefront transactions. Maybe you’ve watched it happen: because these “e-wallets” are widely available to anyone with a smartphone (read: almost everyone), these mobile transactions are taking the world by storm.
Half of all millennials use digital wallets regularly, but it’s not just a millennial fad. Forty percent of Gen X-ers have used a digital wallet in the past 12 months. Even the boomers are catching up—nearly 20 percent of them tried e-wallet payment methods in the last year.
So, now the real question is: how can your small business take advantage of their updated transactions?
The Appeal of Mobile Wallets
What’s making e-wallets so trendy? E-wallets are convenient. Your customer might leave his or her wallet at home, but people take their phones everywhere. As a small business owner, you’re in a position to take advantage of this latest tech trend.
Mobile wallets also allow you immediate access to consumer data. E-wallets can help business owners understand consumer interests better. They can also help business owners track consumers’ shopping history and better segment each consumer’s experience upon a later visit.
(Pro tip: This is why mobile site accessibility has become so important.)
Beyond accessibility, though, e-wallets are built around the “ease-of-use” model. In short, it’s more convenient— and that additional security of cloud transactions is just a bonus.
Before you start integrating e-wallet hardware into your storefront, you should know which e-wallets to look for.
Apple Pay went live in October 2014 on many iPhones, iPads, and other Apple devices. This e-wallet replaces chipped credit cards at point-of-sale and lets users make purchases in person, via iOS apps, and online.
Given the massive popularity of Apple devices, it’s a payment method you can’t afford to ignore.
Google Wallet and Pay
Google Pay is similar to Apple Pay in its functionality but much broader in its reach. Like the previous e-wallet, it replaces chipped credit cards and allows users to make purchases from effectively anywhere.
Because Google is the most popular search engine in use today and accessible anywhere there’s an internet connection, it’s available to more than just Apple consumers.
Concerned about Security?
Because e-wallets rely upon the internet, there’s a risk that financial information could be intercepted at the point of sale.
However, small businesses can actually take advantage of safer financial transactions when they accept e-wallet transactions. Most cell phones offer two-factor authentication, meaning that consumers can keep their private information a little safer. Likewise, apps such as Venmo encrypt consumers’ financial transactions.
So, prepare your storefront for Apple, Samsung, and Google Pay. With a 30 percent increase in popularity predicted for these e-wallets, you’ll need to ensure that your platform is mobile-accessible to stay on top of this consumer trend.
Image attribution: Rido – stock.adobe.com