|December 22nd, 2022|
The hyper-social and online shopping generation made digital payments a buzz in the e-Commerce and retail industry. New payment gateways have seen an abrupt growth in consumers using mobile phones or an alternative to mobile for shopping. Since the last decade, electronic retailing has taken giant strides toward changes. Mobile payment has become a big thing in the trend and is starting to modify the relationship between the customer and retailer.
The growing concept of mobile wallets is gravitating toward the retail market. Beyond the traditional payment methods, mobile wallets and payments give a layer of protection to all the parties involved in the transaction. The end-to-end encrypted technology safeguards the data and allows sellers and consumers to accept mobile payments enabled by a linked bank account or a credit or debit card.
What is a mobile wallet?
A mobile wallet is a digital wallet that lives with you 24X7 in your pocket. You have to add your credit or debit card details and you can make payments anywhere and anytime without using your physical wallet.
The positive edge of the mobile wallet is the safety factor. You don’t have to be worried about leaving your wallet behind or when your wallet gets stolen. The mobile wallet’s encryption feature ensures you make all your payments securely. The smartphone-using generation knows how to use mobile wallets and make payments digitally. These consumers believe that mobile wallets are convenient and this is probably the reason why an estimated 1.6 billion consumers will pay with mobile wallets at the point of sale (POS) in early 2023.
Benefits of Mobile Payments
Mobile payments have given many benefits to consumers besides eliminating the bulky physical wallet, there are a lot of benefits that add ups to the escalation of mobile payments.
The hassle of the long-standing queues to withdraw cash or write perfect checks without any mistakes, or carry a separate wallet just for cards is effortlessly eliminated by mobile payments. In addition, you have an extra upside of safety and security.
If you shop at big retailers, you will see how convenient mobile payments have become. You just have to tap your phone and your payment will be automatically debited from your account within seconds. And then again you can explore your day without any worry.
Mobile payment’s popularity is largely attributed to its speed. Whether it’s shopping or making important transactions, mobile payments allow you to make the transaction in a matter of seconds.
A security code is generated as soon as you complete the payment through your mobile wallet. This reduces the risk of stealing your credit or debit card data during online transactions. While it also eliminates the risk of losing it in person, as with mobile payments you don’t have to carry it.
A mobile wallet unveils plenty of opportunities for the retail industry. The location of the mobile wallet users can be helpful for the owners to send notifications related to deals, discounts, offers, and details of their new collections. These creative notifications also establish high conversion rates and alleviated engagements. Additionally, mobile wallets can amalgamate seamlessly with print and digital advertising efforts.
Retailers need to make sure they are providing customers with the facilities such as EVM compliance, overall PCI compliance, and end-to-end encryption. With digitization at its peak, customers are making payments in more channels than ever before, and this requires retailers to provide a variety of payment options.
Digital Payment is in its prime to accept payments with seamless and secure transactions. Mobile wallets eliminate the need of carrying a physical wallet with just a simple setup. As more retailers establish digital payment services in their business, the need for POS systems that harmonize mobile wallets will increase. A dynamic POS system that handles all your in-person and online seller needs will unravel the speed and efficiency of your transactions more than ever before.